IBP Markets Ltd

Under investigation 13 October 2023

FRN: 520929

IBP Markets Limited (“IBP”) is an FCA authorised and regulated wholesale broker, providing custody services and access to equity and fixed income securities for non-retail clients.  

On 13 October 2023, the Court appointed David Soden and James Bennett of Teneo as Joint Special Administrators of IBP. 

Further details can be found at the Joint Special Administrators’ website. 

The Joint Special Administrators have also advised that customers who wish to speak to someone should contact  IBP.Clients@teneo.com or call on +44 121 619 0120

You can also read details on the FCA website. 

The Joint Special Administrators will carry out an initial assessment of the client money and custody assets held by IBP. Due to concerns whether there were appropriate systems and controls in place to ensure adequate protection for client monies and client assets at IBP, this assessment may take some time. 

As a result, FSCS will not be opening to customer claims right now, but we will be investigating whether there are any claims that are eligible for compensation and how any claims might best be dealt with. As part of this investigation, we will be working closely with the Joint Special Administrators and the FCA.  

Further updates will be posted on this page when they become available. 

Being alert to scams 
Scammers may look to take advantage of the special administration of IBP to try to defraud clients. 

All clients should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from IBP or Teneo, please end the call and contact Teneo on +44 121 619 0120 or IBP on +44 20 8159 0000.

 

Latest updates

  • 10 Jan, 2024

    We have been working closely with the Joint Special Administrators (JSAs) to see if there are any claims eligible for FSCS compensation. 

    We now anticipate that, for retail investors who have a relationship with IBP Markets Ltd via a wealth management firm and who are eligible under FSCS rules, we are likely to meet any losses suffered in relation to the following: 

    • the costs of returning client money to the customer; 
    • the costs of transferring custody assets (e.g. investments) to a new broker - provided the particular assets are covered by FSCS's rules;
    • client money shortfalls that may occur as a result of IBP Markets Ltd not holding all the client money that it had undertaken to hold for that customer; and
    • custody asset shortfalls that may occur as a result of IBP Markets Ltd not holding all the custody assets that it had undertaken to hold for that customer. 

    We are continuing to work with the JSAs to establish our position for other customers and hope to be able to confirm in the near future.

    Further information regarding eligibility for FSCS compensation can be found on our Eligibility page.

    Any compensation payable by FSCS is subject to the statutory cap of £85,000 per eligible customer, per firm. 

    Before FSCS can make any compensation payments in accordance with the special administration process, the Clients' and Creditors' Committee and the Court must approve the JSAs’ Distribution Plan. This plan sets out how customers’ investments will be returned to them, probably via a transfer to another provider. Client money will be distributed under a parallel process.  

    We don’t yet have a timescale for how long this is likely to take. The JSAs will be providing more updates as their work progresses. We will provide further updates when we have more information.

    At the moment, IBP Markets Ltd customers do not need to take any action regarding FSCS compensation. We are working with the JSAs to establish customer claims and as such, we remain closed to direct customer claims.