FCA closes 2022 investigation

The FCA has closed its investigation into Wellesley & Co Limited, the only authorised entity within its corporate group, which had promoted and arranged high-risk investments relating to property development, and had approved financial promotions. The products it promoted were not covered by the FSCS.

The FCA’s investigation started in 2022, following an unregulated group entity entering a CVA in 2020, owing nearly £135m to investors. As of now, around £80m of that has been returned but some investors have lost their entire investment.

The FCA had looked into whether the authorised entity had given investors misleading information and defrauded them, but ultimately found that the risks had been fairly described and there was no evidence of fraud. The company went into administration in April 2025.