WealthTek LLP
WealthTek LLP (FRN 832264) was an FCA-authorised wealth management firm that provided discretionary, advisory and execution-only investment services to retail clients. The firm had previously operated under the name Vertus Asset Management LLP. At the time of its collapse in April 2023, it managed client assets worth hundreds of millions of pounds on behalf of approximately 904 clients.
In April 2023, the FCA moved to shut down WealthTek’s operations after discovering serious regulatory and operational concerns. The court appointed BDO LLP as interim managers and the firm was placed into special administration. The FSCS opened its investigation and declared WealthTek in default on 3 November 2023.
The central figure in the WealthTek collapse is John Dance, the firm’s principal partner. Between 2014 and 2023, Dance is alleged to have transferred over £64 million from client accounts at WealthTek and Vertus into accounts that he personally controlled, spending the money on personal expenses including his involvement in horseracing. In December 2024, the FCA charged Dance with nine criminal offences including money laundering and fraud. He has pleaded not guilty, with a trial scheduled for September 2027.
The administrators have worked to return money to affected clients. By late 2024, approximately £95 million had been returned to the 904 clients affected, though a shortfall of around £80.8 million remained outstanding.
Issues / Why You May Have a Claim
Clients of WealthTek trusted a regulated firm with their life savings and pension investments. The alleged misuse of client funds on a scale of £64 million represents a profound breach of the trust and legal obligations that authorised firms owe to their clients. Former clients who suffered losses as a result of WealthTek’s failure may be eligible for FSCS compensation and should take specialist advice as quickly as possible.
