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Recover Your Losses from WealthTek

Compensation Adviser helps victims of WealthTek pursue refund claims through the Financial Services Compensation Scheme and the Financial Ombudsman Service — on a no-win, no-fee basis.

WealthTek LLP was placed into special administration in April 2023 after the FCA identified a shortfall of over £81 million in client money and assets, with its principal partner now facing criminal charges for alleged fraud and money laundering. If you transferred funds to WealthTek from a UK bank account, a refund claim may be possible — even if your bank has already refused.

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Why Choose Compensation Adviser

The WealthTek collapse is one of the most complex investment fraud cases in recent UK history, involving multiple regulatory failures across several firms. Compensation Adviser has the specialist expertise to navigate the FSCS claims process, bank reimbursement routes, and Financial Ombudsman complaints on your behalf — ensuring no viable recovery avenue is overlooked.

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We review your case and explain your options clearly before you decide whether to proceed

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We operate on a strict no-win, no-fee basis. You’ll only pay our 15%+VAT success fee if your claim is successful. Cancellation fees may apply (see full fee details below).

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What Was WealthTek?

WealthTek LLP (formerly known as Vertus Asset Management LLP) was an FCA-authorised wealth management firm based in the North East of England. The firm provided discretionary, advisory, and execution-only investment services to retail clients and intermediaries. It also traded under the names Vertem Asset Management and Malloch Melville.

WealthTek was incorporated in May 2010 and initially operated as a trading name of, and later as an appointed representative of, Sapia Partners LLP. In January 2020, the firm obtained direct FCA authorisation (FRN 832264). However, critically, WealthTek did not have FCA permission to hold client money or custody assets — despite doing exactly that for hundreds of clients over many years.

The firm’s principal partner was John Dance, a former nightclub owner and part-time DJ who became a prominent racehorse owner. Dance owned several high-profile horses, including Bravemansgame, which won the King George VI Chase at Kempton in 2022.

How the WealthTek Fraud Worked

The FCA alleges that between 2014 and 2023, John Dance systematically transferred over £64 million from WealthTek and Vertus client accounts into accounts he personally controlled. The funds were then used to finance a lavish lifestyle and various business interests, including:

Racehorse purchases: £723,000 was spent on six racehorses, including the purchase of Bravemansgame in 2019
Property acquisitions: £806,500 was spent on residential and commercial property in 2014, followed by a further £3.9 million in 2020
Nightclub business: Client funds were allegedly used to support a nightclub venture
Personal expenditure: The FCA alleges Dance funded a lavish personal lifestyle with misappropriated client money

To conceal the fraud, the FCA alleges that Dance told lies and forged documents, including making false representations about WealthTek’s regulatory permissions. The firm was holding client money and assets without the necessary FCA authorisation to do so, creating a situation where client funds were entirely unprotected by the regulatory safeguards that should have been in place.

When the FCA intervened on 4 April 2023, it identified a potential shortfall of £81.4 million in client assets and money associated with WealthTek. Northumbria Police, working in partnership with the FCA, arrested John Dance on the same day. The FCA subsequently obtained a worldwide asset freeze against Dance up to the value of £40 million.

The Regulatory Failures

The WealthTek scandal exposed significant failures across multiple regulated firms:

Sapia Partners LLP: As WealthTek’s principal firm from 2017 to 2020, Sapia failed to put adequate safeguards in place to protect client money. People who could make payments from client money accounts also carried out the checks of those accounts — a fundamental breach of segregation of duties. In April 2026, Sapia agreed to pay £19.6 million to WealthTek clients after the FCA found these failures.
Barclays Bank: Barclays failed to check the FCA Register before opening a client money account for WealthTek. Had it performed this basic due diligence check, it would have seen that WealthTek was not permitted to hold client money. Clients deposited £34 million into this account. In July 2025, the FCA fined Barclays and the bank agreed to make a voluntary payment of £6.3 million to affected clients.

Criminal Proceedings Against John Dance

In December 2024, the FCA charged John Dance with nine criminal offences relating to his activities at WealthTek between 2014 and 2023. The charges include three counts of fraud by abuse of position, three counts of fraud by false representation, and three counts of money laundering (converting or transferring criminal property). The FCA described this as “one of the most serious and largest frauds we have ever investigated.”

Dance pleaded not guilty to all charges at North Tyneside Magistrates’ Court on 3 January 2025. A trial has been scheduled for September 2027 at Southwark Crown Court. The FCA’s restraint order against Dance remains in place to preserve assets for potential confiscation following any conviction.

