Sapia Partners has agreed to make a voluntary payment of over £19.6m to WealthTek clients after the Financial Conduct Authority found it did not put enough safeguards in place to protect WealthTek clients’ money.
The sum, totalling £19,637,950, comes as the FCA moved to censure the firm. According to the FCA, Sapia admitted it had failed to properly separate key roles within its business relating to client money, as people who could make payments from client money accounts also carried out the checks of those accounts required by FCA rules. The FCA said this lack of separation "increased the risk that client money could be lost because of, for example, misuse or poor management". Sapia's voluntary payment will be distributed to WealthTek clients who have a shortfall in the money they have b...
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