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.
