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1. What does this mean and what should I do now?
ITI Capital is exiting the retail client business which means ITI Capital will no longer manage retail client accounts. If you have positions, you should look to transfer them out to another broker or close them and transfer the cash out back to your bank account.
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2. Where my money and assets are held?
Your assets are held in various segregated client money and asset accounts. The accounts are held at various prime brokers which include Euroclear/Interactive Brokers/Global Prime Partners and Citi Bank accounts. These are reconciled daily to provide protection of the cash and assets under the FCA requirements for CASS 6 & CASS 7 for all retail clients.
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3. Is my money safe?
Yes, all monies are held in client money accounts which are segregated from ITI Capital accounts.
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4. If I have never been onboarded as a client of ITI but wish to transfer to a new broker, what do I have to do?
If you are an ITI Markets client, you should refer to a relevantFAQs section for further information to ensure that you submit the correct documentation for your jurisdiction.
In order to Transfer Out to another provider, we will need to carry out due diligence. You will need to provide the following ID and verification information to us:
x1 Government issued photo ID:
- Valid Passport
- Valid photocard Driving License (UK/EU only)
x1 Proof of Address:
- Current account/Savings account statement dated within the last 3 months
- Utility Bill dated within the last 3 months
- Council tax bill for the current tax period (UK Only)
Once we have the documents and have verified you as a client, we can then process the transfer of your money and assets in line with your instructions.
If you are unsure as to your onboarding status with ITI, please contact our account management department at accountmanagement@iticapital.com
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5. I have been onboarded as a client. How do I withdraw my cash?
Please complete the Cash Withdrawal form and provide the following information:
Link to the Withdrawal Form in this section
1. A completed Cash Withdrawal form (per account) stating:
- Bank Account Name
- Bank Account Number
- Bank Sort Code
- Account Number to debit
- Amount and Currency to debit
2. A recent Bank statement matching the account details on the cash withdrawal form, clearly noting:
- The date (must be within the last 3 months)
- Name on the Bank Account
- Bank Account Number
- Sort Code
3. A valid form of Government issued Photo ID (Passport/Driving License (UK/EU only). Alternatively you can provide a council tax bill as a proof of your identity)
Once completed, please email this information to accountmanagement@iticapital.com
If you are an ITI Markets client, please refer to that section down below. You will be required to submit relevant information to support@itimarkets.com
Please note there is one withdrawal form per account.
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6. Can I transfer money to someone else’s account?
No. We do not allow third party payments.
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7. Can I withdraw from my joint account to my sole bank account?
No. Withdrawals from a joint account held with ITI Capital must be withdrawn to a joint bank account.
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8. How long will my cash withdrawal take?
BACS (free) − Once we have all the documents we need, please allow up to 8 working days to receive the funds in your bank account.
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9. Key dates.
Since 22 July 2022, clients have not been able to open any new positions but have been able to close positions. Should you wish to transfer assets, withdraw cash or close positions, please contact us at accountmanagement@iticapital.com or via phone lines
ITI intends to close its retail business by 30th of April 2023. Some transfers of assets to third party brokers can take up to 8 weeks. Please ensure that you contact our account management team at accountmanagement@iticapital.com as soon as possible so that we can start to process your transfer and/or cash withdrawal request in advance of this deadline.
If you are an ITI Markets client, you should refer to a relevant FAQs section of for further information outlining steps to take to exit your account. The dates noted above apply to both ITI Markets and ITI Capital clients. ITI Markets clients can contact ITI at support@itimarkets.com
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10. How do I sell my holdings?
Please note the content is provided for informational purposes only. You should not take any such information as legal, tax, investment, financial, or other advice. Clients should obtain independent financial advice before making any decisions.
To sell assets held on your ITI account, you will need to either contact our Dealing desk directly on (+44 (0) 203 889 8355) or alternatively contact our Account Management team line (+44 (0) 207 562 8001) who will then redirect you to the Dealing desk
See the current rate card for charges and fees on your account.
Link to the Rate Card in this section
To sell from your Phoenix account, please log into https://www.clientam.com/sso/Login?partnerID=TEnT121_3. Once your cash has settled, please follow point 4. To action a Cash Withdrawal.
For MT4 customers please refer to the section for ITI Markets clients (link to that section).
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11. How do I transfer my cash and assets to another broker?
You will need to have an open account at an alternative broker.
Then you need to give your new provider instructions that you want to transfer assets over to them from ITI and complete any of their forms. They will contact us and do the rest.
We will then check your application and send a valuation to your new provider.
Once we agree on valuation with your new provider, we will arrange trade and settlement dates for your stock and other instruments.
After your stock transfer is complete you will receive all of the residual cash on that account
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12. How long will my transfer take?
Please allow up to 8 weeks for your cash and assets to reach your Broker’s account.
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13. Can I still trade?
Retail clients are no longer able to open positions or add money to their accounts. However, clients can still close positions or transfer assets to an alternative broker.
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14. When can I keep my positions open until?
We will be closing our retail business on 30th of April 2023.
