IBP MARKETS
IMPORTANT INFORMATION
NEXTGEN PRIME BROKERAGE SERVICES FOR NEXTGEN INVESTORS
David Philip Soden and James Robert Bennett both Insolvency Practitioners of Teneo Financial Advisory Limited, were appointed Joint Special Administrators of IBP Markets Limited (“the Firm”) on 13 October 2023.
The affairs, business and property of the Firm are managed by the Joint Special Administrators.
The Joint Special Administrators act as agents of the Firm and contract without personal liability. In performing their work in relation to this appointment, the Joint Special Administrators are bound by the Insolvency Code of Ethics and regulated by the Institute of Chartered Accountants in England & Wales.
For FAQ’s on this special administration please find the link here
The Financial Conduct Authority (FCA) has identified a number of concerns around the way that IBP operates its business. On 15 September 2023, the FCA placed restrictions on IBP’s activities – please see the FCA’s restrictions here IBP Markets Limited (fca.org.uk).
In practical terms, this severely restricts IBP’s activities such that it will only continue to safeguard all client assets and money and execute any client instructions to liquidate current investments and/or positions held by IBP. For further information and FAQs, please click here https://www.ibpmarkets.com
The Financial Conduct Authority (FCA) has identified a number of concerns around the way that IBP operates its business. On 15 September 2023, the FCA placed restrictions on IBP’s activities – please see the FCA’s restrictions here IBP Markets Limited (fca.org.uk).
As a result of the restrictions, IBP is unable to accept any new clients, new client money or assets or new BUY instructions to trade. This does not affect IBP’s ability to settle trades executed on or before Friday 15 September or accept client instructions to liquidate existing positions.
The restrictions will result in delays in client money that is currently custodied with IBP from being withdrawn or transferred to a third party. It is not currently possible to say how long it will be before we can return client assets or money. We are actively working with the FCA to address its concerns and minimise the impact on all of IBP’s clients.
As always, we remain committed to our clients and will be contacting all of our clients regarding the impact of the restrictions in the coming days. In the meantime, you can be assured that all client assets and monies are kept in a segregated account.
FAQ
On 15 September 2023, the FCA placed restrictions on IBP’s activities – please see the FCA’s restrictions here IBP Markets Limited (fca.org.uk). The FCA did this as it has identified a number of concerns around the way that IBP operates its business.
Subject to a few exceptions set out below, the impact of the restrictions is that it prevents IBP from carrying out any regulated activities without the FCA’s written approval. IBP will continue to safeguard any custody assets and client money held by it.
IBP is working with the FCA to address the difficulties arising from the restrictions and will update clients as soon as they can.
Your assets and money are held in accounts segregated from IBP assets. This will not change until such time that the assets and money can be distributed back to clients.
Unfortunately, for the time being, IBP is unable to effect any transfers out or withdrawals from its custody accounts. This is owing to the restrictions imposed by the FCA.
IBP does not know when this position will change but is working hard to ensure it is as soon as possible. IBP will update all clients once this position changes.
With limited exceptions, IBP cannot accept new money or custody assets. The exceptions to this are the following from, or on behalf of, existing clients of IBP:
- Receipt of dividends or coupons;
- Rights issues;
- Corporate actions including maturing bonds;
- Settlement of trades instructed but not settled on or before Friday 15 September; and
- The execution of an instruction from an existing client to liquidate an investment and/or open position held by IBP.
Any trades placed by IBP on or before Friday 15 September 2023 will be settled in the usual manner. If you placed a trade with IBP but it was not executed by IBP before the restrictions were imposed then this trade will not now be executed.
The only trade instructions that can be accepted by IBP is to liquidate open positions and/or investments currently held by IBP. Please contact tradingus@ibpmarkets.com ] to place such a trade.
IBP will update these FAQs once it has further information. It will also contact all clients directly.
Any fees incurred for services rendered to date will be charged as normal, but will not be deducted from client accounts until further notice.
Fees will be charged for any on-going services provided, taking into account the limited services that IBP will be undertaking.
Scams
Fraudsters can sometimes take advantage of this type of situation. IBP will not ask you for your bank details or other personal information over the phone. As such, you should treat any unexpected cold calls or conversations of this nature with suspicion. If you have any doubts or concerns regarding any communications received, please contact compliance@ibpmarkets.com
We would like to thank you all for your patience and understanding. For further information or if you have any queries please contact us on compliance@ibpmarkets.com.
We will update all clients as soon as we have further information.
IBP MARKETS
IBP Markets Ltd. Is a UK based firm
Registered number: 07126254
IBP Markets Ltd. is authorised and regulated by the
Financial Conduct Authority
LEI Number: 213800Y7WLJILTZZ5I67