CACEIS UK censured and to pay £31.7m to WealthTek clients for we…
CACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left…
Executive Summary
Real-time Market IntelligenceCACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime.
CACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime. This sector-wide development has drawn attention from market participants. CACEIS UK, an asset servicing bank, has been censured by the FCA and will make a £31.7m voluntary payment to WealthTek clients for failing to act on information that left clients exposed to the risk of financial crime.The FCA has now secured over £57m in total for WealthTek clients in just over a year, with action taken against CACEIS UK, Sapia Partners and Barclays Bank UK.CACEIS UK became WealthTek's sub-custodian in November 2020, meaning they were responsible for keeping its client’s assets safe.Key players s sub-custodian in November 2020, meaning they were responsible for keeping its client’s assets safe. On three occasions, CACEIS UK checked the Financial Services Trading InsightsVolume and momentum indicatorsSupport and resistance levelsSector rotation patterns Expert Commentary Looking AheadFor complete details on this development, refer to the original report from FCA UK Financial News. Frequently Asked Questions