ITI Capital in special administration: what customers should do

What has happened

On 25 September 2026 ITI Capital Ltd entered special administration. Duncan Perring and David Soden, both of Teneo Financial Advisory Ltd, were appointed as special administrators. ITI Capital is an FCA authorised and regulated brokerage company that helped customers invest in shares and bonds and looked after their investments. The appointment places control of the firm in the hands of insolvency practitioners appointed by the court.

The background matters. On 10 August 2025 ITI Capital agreed to stop carrying out most regulated activity in the UK and overseas and to stop accepting any new client money or custody assets. That restriction preceded the special administration by more than a year. During the special administration, ITI Capital remains FCA authorised and subject to FCA rules. The firm has not been removed from the register, and the regulatory framework continues to apply to how client money and custody assets are handled.

For anyone holding money or investments with the firm, the practical position is that the special administrators now control the process. They are the first point of contact for questions about your account, your statements and the return of your assets. The FCA Consumer Helpline is 0800 111 6768 if you need general guidance, and the special administrators can be contacted on 0113 396 0127.

What special administration means

Special administration is a modified insolvency procedure for certain investment firms in which the court appoints insolvency practitioners to take control of the firm. It is not the same as an ordinary liquidation. The special administrators have specific objectives set out in the regime, and the return of client money and custody assets sits at the centre of what they are required to pursue.

The special administrators aim to return client money and custody assets as soon as they reasonably can. They also aim to ensure timely engagement with market infrastructure bodies and the authorities. Where possible, they will either rescue the firm as a going concern or wind it up in the best interests of creditors. Those objectives shape the sequence of events that follows the appointment, including how and when clients are contacted and how claims are assessed.

One point to note is that the costs of distributing money and assets back to clients, including the special administrators' fees, may be deducted from the client money or assets if there are insufficient funds. In that situation the FSCS may cover the costs of distribution for eligible clients. This is why the eligibility of your claim, and the protection limits that apply, matter as much as the size of your holding.

The timeline and what to do

The process runs to a sequence. The table below sets out the broad stages and the steps that sit with you at each point. It is a guide to the order of events rather than a set of deadlines you control.

The eight week point is the one to note. The special administrators will write to clients within 8 weeks to explain how they plan to return client money and assets and how a claim can be made. Until that letter arrives, the most useful thing you can do is assemble your own records. Statements showing what you held, when you held it and what the firm told you about it will support any claim later.

What the FSCS covers here

If a claim is eligible, the FSCS may cover any shortfall in client money or assets, and the cost of returning them, up to 85,000 pounds. That figure is the investment limit. It applies to the shortfall and to the cost of returning what is owed, and it is assessed against an eligible claim rather than against your total relationship with the firm.

It is important not to confuse this with bank deposit protection. The 85,000 pounds figure is the investment limit and is different from the 120,000 pounds deposit protection limit that applies to bank accounts. If you hold cash in a bank, the deposit limit is the relevant one. If you hold investments through a firm such as ITI Capital, the investment limit is the relevant one. The two schemes and the two limits operate separately.

Eligibility is the gate. Not every claim will qualify, and the FSCS will assess claims against its rules. Where a shortfall exists and the claim is eligible, the cover extends to the cost of returning client money and assets as well as the shortfall itself. Where the costs of distribution would otherwise be deducted from client money or assets because there are insufficient funds, the FSCS may cover those costs for eligible clients. The practical effect is that the protection is designed to address both what is missing and what it costs to put it back.

The cloned firm and cold calls

The FCA has been made aware of individuals using the details of the firm to suggest they work for the genuine firm. The FCA calls this a cloned firm and describes it as typically part of a scam. The technique relies on the credibility of a real, authorised business. The caller or the website looks and sounds like the firm you already know, which is what makes it effective.

The FCA advises that anyone cold called by someone claiming to be from ITI Capital, Teneo or the FCA should end the call and call back using the published numbers. That single step defeats most clone attempts, because the number you dial is one you have verified rather than one supplied by the caller. The special administrators can be contacted on 0113 396 0127, and the FCA Consumer Helpline is 0800 111 6768. You can also check the Firm Checker on the FCA website to confirm who you are dealing with.

Be alert to the specific hooks a clone may use. A caller may offer to speed up the return of your assets, ask for a fee to release funds, request remote access to your device, or ask you to move money to a safe account. None of these are part of the special administration process. The genuine process runs through the special administrators and, where relevant, the FSCS. If contact arrives out of the blue and creates urgency, treat it as a reason to slow down and verify.

Do not pay someone to get your own money back

The FCA says consumers should be cautious if approached by a claims management company or law firm. For most customers there is no benefit in involving a third party in reclaiming assets, and such firms will likely seek a fee which may reduce what is returned. The point is straightforward. The money and assets being returned are yours, and the process for claiming them is set out by the special administrators and, where a shortfall arises, by the FSCS.

Fees reduce the amount that reaches you. If a third party takes a percentage of what is recovered, the sum you receive is smaller than it would otherwise have been. The FCA's position is that for most customers there is no benefit in involving such a firm. The special administrators should be the first contact. They are the ones running the return of client money and assets, and they will write to clients within 8 weeks to explain how a claim can be made.

If you are approached, take the same approach as with a cold call. Do not commit to anything on the spot. Check who you are dealing with, and use the published numbers to verify. The special administrators can be contacted on 0113 396 0127, and the FCA Consumer Helpline is 0800 111 6768. Keeping the process in your own hands, and dealing directly with the administrators and the FSCS, avoids a deduction that serves no purpose for most customers.

Source: FCA: ITI Capital Ltd enters special administration.

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Frequently asked questions

When did ITI Capital enter special administration?

ITI Capital Ltd entered special administration on 25 September 2026. Duncan Perring and David Soden, both of Teneo Financial Advisory Ltd, were appointed as special administrators.

Is ITI Capital still authorised by the FCA?

Yes. ITI Capital remains FCA authorised and subject to FCA rules during the special administration.

How much can the FSCS cover?

If a claim is eligible, the FSCS may cover any shortfall in client money or assets, and the cost of returning them, up to 85,000 pounds. This is the investment limit and is different from the 120,000 pounds deposit protection limit that applies to bank accounts.

When will clients be contacted?

The special administrators will write to clients within 8 weeks to explain how they plan to return client money and assets and how a claim can be made.

What should I do if someone cold calls me about ITI Capital?

The FCA advises that anyone cold called by someone claiming to be from ITI Capital, Teneo or the FCA should end the call and call back using the published numbers. The FCA has identified a cloned firm using the details of the genuine firm.