Signs You May Have Been Affected by WealthTek

If you recognise any of the following circumstances, you may have a valid claim for compensation:

You held investments, ISAs, or pension funds managed by WealthTek, Vertus Asset Management, Vertem, or Malloch Melville

You received notification from BDO (the Joint Special Administrators) that your client assets or money had a shortfall

Your bank or building society processed transfers to WealthTek without adequate fraud checks or warnings

You were introduced to WealthTek by a financial adviser or intermediary who failed to conduct proper due diligence

You have already received partial FSCS compensation but your total losses exceed the £85,000 limit

You believe WealthTek made unsuitable investment decisions or failed to follow your instructions

Learn more about Investment Claims

What to Do If You Lost Money Through WealthTek

Gather your documentation

Collect all account statements, contract notes, correspondence from WealthTek or BDO, and bank statements showing transfers to the firm

Check your FSCS eligibility

Visit the FSCS website to confirm whether you are eligible for compensation up to £85,000 per person — most individual clients qualify

Review your bank's role

Consider whether your bank failed to apply adequate fraud checks when processing payments to WealthTek — this may give rise to a separate complaint

Assess additional claims

The FSCS is now investigating whether clients have additional claims relating to investment losses caused by WealthTek's acts or omissions beyond the asset shortfall

Contact the administrators

Stay in contact with BDO LLP (the Joint Special Administrators) and respond promptly to any requests for information or instructions

Seek specialist advice

Contact Compensation Adviser for a free review of your case to identify all available recovery routes, including bank complaints and FOS escalation

Can I Recover Money Lost Through WealthTek?

Despite the scale of the fraud, there are multiple recovery avenues available to WealthTek clients. The specific route depends on your individual circumstances, including the size of your losses, how you transferred funds, and whether you have already received FSCS compensation. Key recovery mechanisms include:

Financial Services Compensation Scheme (FSCS): The FSCS covers eligible clients up to £85,000 per person. Most individual WealthTek clients qualify. The FSCS has already paid over £26.6 million in compensation and is now investigating additional claims relating to investment losses beyond the initial asset shortfall.
Bank Reimbursement Claims: If your bank failed to apply adequate due diligence or fraud checks when processing payments to WealthTek, you may have a valid complaint. The FCA’s findings against Barclays demonstrate that banks had a duty to check WealthTek’s permissions before opening accounts or processing transfers.
Financial Ombudsman Service (FOS): If your bank rejects your complaint, we can escalate your case to the FOS, which can award compensation up to £430,000 for complaints about acts or omissions occurring after 1 April 2019.
Adviser Negligence: If you were introduced to WealthTek by a regulated financial adviser who failed to conduct proper due diligence, you may have a professional negligence claim against that adviser or their firm.

Why Choose Compensation Adviser for Your WealthTek Claim?

Specialist Expertise: We have in-depth knowledge of the WealthTek case, including the regulatory failures by Sapia Partners and Barclays, and understand how to build the strongest possible claim on your behalf.
No Win, No Fee: Our service operates on a strict no-win, no-fee basis, meaning you only pay if we successfully recover compensation for you.
Comprehensive Approach: We assess all available recovery routes — FSCS, bank complaints, FOS escalation, and adviser negligence — to maximise your total recovery.
Proven Track Record: Our team specialises in complex financial fraud cases and has extensive experience navigating the FSCS claims process and Financial Ombudsman complaints.

Frequently Asked Questions

Can I get my money back from WealthTek?

Yes, there are multiple recovery routes available. The FSCS covers eligible clients up to £85,000, and approximately 84% of affected clients will be compensated in full through this route. If your losses exceed the FSCS limit, you may also have a valid complaint against your bank for failing to apply adequate fraud checks when processing payments to WealthTek.

What are your fees?

We operate on a no-win, no-fee basis. If your claim is successful, we charge a fee of 15% + VAT of the total compensation awarded. If we do not recover any money for you, there is no fee to pay.

I have already received FSCS compensation — can I still claim?

Potentially, yes. If your total losses exceed the £85,000 FSCS limit, you may have additional recovery options. These include complaints against your bank for failing to prevent the fraud, or claims against financial advisers who introduced you to WealthTek without conducting proper due diligence. We can review your case to identify any remaining avenues.

What happened to John Dance?

John Dance, WealthTek’s principal partner, was charged by the FCA in December 2024 with nine criminal offences including fraud by abuse of position, fraud by false representation, and money laundering. He pleaded not guilty and a trial is scheduled for September 2027 at Southwark Crown Court. A restraint order freezing his assets remains in place.

How long does a WealthTek recovery claim take?

The timeline depends on the recovery route pursued. FSCS claims are typically resolved within 3 to 6 months. Bank complaints and Financial Ombudsman cases may take 6 to 12 months. We keep you informed throughout the process and work to resolve your claim as efficiently as possible.

Do I need to use a claims management company?

No, you are not required to use our services. You can pursue your claim directly with the FSCS, your bank, or the Financial Ombudsman Service for free. However, the WealthTek case is complex, involving multiple parties and recovery routes. Our specialist expertise can help ensure you identify and pursue all available avenues for compensation.

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