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.