Sapia agrees to pay more than £19m to WealthTek clients after failing to protect client money
| UK
Summary
Sapia has agreed to make a voluntary payment of £19,637,950 to WealthTek clients and the FCA has censured the firm. Sapia began working with WealthTek in 2013 and later appointed it as one of its appointed representatives. This resulted in Sapia holding and being responsible for protecting client money resulting from WealthTek’s activities.The FCA found Sapia did not put enough safeguards in place to protect this money.Sapia has admitted that it failed to properly separate key roles within it...