IBP Markets Limited
IBP Markets Limited (FRN 520929) was an FCA-authorised and regulated wholesale broker, providing custody services and access to equity and fixed income securities for non-retail clients. At the time it was placed into special administration, the firm held approximately £36 million in client money and £653 million in client assets under custody.
In September 2023, the FCA imposed restrictions on IBP Markets, stopping the firm from carrying on any regulated activities. The FCA had serious concerns about the way IBP Markets was conducting its business, including concerns about client money protections and potential financial crime risks. Following the imposition of those restrictions, the firm’s directors applied to the court to place the company into special administration.
On 13 October 2023, the court appointed David Soden and James Bennett of Teneo Financial Advisory Limited as joint special administrators. The FSCS concluded its investigation and declared IBP Markets in default in May 2025, meaning eligible clients may now submit compensation claims of up to £85,000 per person.
Issues / Why You May Have a Claim
The FCA’s primary concern centred on client money protections, which are rules designed to ensure that the money belonging to clients is kept separate from a firm’s own funds. Where those protections are inadequate, clients can lose access to their money if the firm fails. Any client who suffered losses as a result of IBP Markets’ conduct, or who was advised by an FCA-regulated adviser to use the firm, may have a valid compensation claim.
Company background (public record)
The company was incorporated at Companies House on 15 January 2010 under company number 07126254. Its status at Companies House is recorded as administration.
Latest update: what it means for you (10 Sep 2026)
The administrators of IBP Markets Limited have told clients that a court hearing is now set for 23 November 2026. The judge will be asked to approve a Distribution Plan, which sets out how the remaining custody assets (the investments held on clients’ behalf) would be handed back. If it is approved, that return can begin. The FSCS has also set out its position on costs and the compensation cap.
I see this as a step forward. Whilst nothing is settled until the court has ruled, the FSCS says that for eligible customers it expects to meet the costs of returning covered assets, with no deduction for special administration costs. In its view, eligible customers should therefore get their assets back whole, subject to approval of the plan. Any compensation is capped at £85,000 per eligible customer, per firm, as applied at the date of special administration. If your holding was larger than that, the cap is the part worth understanding early.
On the official records, IBP Markets Limited, whilst in special administration, is still displayed as Authorised on the FCA Register. We will continue to monitor the situation and update this page as circumstances change. Companies House lists the company (number 07126254, incorporated 15 January 2010) as being in administration.
For now, customers do not need to apply to the FSCS. What matters is following any instructions from the administrators or your wealth manager, and keeping your paperwork together. We will be watching what happens after 23 November 2026.
If you lost money beyond what the FSCS covers, or you think the advice you were given was unsuitable, that is a separate question. It may support a claim, although no outcome is ever guaranteed. We offer a free initial assessment and work on a no win no fee basis, so you pay nothing if the claim does not succeed. Talk to us about your position, or read more on our financial adviser claims and investment claims pages.
Registered office: C/O Teneo Financial Advisory Limited The Colmore Building 20, Colmore Circus Queensway, Birmingham, B4 6AT.
Previously named: AC GLOBAL MARKETS LIMITED; ALMA CAPITAL LIMITED; ALMA SECURITIES LIMITED.
Nature of business (SIC): 64999.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 15 Jan 2010 | Company incorporated | Companies House |
| 15 Jan 2010 | Barbara Kahan appointed director | Companies House |
| 15 Jan 2010 | Barbara Kahan resigned as director | Companies House |
| 15 Jan 2010 | John Alexander Troostwyk appointed director | Companies House |
| 23 Feb 2010 | Fabrizio De Tomasi appointed director | Companies House |
| 23 Feb 2010 | John Alexander Troostwyk resigned as director | Companies House |
| 24 Feb 2010 | Company renamed (previously ALMA SECURITIES LIMITED) | Companies House |
| 13 Sep 2010 | FCA status recorded as: Authorised | FCA Register |
| 13 Sep 2010 | Stuart Anthony Williams approved by the FCA at the firm | FCA Register |
