ITI Capital enters special administration: what customers with money or investments held there should do
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ITI Capital Ltd, the FCA-authorised brokerage that held client investments in shares and bonds, entered special administration on 25 September 2026. Duncan Perring and David Soden of Teneo Financial Advisory Ltd were appointed as special administrators. If you have money or investments with ITI Capital, here's how to contact the administrators, what happens next, and how FSCS protection works if there's a shortfall.
Key takeaways
- ITI Capital Ltd entered special administration on 25 September 2026, with Duncan Perring and David Soden of Teneo Financial Advisory Ltd appointed as special administrators.
- The firm had already agreed to stop most regulated activity and stop taking new client money or custody assets on 10 August 2025 - this didn't happen overnight.
- Special administrators will write to clients within 8 weeks of appointment to explain how they plan to return money and assets, and how to make a claim.
- If there's a shortfall in client money or assets, FSCS may cover it up to £85,000 per person, and may also cover the cost of returning your money and assets if there isn't enough left to pay for that.
- The FCA says you don't need a claims management company or law firm to reclaim your assets - contact the special administrators directly.
- Watch for cloned-firm scams: fraudsters are already using ITI Capital's name to contact people. Verify anyone claiming to represent the firm, Teneo, or the FCA using the FCA Firm Checker.
What happened to ITI Capital?
ITI Capital was an FCA-authorised and regulated brokerage that helped customers invest in shares and bonds and looked after those investments. On 10 August 2025, the firm agreed to stop carrying out most regulated activity, in the UK and overseas, and to stop accepting any new client money or custody assets - more than a year before the special administration began.
On 25 September 2026, ITI Capital entered special administration. The court appointed Duncan Perring and David Soden, both of Teneo Financial Advisory Ltd, as special administrators. Special administration is a modified insolvency procedure used specifically for certain investment firms - it isn't ordinary liquidation. The special administrators are officers of the court and must comply with insolvency law while they take control of the firm's affairs.
ITI Capital remains FCA-authorised throughout the process, and the FCA says it will work with the special administrators to seek the best outcome for customers.
What are the special administrators trying to do?
The FCA sets out three goals for the special administrators:
- Return client money and custody assets to customers as soon as they reasonably can.
- Ensure timely engagement with market infrastructure bodies and the authorities.
- Either rescue the firm as a going concern, or wind it up in the best interests of creditors.
What should I do if I have money or investments with ITI Capital?
| Your situation | What to do |
|---|---|
| You're a client with money or investments held at ITI Capital | Contact the special administrators for updates using the details below. Wait for their letter, due within 8 weeks of appointment, explaining how to claim. |
| You had an unresolved complaint against ITI Capital | Contact the special administrators - they can tell you how existing complaints and claims will be handled going forward. |
| You're approached by a claims management company or law firm offering to help | The FCA says there's no benefit for most customers in using one - they'll likely charge a fee that reduces what you get back. Speak to the special administrators first. |
| You get a cold call, email or text claiming to be from ITI Capital, Teneo, or the FCA | End the contact and call back using the official numbers below. Fraudsters are already using ITI Capital's name to run a cloned-firm scam. |
How to contact the special administrators
- Customers: case website at ips-docs.com/case/ITICA0002I/ITITeneo2026
- Creditors: case website at ips-docs.com/case/ITICA0001I/ITITeneo2026
- Phone: 0113 396 0127
You can also reach the FCA Consumer Helpline on 0800 111 6768 (freephone) or 0300 500 8082 if you have general questions about the special administration itself.
Will FSCS cover any losses?
If ITI Capital can't return all client money and custody assets, or there isn't enough left to cover the cost of distributing them, the Financial Services Compensation Scheme (FSCS) may step in for eligible clients:
- Shortfall cover: if there's a gap between what ITI Capital held and what it can return, an eligible claim may be covered by FSCS up to £85,000 per person.
- Distribution costs: returning client money and assets carries costs, including the special administrators' fees. If there isn't enough client money or assets left to cover this, FSCS may cover the cost of distribution for eligible clients instead of it being deducted from what you get back.
Eligibility depends on FSCS's normal criteria for both clients and the type of business covered. The special administrators will work with FSCS to determine which clients are covered, and will provide updates as the process moves forward.
What evidence helps
- Any account statements, contract notes, or confirmations showing what ITI Capital held for you
- Records of deposits, transfers, or payments you made into your ITI Capital account
- Any correspondence with ITI Capital about your investments, including before the 10 August 2025 restriction
- Details of any complaint you'd already raised with the firm, including reference numbers
- A note of your ITI Capital account or client reference number, if you have one
When and how to escalate
Right now, the special administrators - not the Financial Ombudsman Service - are the first point of contact, since they're responsible for managing ITI Capital's affairs and working out how client money and assets will be returned. If you had an unresolved complaint before the administration began, tell the special administrators about it; they'll explain how it's handled going forward. Once you know how your claim is being treated, and if you still disagree with an outcome, the Financial Ombudsman Service, which is free, may be able to look at it depending on the circumstances.
Not the first investment firm this has happened to
ITI Capital isn't the first FCA-authorised firm to enter an insolvency process while holding client money. HeyRefund has covered similar situations, including Prosper Capital LLP's liquidation and the FSCS claims process for Crowd2Let investors and what to do if you lost money in a mini-bond or loan note. If your money is tied up in a pension or investment transfer more broadly, our guide on pension and investment transfer delays covers a related set of escalation routes.
How HeyRefund can help
If you're trying to work out what you're owed, pull together account statements, or make sense of correspondence from the special administrators, HeyRefund helps you organise the paper trail into a clear file you can use when you claim or complain.
Everything above you can do yourself for free, direct with the special administrators and FSCS. HeyRefund just makes the file easier to build and harder to get stuck on.
Sources: FCA, ITI Capital Ltd enters special administration (Last checked: 25.09.2026); FSCS, What we cover - investments (Last checked: 25.09.2026); FCA, FCA Firm Checker (Last checked: 25.09.2026); Financial Ombudsman Service, Investment complaints (Last checked: 25.09.2026).
Frequently asked questions
What happened to ITI Capital?
ITI Capital Ltd, an FCA-authorised brokerage that helped customers invest in shares and bonds and held their investments, entered special administration on 25 September 2026. Duncan Perring and David Soden of Teneo Financial Advisory Ltd were appointed as special administrators. The firm had already agreed to stop most regulated activity and stop accepting new client money or custody assets on 10 August 2025.
Will I get my money and investments back?
The special administrators will assess the money and assets ITI Capital held and work to return them to clients where possible. If you're a client, they will write to you within 8 weeks of appointment to explain how they plan to return your money and assets and how to make a claim.
Does FSCS cover any shortfall?
If there's a shortfall in the client money or assets ITI Capital was safeguarding, and your claim is eligible, the Financial Services Compensation Scheme (FSCS) may cover it, up to £85,000 per person. FSCS may also cover the cost of distributing your money and assets back to you if there isn't enough left in the pot to pay for that separately.
Do I need a claims management company or law firm to reclaim my assets?
No. The FCA specifically says most customers get no benefit from involving a claims management company or law firm, since they will likely charge a fee that reduces what you actually get back. Contact the special administrators directly using the details on their case website first.
This guide is general information, not legal or financial advice, and does not guarantee any outcome. Rules and time limits change. Complaining to a financial firm and escalating to the Financial Ombudsman Service is free, and you keep any compensation. HeyRefund is not a law firm and does not provide legal advice or claims-management services; it offers document-preparation tools based on real complaints data and Financial Ombudsman decision patterns. For advice on your circumstances, consider a free service such as Citizens Advice.