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.
Company background (public record)
The company was incorporated at Companies House on 24 May 2010 under company number OC355200. Its status at Companies House is recorded as administration.
Registered office: BDO LLP, 5 Temple Square Temple Street, Liverpool, L2 5RH.
Previously named: VERTUS ASSET MANAGEMENT LIMITED LIABILITY PARTNERSHIP.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 24 May 2010 | Company incorporated | Companies House |
| 24 May 2010 | Garddangate Holdings Limited appointed corporate-llp-designated-member | Companies House |
| 24 May 2010 | Park Securities Limited appointed corporate-llp-designated-member | Companies House |
| 01 Mar 2011 | David Robert Brown appointed llp-member | Companies House |
| 01 Mar 2011 | Carol Jessie Dangerfield appointed llp-member | Companies House |
| 01 Mar 2011 | Paul Timothy Fincham appointed llp-member | Companies House |
| 28 Jan 2020 | FCA status recorded as: Authorised | FCA Register |
| 01 May 2021 | Wealthtek Capital Ltd appointed corporate-llp-designated-member | Companies House |
| 31 Aug 2021 | Wealthtek Capital Limited appointed corporate-llp-designated-member | Companies House |
| 29 Sep 2021 | Wealthtek Capital Ltd resigned as corporate-llp-designated-member | Companies House |
| 12 Jul 2022 | Vinay Anthony Bedi approved by the FCA at the firm | FCA Register |
| 19 Aug 2022 | Dan Carter approved by the FCA at the firm | FCA Register |
| 19 Aug 2022 | David Sheldon approved by the FCA at the firm | FCA Register |
| 06 Apr 2023 | Company entered administration (in administration) | Companies House |
| 06 Apr 2023 | Declared in default by the FSCS | FSCS |
| 31 May 2023 | FSCS update: We are aware that the Joint Special Administrators published their proposals for WealthTek’s insolvency on 30 May 2023 | FSCS |
| 31 Jul 2023 | FSCS update: We expect that there will be some claims that meet the qualifying conditions for compensation | FSCS |
| 14 Sep 2023 | FSCS update: We have been continuing to work closely with the Joint Special Administrators about whether there are any claims that ar… | FSCS |
| 03 Nov 2023 | FSCS update: On 14 September 2023 we released an update that we anticipated that we are likely to protect eligible customers | FSCS |
| 12 Feb 2024 | FSCS update: The Joint Special Administrators (JSAs) will be contacting customers of WealthTek LLP this week to provide them with the… | FSCS |
| 14 May 2024 | FSCS update: The Joint Administrators have recently filed their application to Court for the approval of the Distribution Plan for We… | FSCS |
| 13 Jun 2024 | FSCS update: FSCS is aware that the JSA’s application seeking approval of the Distribution Plan on Friday 7 June was adjourned by the… | FSCS |
| 31 Jul 2024 | FSCS update: The High Court approved the Distribution Plan for WealthTek LLP on 23 July 2024 | FSCS |
| 14 Nov 2024 | FSCS update: As outlined in our previous update, if you’re an eligible client, FSCS will pay your share of the Special Administration… | FSCS |
| 02 Dec 2024 | FSCS update: The JSAs have now published an update on their website that covers the judgment issued by the court following the hearin… | FSCS |
| 13 May 2025 | FSCS update: The JSAs have made substantial progress in distributing client assets, client money, post appointment receipts and FSCS … | FSCS |
| 23 Apr 2026 | FSCS update: WealthTek LLP was an appointed representative of Sapia Partners LLP (Sapia) from 2017 until early 2020 | FSCS |
| 25 Jun 2026 | FSCS update: The FCA has concluded its investigation into whether its Principles for Business were met in CACEIS Bank's (UK Branch) (… | FSCS |
Focused on the firm’s early history and the events leading up to and following its failure. 23 routine entries from its active years are omitted.
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Johnathan Edward Dance. Listed on the FCA Register as having held SMF27 Partner (28/01/2020 to 06/04/2023), SMF16 Compliance Oversight (28/01/2020 to 06/04/2023) at the firm.
- Catherine Marie Hart. Listed on the FCA Register as having held SMF27 Partner (28/01/2020 to 06/04/2023), SMF17 Money Laundering Reporting Officer (MLRO) (28/01/2020 to 06/04/2023) at the firm.
- Thomas Mark Malloch. Listed on the FCA Register as having held [FCA CF] Client dealing (19/02/2020 to 06/04/2023), [FCA CF] Functions requiring qualifications (19/02/2020 to 06/04/2023) at the firm.
- Nigel Brett Rawlings. Listed on the FCA Register as having held [FCA CF] Client dealing (19/02/2020 to 06/04/2023), [FCA CF] Functions requiring qualifications (19/02/2020 to 06/04/2023) at the firm.
- Jeremy Balfour-Melville. Listed on the FCA Register as having held [FCA CF] Client dealing (19/02/2020 to 06/04/2023), [FCA CF] Functions requiring qualifications (19/02/2020 to 06/04/2023) at the firm.
- James Brian Flintoft. Listed on the FCA Register as having held [FCA CF] Client dealing (25/01/2021 to 13/01/2023), [FCA CF] Manager of certification employee (19/08/2022 to 13/01/2023), [FCA CF] Functions requiring qualifications (25/01/2021 to 13/01/2023) at the firm.
- Vinay Anthony Bedi. Listed on the FCA Register as having held [FCA CF] Client dealing (12/07/2022 to 06/04/2023), [FCA CF] Functions requiring qualifications (12/07/2022 to 06/04/2023) at the firm.
- Dan Carter. Listed on the FCA Register as having held [FCA CF] Client dealing (19/08/2022 to 06/04/2023) at the firm.
- David Sheldon. Listed on the FCA Register as having held [FCA CF] Manager of certification employee (19/08/2022 to 06/04/2023) at the firm.
- John Edward Dance. Listed at Companies House as llp-designated-member (appointed 2013-04-01).
Review page sources: FCA Register (FRN 832264) · Companies House (OC355200) · FSCS. Public records, provided for transparency.
