John Dance will be permitted to run horses as an investigation by the Financial Conduct Authority continues – but not under his own name or that of his wife, the British Horseracing Authority has announced.

Dance founded Vertem Asset Management, a prominent sponsor within racing, but that firm is one of three trading names of WealthTek LLP, which was ordered to cease trading by the FCA due to what it said were “serious regulatory and operational issues coming to light”.

Dance co-owned the leading chaser Bravemansgame who was subsequently barred from running at Aintree, but was later allowed to resume his career as Bryan Drew took sole ownership.

Now Dance’s other horses, most of which reside with salaried trainer James Horton, will be able to run under either the Coverdale Stud or the Titanium Racing Club names rather than under the John and Jess Dance banner.

A statement from the BHA on Monday read: “While the Financial Conduct Authority’s (FCA) investigation into Mr Dance continues, it has agreed to sufficient ongoing funds being released to cover the costs of Mr Dance’s racing operations, in accordance with the terms of the High Court’s Freezing Order.

“This is with a view to supporting the welfare of the horses and the livelihoods of the staff impacted by the investigation.

“The BHA is therefore permitting runners through Mr Dance’s business, in the name of Coverdale Stud and Titanium Racing Club. Mr or Mrs Dance will not be permitted to have personal runners in their own names.

“Any prize money or other business profits will be frozen under the terms of the High Court’s Order and the BHA remains in continued dialogue with the FCA to supervise this arrangement.

The BHA continues to work with the FCA to ensure the terms of the High Court’s Order are complied with, whilst prioritising the wellbeing of the horses and people affected.”