We have decided to take no further action against Wellesley & Co Limited (WCL) after our investigation found no evidence of serious misconduct. We announced the investigation into WCL in 2022 following Wellesley Finance Ltd (WFL), an unregulated entity, entering into a Company Voluntary Arrangement (CVA) with its creditors in October 2020. It found that the risks were fairly described to investors and there were no signs of fraud.Background to the investigation WCL promoted and arranged high-risk investments that related to property development. There were other unregulated companies within the Wellesley Group.The amounts returned to investors under the CVA varied according to the products held. While around 60% of the money invested has been returned, investors who received preference shares as part of the CVA lost all the money they invested.