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Investigate FCA over inaction on WealthTek whistleblower’s fraud claim, UK lawmakers urge

By Phoebe Seers and Martin Coyle ( August 12, 2024, 13:18 GMT | Insight) -- The UK's Financial Conduct Authority should be investigated over reports that it failed to act on a whistleblower’s claims of potential fraud at WealthTek, a group of UK lawmakers has said. The wealth manager collapsed in April last year, leaving investors with losses of around 80 million pounds. The FCA has faced criticism over its handling of the case, after it emerged that a whistleblower — WealthTek's former research chief Gary Stockdale — had raised concerns about the company two years before it ceased trading.The UK's Financial Conduct Authority should be investigated over reports that it failed to act on a whistleblower’s claims of potential fraud at WealthTek, a group of UK lawmakers has said. The wealth manager collapsed in April last year, leaving investors with losses of around 80 million pounds ($100 million). ...

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