Key Points
- London-based investment broker ITI Capital Ltd has entered special administration, according to Financial Planning Today in a report published on 25 September 2026.
- Duncan Perring and David Soden of Teneo Financial Advisory Ltd have been appointed as special administrators to oversee the firm.
- ITI Capital was an FCA-authorised and regulated brokerage company that provided investment services involving shares, bonds and other assets.
- The firm served a broad client base that included private clients, proprietary trading firms, banks, hedge funds, institutional investors and corporates.
- ITI Capital operated from Threadneedle Street in the City of London and had been authorised by the Financial Conduct Authority since 2001.
- The company had traded under a number of different names before adopting the ITI Capital name in 2017, with its corporate history tracing back to Revmark Investments Limited, established in May 1994.
- The FCA had imposed restrictions on the firm’s activities over several years, including restrictions connected with former clients of SF Securities, which entered special administration in 2020.
- In May 2023, the FCA said it required a full wind-down of ITI Capital’s retail business.
- On 10 August 2025, ITI Capital agreed with the FCA to stop most regulated activity and to stop accepting new client money or custody assets.
- The FCA said the special administrators are responsible for managing the firm’s affairs during the process and must comply with insolvency law.
- The administration is expected to involve efforts to return client money where possible, with the special administrators overseeing the process.
**London-based investment broker ITI Capital Ltd has entered special administration after a prolonged period of regulatory restrictions and the wind-down of its retail business. Financial Planning Today reported on 25 September 2026 that Duncan Perring and David Soden of Teneo Financial Advisory Ltd had been appointed as special administrators, with the process expected to involve the management of the firm’s affairs and the return of client money where possible. The Financial Conduct Authority said customers may find the development worrying and stressed that the administrators are officers of the court and must comply with insolvency law. **
What has happened to ITI Capital?
According to Financial Planning Today, ITI Capital Ltd, a London-based investment broker, has entered special administration. The report, published on 25 September 2026, says the firm entered the formal insolvency process three years after the FCA required it to wind down its retail business.
The development represents a further stage in the long-running regulatory and operational history of the investment business.
Duncan Perring and David Soden, both of Teneo Financial Advisory Ltd, have been appointed as special administrators. Their role is to take responsibility for managing the affairs of the company during the special administration process.
The FCA has emphasised that the administrators are officers of the court and are required to comply with applicable insolvency law. The regulator also acknowledged that the development could be concerning for customers.
The special administration process is expected to determine how the firm’s remaining affairs and assets are handled, including the return of client money where this can be achieved.
What services did ITI Capital provide?
ITI Capital was an FCA-authorised and regulated brokerage company that provided services allowing customers to invest in financial assets including shares and bonds.
Financial Planning Today reported that the firm described itself on LinkedIn as an emerging-markets-focused brokerage serving a diverse range of clients. Its customer base extended beyond individual investors and included proprietary trading firms, banks, hedge funds, institutional investors and corporate clients.
The company said it provided several forms of investment services.
These included an online multi-asset trading platform, a robo-advice service offering five model portfolios, and more bespoke services involving advisory and discretionary management.
This range of services meant that ITI Capital operated across several areas of the investment and brokerage market rather than focusing exclusively on a single type of customer.
The firm’s activities also included services for private clients as well as professional and institutional participants in financial markets.
Where was ITI Capital based?
ITI Capital operated from offices on Threadneedle Street in the City of London, placing the firm within one of the UK’s most established financial districts.
According to Financial Planning Today, the company had been authorised by the FCA since 2001 and had traded under the ITI Capital name since 2017.
Its corporate history, however, goes back considerably further.
Companies House records cited by Financial Planning Today indicate that the business began as Revmark Investments Limited, which was established in May 1994. Over the following decades, the company operated under numerous names as its business developed and changed.
The firm’s history therefore spans more than three decades, from its original establishment in the 1990s through its period as an FCA-authorised investment business and ultimately to the current special administration.
What names did the investment broker previously use?
The regulatory history outlined by Financial Planning Today shows that the company operated under a succession of names.
According to the FCA Register information cited in the report, the firm became Options Direct Europe Ltd in 1995 before using the name Options Direct (Europe) Limited in 1998.
In 1999, it began trading as ODL Stockbrokers & Co and also used the Mybroker name.
The company subsequently added ODL Securities Ltd and Options Direct in 2002 and began trading as ODL Capital in 2007.
In 2011, four additional names were added: FXCM Stocktrading, FXCM Stock Trading, FXCM Securities Limited and ODL Securities.
The corporate history continued with Walbrook Capital Markets Limited in 2015, while the ITI Markets name was added in 2020.
The report says the firm had previously traded under 14 different names, including names used before the business became authorised by the regulator.
When did regulatory restrictions on ITI Capital begin?
ITI Capital’s move into special administration follows several years of regulatory intervention.
Financial Planning Today reported that restrictions were first placed on the business in 2020 in relation to former clients of SF Securities, which had itself entered special administration in June that year.
The FCA subsequently imposed further restrictions.
