The Financial Services Compensation Scheme declared WealthTek LLP in default on 3 November 2023. If you were a client of WealthTek, or of its predecessor firm Vertus Asset Management, the FSCS is now able to assess and pay compensation to eligible claimants of up to £85,000 per person. Given the scale of the alleged fraud at the heart of this case, many former clients are still working through the compensation process.
WealthTek LLP (FRN 832264) was an FCA-regulated wealth manager that promised its clients a professional and personalised investment service. The firm had operated for nearly a decade before the FCA took action in April 2023, shutting down its operations and appointing BDO LLP as interim managers. The scale of what was subsequently uncovered shocked the financial services industry.
The FCA’s investigation revealed that principal partner John Dance had allegedly been transferring client funds into accounts under his own control since 2014. Over a nine-year period, more than £64 million is alleged to have been taken from client accounts at WealthTek and its predecessor, Vertus Asset Management. The money is said to have been spent on personal expenses, including significant involvement in horseracing and investment in a nightclub.
In December 2024, the FCA charged John Dance with nine criminal offences, including fraud and money laundering. Dance, who is well known in British horseracing circles, has pleaded not guilty. A trial is scheduled for September 2027. Regardless of the criminal proceedings, the FSCS has already established that client losses occurred and that compensation is payable.
By late 2024, the administrators had returned approximately £95 million to the firm’s 904 clients. Despite this, a shortfall of around £80.8 million remained. Former clients who have not yet had their positions fully resolved, or who lost money they have not recovered, should seek expert advice without delay. You trusted a regulated firm with your money. That trust was misplaced through no fault of your own.
Get Help With Your Claim
If you had dealings with WealthTek LLP and are worried about your money, please book a free consultation with our team. You may feel embarrassed about what has happened, but you should not. You were let down by people who had a professional and legal duty to act in your best interest. We will carry out all the investigative work on your behalf, at no cost to you. If your claim is not successful, you will not pay a penny. Call us during office hours or email hello@claimmyloss.co.uk – we are here for you.
