Clients Face Urgent Claims Process as ITI Capital Enters Special Administration

ITI Capital Ltd went into special administration on September 25, 2026. Duncan Perring and David Soden from Teneo Financial Advisory Ltd are now running the show, appointed as special administrators over the FCA-regulated UK brokerage.

The firm had already been winding down for a while. ITI Capital halted most of its regulated activities back on August 10, 2025, and stopped taking new client money around the same time. So the formal special administration isn’t exactly a surprise — but it does kick off a specific legal process that clients need to understand fast, because the clock is ticking and money is on the line.

What the Administrators Are Actually Doing

Perring and Soden are court-appointed insolvency practitioners. Their job is to go through ITI Capital’s books, figure out what money and assets are held, and work out how to get those back to clients. They’re operating under insolvency law, and the FCA is still technically regulating ITI Capital through all of this — the firm hasn’t lost its authorisation, which matters for how the process runs.

Clients should expect to hear from the administrators within eight weeks. That communication will spell out the claims process — basically, how to formally request the return of funds and assets. It’s not automatic. Clients will need to engage.

The direct line for the administrators is 0113 396 0127. That’s the number to call with questions, not some general helpline. Teneo is handling this, and they want clients reaching out directly.

One thing worth knowing: administrator fees and other distribution costs can be deducted from client holdings. If ITI Capital doesn’t have enough free cash to cover those costs separately, the money comes out of what’s held for clients. That’s standard insolvency practice, but it can sting.

FSCS Cover Up to £85,000

The Financial Services Compensation Scheme may step in for eligible clients. The cap is £85,000 per person. If there’s a shortfall between what ITI Capital holds and what clients are owed, the FSCS can potentially bridge that gap — up to the limit.

The administrators will coordinate with the FSCS directly to work out who qualifies. Clients don’t need to run that process themselves, at least not initially. The administrators are the first stop for any questions about eligibility and coverage.

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Not everyone will be covered, and the £85,000 ceiling means larger account holders probably won’t recover everything even if FSCS kicks in. That’s a hard reality of how UK financial services compensation works.

Fraud Risk Is Real and Already Being Flagged

Here’s where it gets murky, and honestly kind of alarming. The administrators and the FCA are both warning clients about cloned firms — fraudulent outfits that impersonate ITI Capital, Teneo, or even the FCA itself to scam people who are already in a vulnerable spot.

It’s pretty much a known pattern whenever a firm enters administration. Scammers see a list of distressed clients and go to work. They cold-call, they send emails, they claim to be from official bodies. And they’re often convincing.

The FCA’s Firm Checker tool is the way to verify whether anyone contacting you is legitimate. Use it. Don’t take someone’s word for it over the phone, especially if they reached out to you unsolicited.

And on the topic of third-party help — claims management companies and law firms will probably start circling. Some will offer to handle the recovery process for a fee. That fee comes out of whatever you recover, which can significantly reduce the amount you actually see. The administrators are clear: talk to them first before signing up with any third party. They can help clients figure out whether paying for outside help actually makes sense given the specifics of their situation.

For clients who’ve already lodged complaints or claims against ITI Capital before the administration started, the special administrators are still the right contact. Those existing complaints don’t disappear, but the process for handling them shifts now that Perring and Soden are in charge.

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Bottom line: clients need to be proactive, verify every communication through official channels, and wait for the eight-week update before assuming anything about their money. The administrators have committed to that timeline.

The FSCS ceiling sits at £85,000.