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DWF advises on special administration of wholesale broker

21 November 2023

DWF, the global provider of integrated legal and business services, is advising James Bennett and David Soden, of Teneo Financial Advisory Limited, in their capacity as joint special administrators of IBP Markets Ltd, a London-based wholesale broker which has been placed into Special Administration. 

IBP Markets Ltd is a wholesale broker providing custody and execution services.

The company holds significant amounts of client assets and was placed into Special Administration following restrictions of its regulated activities resulting from the Financial Conduct Authority using own-initiative requirement powers on 15 September 2023 following concerns over the company's business activities. 

James Bennett and David Soden of Teneo Financial Advisory Limited were appointed as joint special administrators of IBP Markets on 13 October 2023. James Moore, restructuring and insolvency partner at DWF is advising them on the special administration process.

James Moore said:  "The DWF team is well versed on dealing with complex insolvencies in the financial services sector and will be working closely with the Joint Special Administrators going forward to assist them on the reconciliation of IBP Market's client book and the return or transfer of client assets."

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