On 15 September 2023, the FCA imposed a number of restrictions on IBP Markets Limited (IBP Markets/the Firm), stopping it from carrying on any regulated activities due to concerns about the way it conducts its business, including about client money protections at the Firm.
IBP Markets is a wholesale broker. It provides custody and execution services to professional clients.
Today, we’ve published the First Supervisory Notice (FSN) served on IBP Markets on 15 September 2023. The FSN explains the reasons the FCA took action on 15 September to restrict IBP Markets’ business.
The restrictions stop IBP Markets from carrying out regulated activities and prevent it from reducing the value of its assets, or any of the client money or custody assets it holds, without the consent of the FCA. A full description of the restrictions on the Firm can be found on the FCA Register.
Having considered the Firm’s financial position following the imposition of the FCA restrictions, the Directors of IBP Markets applied to Court to place the Firm into Special Administration. On 13 October 2023, the Court appointed David Philip Soden and James Robert Bennett, both of Teneo Financial Advisory Limited (Teneo), as Joint Special Administrators of IBP Markets, following an application by the Directors.