| 13 Sep 2010 | Fabian Pagano approved by the FCA at the firm | FCA Register |
| 13 Sep 2010 | Fabrizio Cesarino De Tomasi approved by the FCA at the firm | FCA Register |
| 15 Mar 2013 | Company renamed (previously ALMA CAPITAL LIMITED) | Companies House |
| 03 Aug 2020 | Paolo Zonno approved by the FCA at the firm | FCA Register |
| 10 Aug 2020 | Benjamin Keith George Tadd approved by the FCA at the firm | FCA Register |
| 01 Sep 2020 | Andrea Peter Cappuccini approved by the FCA at the firm | FCA Register |
| 04 Jan 2021 | Brian Terence Modlock approved by the FCA at the firm | FCA Register |
| 01 Feb 2021 | Lewis Richard Jones approved by the FCA at the firm | FCA Register |
| 01 Feb 2021 | Marcus Justin Thiele approved by the FCA at the firm | FCA Register |
| 21 May 2021 | Matthew John Aylward approved by the FCA at the firm | FCA Register |
| 10 Nov 2021 | Matthew John Aylward resigned as director | Companies House |
| 26 May 2022 | Paolo Zonno appointed director | Companies House |
| 31 Dec 2022 | Stephen Christian Ayme resigned as director | Companies House |
| 13 Oct 2023 | Company entered administration (in administration) | Companies House |
| 13 Oct 2023 | Declared in default by the FSCS | FSCS |
| 10 Jan 2024 | FSCS update: FSCS said it was working with administrators on eligible compensation claims for wealth management clients | FSCS |
| 13 Aug 2024 | FSCS update: Administrators reported the interim custody asset distribution was materially complete, returning 80% of eligible assets | FSCS |
| 27 May 2025 | FSCS update: Administrators gave a progress update, noting complex issues still to resolve after the interim distribution | FSCS |
| 10 Sep 2026 | FSCS update: Court hearing set for 23 November 2026 to consider the Distribution Plan | FSCS |
Focused on the firm’s early history and the events leading up to and following its failure. 24 routine entries from its active years are omitted.
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Davide Goezi. Listed on the FCA Register as having held SMF3 Executive Director (from 09/12/2019), SMF1 Chief Executive (from 09/12/2019), CF30 Customer (17/03/2018 to 08/12/2019), CF10a CASS Oversight function (23/04/2019 to 08/12/2019) at the firm.
- Paolo Zonno. Listed on the FCA Register as having held SMF3 Executive Director (from 26/05/2022), [FCA CF] Client dealing (from 03/08/2020) at the firm.
- Davide Goezi. Listed on the FCA Register as having held SMF3 Executive Director (from 09/12/2019), SMF1 Chief Executive (from 09/12/2019), CF30 Customer (17/03/2018 to 08/12/2019), CF10a CASS Oversight function (23/04/2019 to 08/12/2019) at the firm.
- Nicole Malik. Listed on the FCA Register as having held CF11 Money Laundering Reporting (18/10/2019 to 08/12/2019), CF10 Compliance Oversight (18/10/2019 to 08/12/2019), SMF17 Money Laundering Reporting Officer (MLRO) (09/12/2019 to 16/03/2020), SMF16 Compliance Oversight (09/12/2019 to 16/03/2020) at the firm.
- Marco Borsa. Listed on the FCA Register as having held SMF3 Executive Director (09/12/2019 to 06/03/2020), CF30 Customer (25/09/2017 to 08/12/2019), CF1 Director (25/09/2017 to 08/12/2019), CF3 Chief Executive (22/11/2017 to 19/11/2018) at the firm.
- Stephen Christian Ayme. Listed on the FCA Register as having held SMF17 Money Laundering Reporting Officer (MLRO) (17/02/2021 to 31/12/2022), SMF16 Compliance Oversight (17/02/2021 to 31/12/2022), SMF3 Executive Director (13/03/2020 to 31/12/2022) at the firm.
- Matthew John Aylward. Listed on the FCA Register as having held SMF3 Executive Director (21/05/2021 to 10/11/2021) at the firm.
- Stuart Anthony Williams. Listed on the FCA Register as having held CF11 Money Laundering Reporting (13/09/2010 to 31/01/2017), CF10 Compliance Oversight (13/09/2010 to 31/01/2017) at the firm.
- Dario Negri. Listed on the FCA Register as having held CF30 Customer (25/09/2017 to 02/09/2019), CF11 Money Laundering Reporting (25/09/2017 to 02/09/2019), CF10 Compliance Oversight (25/09/2017 to 02/09/2019), CF1 Director (25/09/2017 to 02/09/2019) at the firm.
- Fabian Pagano. Listed on the FCA Register as having held CF1 Director (13/09/2010 to 14/04/2011), CF30 Customer (13/09/2010 to 26/05/2011) at the firm.
Appointed Representatives and Agents
While it was authorised, the firm acted as principal for the following appointed representatives. An appointed representative carries on regulated business under the responsibility of its principal, so their conduct can be relevant to a claim.
| Appointed representative | Reference | Effective from | Ended |
|---|---|---|---|
| Blackstone Capital Markets Limited | FRN 600913 | 13/05/2013 | 10/07/2014 |
Review page sources: FCA Register (FRN 520929) · Companies House (07126254) · FSCS. Public records, provided for transparency.
