The FCA has censured CACEIS UK and secured a £31.7m voluntary payment to clients of WealthTek, the collapsed wealth manager, after the asset-servicing bank failed to act on clear signs that WealthTek lacked permission to hold certain client assets and money. Despite checking the Financial Services Register on several occasions, CACEIS opened and then inadequately monitored accounts, leaving clients exposed to financial-crime risk. The regulator waived a fine in light of the firm's co-operation, and says the wider WealthTek action has now recovered more than £57m.
For retail forex and CFD traders, the lesson is about authorisation scope rather than headlines. A firm appearing on the Register is not the same as a firm permitted to hold your money or assets — those are distinct permissions, and even regulated intermediaries can miss the gap. Before funding an account, check the broker's exact permissions on the FCA Register, confirm it is authorised to hold client money, and favour brokers that segregate client funds with a properly mandated custodian. Authorisation status, not marketing, is what protects your balance if a provider fails.
The FCA announced the outcome on 25 June 2026.