FCA closes Wellesley probe, finding no fraud or serious misconduct

By Neasa MacErlean

The FCA has ended its investigation into Wellesley & Co Ltd, an alternative property investment platform that went into a Company Voluntary Arrangement in 2020, owing £135 million to 12,000 investors. The regulator said it found "no evidence of serious misconduct" in the business. One of the two remaining directors of Wellesley is the Earl of Cowley, the Right Honourable Garret Graham, a descendant of the Duke of Wellington, the nineteenth century prime minister, Arthur Wellesley.