The joint special administrators (JSAs) overseeing the insolvency of Wealthtek have made significant strides in supporting affected clients. According to a 13 May statement from the Financial Services Compensation Scheme (FSCS), the majority of eligible clients who suffered financial shortfalls due to their involvement with Wealthtek have now received compensation. Under a court-approved distribution framework, the FSCS is directly funding the JSAs’ cost contributions, offering up to £85,000 per client, which includes these costs.
Next Steps for Additional Claims
For some clients, losses may exceed the £85,000 compensation ceiling, meaning full recovery through the FSCS alone may not be possible. The FSCS urges clients who have not yet engaged with the JSAs, the appointed broker, or provided alternative instructions for asset recovery to act swiftly. Prompt action will help facilitate the release of remaining funds, assets, and any further shortfall compensation.
The FSCS expressed appreciation for clients’ resilience, noting, “We sincerely thank clients for their patience during this difficult period.” Looking ahead, the FSCS will explore additional claims against Wealthtek, particularly those tied to the firm’s actions or negligence that led to investment losses. Any compensation already received, including payments facilitated by the JSAs, will be factored into these evaluations.
John Dance’s Upcoming Trial in 2027
In a related development, John Dance, WealthTek’s former principal partner, is set to face trial in September 2027 for criminal charges brought by the FCA. Dance was charged in December 2024 with allegedly misappropriating £64 million in client funds between 2014 and 2023. The FCA’s investigation followed the arrest of a 48-year-old man by Northumbria Police, who worked alongside the regulator. The individual was later interviewed under caution. The FCA has paused its civil action against WealthTek to focus on the suspected criminal activities by Dance.
Guidance for Unresolved Claims
If your losses from Wealthtek remain uncompensated, consider investigating other regulated entities involved in your financial dealings. These may include banks, pension providers, investment platforms, financial advisers, brokers, trustees, custodians, or insurers. The complexity of financial services claims often stems from the multitude of parties involved.
How to Proceed
If you’re unsure how to navigate a claim related to Wealthtek or another financial institution, we offer a free, no-obligation 30-minute consultation with our specialists. Book your session today to explore your options and take the first step towards resolution.