ITI Capital enters special administration: Teneo appointed, clients contacted within eight weeks
The FCA-authorised broker has been under activity restrictions since August 2025. Teneo has been appointed special administrators, and a clone-firm scam is already circulating.
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The FCA published a notice on 25 September 2026 confirming that ITI Capital Ltd has entered special administration, a modified insolvency procedure for investment firms under which court-appointed administrators take control of the firm. Duncan Perring and David Soden of Teneo Financial Advisory Ltd have been appointed as special administrators. ITI Capital is an FCA-authorised brokerage that held client investments in shares and bonds. The firm had already agreed on 10 August 2025 to stop carrying out most regulated activity and to stop accepting any new client money or custody assets. This is the formal start of the administration process, not its conclusion; the wind-down of client-facing activity has been under way since August 2025.
Teneo will write to each client within eight weeks explaining how assets will be returned and how to make a claim. Clients should wait for that letter rather than taking action now. One cost point to flag: if there are insufficient funds to cover the expenses of returning money and assets, including the administrators' fees, those costs may be deducted from client money or assets. The FSCS may cover any shortfall in client money or assets, and the cost of returning them, up to £85,000 per eligible client.
The FCA has flagged a clone-firm scam using ITI Capital's details. Clients can verify who they are dealing with using the FCA Firm Checker. The FCA also advises clients not to use claims management companies or law firms to recover their assets. For most clients, there is no benefit, and any fee will reduce what they recover.
ITI Capital remains FCA-authorised during the administration, and the FCA says it will work with Teneo to seek the best outcome for customers. The FCA notice does not disclose the size of the client money pool, the number of clients affected, or the reasons for the firm's failure.
