Special administration is a modified insolvency procedure for certain investment firms.

The court appoints insolvency practitioners as special administrators to take control and manage the affairs of the firm.

The special administrators aim to:

• Return client money and custody assets as soon as they reasonably can.
• Ensure timely engagement with market infrastructure bodies and the authorities.
• Either rescue the firm as a going concern or wind it up in the best interest of the creditors.
   

If you’re concerned or have any questions, contact the special administrators for help or updates using the details given above.

The special administrators will gather information from creditors and clients of ITI Capital about payments made to or owed by the firm.

For more information, clients can also contact the FCA Consumer Helpline via our website, or phone:

• 0800 111 6768 (freephone)
• 0300 500 8082 (from the UK)
• +44 207 066 1000 (switchboard and calls from abroad)
• 18001) 0207 066 1000 (Relay UK)
   

The special administrators will assess the money and assets held by ITI Capital. Then they will work to return the money and assets to clients where possible.

The special administrators will decide how best to return client’s money and assets.

If you are a client of ITI Capital, the special administrators will write to you within 8 weeks to explain how they plan to return client money and assets and how you can make a claim.
 

Costs associated with distributing money and assets back to the clients, including the special administrators’ fees may be deducted from the client money or assets if there are insufficient funds to pay for their return.

In that situation, the Financial Services Compensation Scheme (FSCS) may cover the costs of distribution for eligible clients.

The Financial Services Compensation Scheme (FSCS) protects clients of financial services firms when they fail. It is the compensation scheme for clients of UK authorised financial services firms. It has eligibility criteria for both clients and businesses covered.

If a claim is eligible, the FSCS may cover any shortfall in client money or assets, and the cost of returning them, up to £85,000.

If required, the special administrators will work with the FSCS to determine which clients or businesses will be covered and will provide further updates.
 

If you have a complaint or a claim against the firm, we recommend you contact the special administrators. They can tell you more about how complaints or claims will be dealt with.
 

The special administrators are responsible for ITI Capital, but it is still FCA authorised and remains subject to our rules.

The special administrators are licensed insolvency practitioners, they are officers of the Court and we will continue working with them during the special administration.

You should be cautious if you are approached by a claims management company (CMC) or a law firm.

For most customers, there is no benefit in involving a third party in reclaiming your assets.

If you use a firm such as this to assist in the return of your assets, they will likely seek a fee which may reduce what you get back.

If you are considering using a CMC or law firm to assist with the return of your assets, we suggest you first discuss this with the special administrators using the contact details provided on their website.