On 13.10.2023 In the High Court of Justice, Business & Property Courts of England & Wales an order was made to place IBP Markets Limited into Special Administration.

James Bennett and David Soden Insolvency Practitioners of Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus, Queensway, Birmingham, B4 6AT were appointed as Special Administrators and can be contacted on 0121 619 0120.

Special administration is a formal insolvency procedure for businesses that provide a statutory or public service or supply or hold client money, such as businesses regulated by the Financial Conduct Authority (FCA)

An article on the FCA (Financial Conduct Authority) Website www.fca.org.uk states the following.

On 25 May 2023, IBP Markets applied for the imposition of a number of requirements on its regulated activities, including that IBP Markets must not accept any new clients. On 15 September 2023, the FCA imposed further requirements restricting the activities of IBP Markets and prohibiting the dealing and disposition of its own assets and those it holds for and on behalf of others. 

Having considered the firm’s financial position following the imposition of the FCA restrictions, the Directors of IBP Markets applied to the Court to place the Firm into Special Administration. 

An article on the Bloomberg Website www.bloomberg.com dated 13.10.2023 states that IBP Markets Limited has £653 million of client custody assets and £36 million of Client Funds.

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