The FCA has launched a criminal investigation into Newcastle-based wealth manager WealthTek LLP following the discovery of an £81.5m gap in the firms’ finances.

The Financial Services Compensation Scheme has opened an investigation into Surrey adviser firm Independently East Ltd (FRN488046) after the firm entered compulsory liquidation earlier this week.

The FCA has declined to comment on reports in the Financial Times that Odey Asset Management is under investigation.

The FCA has launched a probe into DB transfer advice given by advisers at Lighthouse Group - now part of Quilter.