ITI Capital Ltd entered special administration on 25 September 2026, placing control of the FCA-authorised brokerage in the hands of appointed insolvency practitioners.
Duncan Perring and David Soden of Teneo Financial Advisory Ltd have been appointed as special administrators.
ITI Capital helped customers invest in shares and bonds and held investments on their behalf. The company had already agreed in August 2025 to stop most regulated activity and stop accepting new client money or custody assets.
What has happened
Special administration is a modified insolvency process for investment firms.
The court-appointed administrators now control the company. Their objectives include returning client money and custody assets as soon as reasonably possible, working with market infrastructure and authorities, and either rescuing the company or winding it up in creditors' best interests.
ITI Capital remains authorised and regulated by the FCA during the administration.
What customers should do
Customers should use the contact details published through the FCA and the administrators' official case website.
The administrators will assess ITI Capital's records, client money and custody assets. They are expected to write to clients within eight weeks explaining how they intend to return client money and investments, how clients can submit a claim and whether further information is required.
Customers should retain account statements, transaction records, correspondence and proof of identity.
Will customers recover their assets?
That is not yet known.
The administrators will first establish what money and investments ITI Capital holds and reconcile those holdings with its client records. They will then determine how assets can be returned.
The FCA has not announced a shortfall, recovery percentage or distribution timetable.
Costs associated with returning assets, including administrators' fees, may be deducted from client money or assets if the company does not have sufficient resources to meet those costs.
Where the FSCS may apply
The Financial Services Compensation Scheme may cover an eligible shortfall in client money or custody assets, together with eligible distribution costs, up to £85,000 per eligible claimant.
That does not mean every ITI Capital customer is automatically entitled to £85,000. Coverage depends on the customer, the type of claim and the circumstances uncovered by the administrators.
The administrators and FSCS will provide further information if compensation becomes necessary.
Scam warning
The FCA says fraudsters are already using details associated with ITI Capital to impersonate the genuine company.
Customers should be particularly cautious about unsolicited calls or messages claiming to come from ITI Capital, Teneo or the FCA.
Anyone receiving an unexpected call should end it and contact the organisation using details independently obtained from the FCA or the administrators' official website.
The FCA also says that most customers are unlikely to benefit from paying a claims-management company or law firm to recover their assets. Any fee charged could reduce the eventual recovery.
The Apolifina view
The start of special administration does not establish that customer assets are missing or determine how much customers will recover.
The immediate priorities are verifying the administrators' official contact details, preserving account documentation and waiting for the formal communication describing the claims and asset-return process.
Customers should avoid making decisions based on unofficial social-media accounts, cold callers or businesses demanding an upfront recovery fee.
What remains uncertain
The FCA announcement does not disclose how many customers are affected, the total value of client money and custody assets, whether any shortfall exists, how long the return of assets will take or whether FSCS compensation will be required.
These questions should become clearer after the administrators complete their initial assessment.
Primary sources and verification
- FCA: ITI Capital enters special administration
- Official Teneo customer case portal
- Financial Services Compensation Scheme
The appointment, customer process, possible distribution costs, FSCS position and scam warning were checked against the FCA announcement published on 25 September 2026.
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