There has been a significant development for clients of the failed wealth manager WealthTek LLP. The Financial Conduct Authority (FCA) has publicly censured CACEIS UK — the bank that acted as WealthTek’s custodian — which has agreed to make a voluntary payment of around £31.7m for the benefit of WealthTek’s clients.
Firm
WealthTek LLP
FRN
832264
Status
Failed — in special administration; FSCS involved
Latest
25–26 June 2026: FCA censures CACEIS UK; £31.7m voluntary payment agreed
Split
£30.9m to the administrators (JSAs) for clients; £800,000 to the FSCS
What’s happened
CACEIS UK became WealthTek’s sub-custodian in November 2020, which made it responsible for helping keep client assets safe. The FCA found that CACEIS UK failed to act on red flags — including that the Financial Services Register showed WealthTek was not authorised to hold certain client assets or client money — and did not properly monitor the accounts it opened.
The FCA has issued a public censure. Rather than face a financial penalty (which the FCA says would have been around £23m after settlement discount), CACEIS UK agreed to a voluntary, ex-gratia payment of £31,714,068 for the benefit of WealthTek’s clients. Of this, around £30.9m goes to the Joint Special Administrators (JSAs) for distribution to clients, and £800,000 goes to the FSCS in connection with its statutory recoveries work.
This is part of a wider picture: over the past year the FCA has secured roughly £57m in total for WealthTek clients from CACEIS UK, Sapia Partners and Barclays Bank UK.
The background
WealthTek LLP collapsed into special administration in 2023. Its former principal partner, John Dance, faces FCA criminal charges alleging the misappropriation of around £64m of client money, with a trial scheduled at Southwark Crown Court in September 2027. For the wider story, see our earlier update, WealthTek update: John Dance to face trial in 2027.
What it means if you were a WealthTek client
This is encouraging news for affected clients, because it increases the pot of money available to make good on shortfalls in client assets. Importantly, the FSCS has indicated that eligible customers will not need to make a further claim — once recoveries work is complete, surplus funds are expected to be distributed to eligible WealthTek clients by the administrators, under the rules in the FCA’s Compensation Sourcebook.
In other words, if you are an eligible WealthTek client, the right thing to do for now is usually to stay in touch with the Joint Special Administrators and keep your contact details up to date, rather than to start a new claim. We will update this page as the distribution position becomes clearer.
Be alert to scams. High-profile cases like WealthTek attract fraudsters posing as “recovery” services. The FSCS and the administrators will never ask you for an upfront fee to release money you are owed. If someone contacts you out of the blue, stop and verify before sharing any details.
Still unsure where you stand?
If you held investments with WealthTek and you’re not sure whether you’re covered by the administration distribution, the FSCS, or both, we’re happy to talk it through and point you to the right route — including the free options. There is no charge for a conversation, and no obligation.