In June 2022, the regulator placed a number of restrictions on ITI Capital’s regulated activities. These restrictions formed part of a wider sequence of regulatory actions affecting the firm’s ability to operate its business.
In May 2023, the FCA said that it required a full wind-down of ITI Capital’s retail business.
The progression from regulatory restrictions to the eventual wind-down is significant because it provides the background to the latest special administration.
What happened to ITI Capital’s regulated activities in 2025?
A further step occurred in August 2025.
According to Financial Planning Today, ITI Capital agreed with the FCA on 10 August 2025 to stop carrying out most regulated activities in the UK and overseas.
The agreement also required the firm to stop accepting new client money or custody assets.
That restriction limited the company’s ability to continue operating as an investment broker in the way it had previously done.
The latest special administration therefore follows an extended period during which the company’s activities had already been subject to regulatory restrictions and a planned wind-down.
What does special administration mean for ITI Capital?
Special administration is a formal insolvency process designed to deal with firms where client assets or client money may need to be protected and returned as part of the administration.
In ITI Capital’s case, the special administrators now have responsibility for managing the company’s affairs.
Financial Planning Today reported that the latest development means the firm is likely to be wound up, with administrators tasked with returning client money where they can.
The process does not simply represent the closure of an ordinary commercial company. Because ITI Capital operated as a regulated investment business and held or dealt with client assets and money, the administration involves specific responsibilities towards customers.
The FCA said the special administrators are responsible for managing the firm’s affairs during the special administration process.
The regulator added: “We recognise this may be a worrying time for customers.” The FCA also said the administrators are officers of the court and must comply with insolvency law.
The regulator directed questions concerning the special administration to the special administrators.
What happens to customers during the administration?
The immediate focus of the special administration is expected to be the identification, management and return of client money and assets where possible.
Customers affected by the firm’s administration will therefore need to follow information provided by the special administrators and the FCA rather than relying on the company’s previous operating arrangements.
The FCA’s statement, as reported by Financial Planning Today, makes clear that the special administrators now have responsibility for managing the firm’s affairs during the process.
The administrator’s responsibilities include dealing with the company’s remaining affairs in accordance with the relevant insolvency framework.
The exact outcome for individual customers can depend on the nature and status of the assets or money involved. The special administration process is therefore important in establishing what can be returned and how the process will be conducted.
Why does ITI Capital’s regulatory history matter?
ITI Capital’s history demonstrates how a regulated investment business can move through several stages of regulatory intervention before entering an insolvency process.
The company had been FCA-authorised since 2001 and had operated under a number of different trading names before becoming known as ITI Capital.
The firm then faced restrictions beginning in 2020, followed by further restrictions in 2022 and a requirement for a full retail-business wind-down in 2023.
The August 2025 agreement with the FCA represented another significant stage, as the company agreed to stop most regulated activity and cease accepting new client money or custody assets.
The September 2026 special administration is therefore the latest development in a regulatory timeline extending over several years.
What role will Teneo Financial Advisory play?
Duncan Perring and David Soden of Teneo Financial Advisory Ltd have been appointed as special administrators.
Their appointment gives them responsibility for the administration process and the management of ITI Capital’s affairs.
The FCA’s statement makes clear that the special administrators are officers of the court. Their work must therefore be carried out within the relevant insolvency law framework.
For customers, the administrators are expected to become the principal point of contact for matters relating to the special administration.
The FCA said questions concerning the process should be directed to the special administrators.
What does the ITI Capital case show about financial administration?
The ITI Capital case highlights the importance of specialist knowledge across accounting, finance, and Budgeting, particularly where financial businesses face regulatory restrictions, restructuring, or insolvency.
It also demonstrates the connection between financial regulation, corporate governance, insolvency procedures and client-asset protection.
For professionals working in financial services, understanding these processes involves more than investment knowledge alone. It can require an understanding of regulatory obligations, financial controls, risk management, governance and the procedures used when a regulated company can no longer continue normal operations.
The case also illustrates why Legal, Contracts and Procurement knowledge can be relevant to organisations dealing with regulated financial services, contractual relationships and formal administration processes.
What happens next for ITI Capital?
The immediate next stage will be the administration process under Duncan Perring and David Soden of Teneo Financial Advisory Ltd.
The administrators will manage the firm’s affairs and work through the company’s remaining obligations, including the return of client money where possible.
The FCA has indicated that customers should direct questions about the special administration to the appointed administrators.
The eventual outcome will depend on the administration process, the firm’s remaining assets and liabilities, and the steps required to deal with client money and other assets.
For now, the entry into special administration marks a formal new phase for ITI Capital after years of regulatory restrictions, the wind-down of its retail operations and its agreement with the FCA in 2025 to stop most regulated activities.
The development also closes another chapter in the history of a business that dates back to Revmark Investments Limited in 1994 and subsequently operated under numerous names before becoming ITI Capital.
As reported by Financial Planning Today on 25 September 2026, the company is now under the control of special administrators, with the FCA stressing that the administrators are responsible for managing the firm’s affairs and must comply with insolvency law.