Graham Stuart, Member of Parliament for Beverley and Holderness, has joined seven colleagues in writing to the Chancellor of the Exchequer, Rachel Reeves MP, to ask her to investigate the Financial Conduct Authority’s (FCA) behaviour regarding WealthTek.
WealthTek was a wealth management firm which provided discretionary, advisory and execution only services to its clients. In April 2023, the FCA ordered WealthTek to cease trading after uncovering “serious regulatory and operational issues at the company.” In March 2024, the FCA opened a criminal investigation after a potential shortfall of £81.4 million in client money was discovered, which includes the hard-earned life savings of some of Graham’s constituents.
It is reported that the FCA neglected to act on a whistleblower’s claims of potential fraud at WealthTek for over two years. These suspected fraudulent acts have been a source of significant financial and emotional distress to people affected in Beverley and Holderness and across the UK who are urgently awaiting answers.
That’s why Graham has joined colleagues, including neighbouring MPs Charlie Dewhirst and David Davis, in writing to the Chancellor to urge her to commission an investigation into the deeply concerning allegations against the FCA in relation to the collapse of WealthTek.
This follows a separate letter that Graham wrote to the former Economic Secretary to the Treasury, Bim Afolami, to bring this urgent case to his attention and to ask him to ensure that the FCA is taking necessary action to protect consumers.
If you have been affected by this case and live in Beverley and Holderness, please write to Graham at [email protected] and he will do his best to help you.
Graham Stuart commented: “I am shocked and saddened to learn of the alleged fraudulent activities carried out by WealthTek. Thousands of people, including some of my constituents, trusted them to provide a service and have been left distraught by their reported actions. That’s why I’ve written to the Chancellor to urge her to commission an investigation into why action was not taken sooner by the FCA. I will continue to support anyone affected by this in Beverley and Holderness and do all I can to help them at this very difficult time. If you or anyone you know in Beverley and Holderness has been affected, please get in touch.”