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15. How do I close my open positions?
You are able to continue to close positions on our online Phoenix trading platform or if you have positions on our QORT system you can phone through to the dealing desk and close your positions (see FAQ 10 and 11).
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16. What should I do if I have an open position?
You will still be able to close your open positions or transfer them out to another broker. (See FAQ 10 and 11.)
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17. With current market volatility and the economic climate, I am concerned that my positions may be closed without my consent, causing me to lose money?
ITI Capital will not exit client positions and close accounts without prior client’s instructions therefore we contact all of our clients and confirm an appropriate exit strategy for each. However, we also need to close our retail business by 30th of April 2023.
We encourage all clients to contact ITI as soon as possible so that assets can be transferred/withdrawn in accordance with client requests. Where a client is progressing a withdrawal or transfer of assets, we will not close the client account until the transfer is complete. We may close accounts if, after exhausting all reasonable alternatives, it has not been possible to engage with clients before 30th of April 2023.
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18. If I want to liquidate my portfolio and have my funds subsequently transferred, can this all be done through either the dealing desk or account management?
Two different departments handle these processes at ITI. The liquidation of assets is performed by our dealing desk and the process of returning your money is arranged by our Account Management department.
Should you need help with liquidation of assets and cash withdrawal processes, our Account Management team will be able to advise you on the steps to take and will be able to explain the specific documentation you will need to complete to close your account with ITI. Their contact details are below. Should you wish to sell assets you need to contact dealing desk directly Once they have your instructionsthey will effect the sale of your assets and confirm further actions required to be completed. They will be able to provide further details on when monies are likely to be available following the sale. Some clients have assets that are ‘illiquid’ (ie assets that cannot be traded) and have been/will be contacted by ITI to advise them of this. If you are one of these clients, the dealing desk will advise you of the status of these instruments (e.g. whether they are delisted, expired or suspended from trading). Please see the section on illiquid assets for further information.
To make a withdrawal of your cash you will need to complete the Cash Withdrawal form and return it to us.
Link to the Withdrawal Form in this section
You can complete this form and submit it to us prior to completing the sale of your assets. However, you must call the dealing desk on the number below If you are not able to close your position directly online. Completing the box to close your account on the withdrawal form will ensure that all cash, including the proceeds of any sales, will be returned to you. We will process the withdrawal request as soon as possible. Your money will be secure in our client money bank account pending its return to you.
You can contact the Account Management team on +44 (0) 20 7562 8001 or at accountmanagement@iticapital.com
You can contact the Dealing Desk team on +44 (0) 203 889 8355.
PLEASE NOTE THAT TO EFFECT ANY ASSET SALES, YOU WILL HAVE TO SPEAK TO OUR DEALING DESK. COMPLETING THE WITHDRAWAL FORM WITHOUT SPEAKING TO OUR DEALING DESK WILL NOT EFFECT THE SALE OF YOUR ASSETS.
If you have any questions or concerns about the process, please contact Account Management in the first instance.
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19. I am in the process of transferring my assets to another broker. Will ITI Capital automatically close my accounts on 30th of April 2023 if the transfer is in progress?
No. If there is a transfer in progress, we will complete the transfer of your assets to the broker you have selected. However, it is important that you contact us as soon as possible so we can start the transfer process.
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20. My assets are held in dematerialised form. Can I have them returned to me as physical certificates (i.e. in materialised form)?
We will not be able to change assets from dematerialised to materialised form. If you have assets with us that are currently in the form of a physical certificate, we will transfer or return the asset to you as a certificate. If assets are currently dematerialised (i.e. there is no physical certificate), we can perform a transfer in dematerialised form to another broker or liquidate the asset for you and return the cash balance.
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21. How do I make a complaint?
Please click here to view our Complaints Procedure.
If you have an outstanding complaint with the firm or FOS, or wish to make one, this will not be affected by the closure of our retail business.
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Clients (including SIPPs) with illiquid assets
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22. I believe that I have assets in my portfolio that are currently illiquid or will be difficult to sell or transfer. What should I do now?
Clients who have been identified as holding illiquid assets have been/will be contacted by ITI. We encourage all clients who believe that they have illiquid assets to contact other retail stockbrokers to see whether your new broker will be able to accept these assets. If you are unsure of which assets may be difficult to transfer, please reach out to our Account Management Team on +44 (0) 20 7562 8001 or by email at accountmanagement@iticapital.com and we can tell you which assets may be affected.
If you want to understand whether your shares can be currently sold, you can contact our dealing desk at +44 (0) 203 889 8355. They will be able to advise.
If you are unable to find a broker willing to accept these assets, please let us know. This does not prevent you from transferring and/or encashing other assets and cash you have with ITI. It is important that you take action in relation to these assets as soon as possible.
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23. If I have assets that are not illiquid, can I transfer those and any cash I may have with ITI, even if not all of my assets can currently be accepted by a third party or sold?
Yes. You are able to transfer or sell other stocks and transfer cash, even if you have some assets that are hard to sell or transfer at the present time. The process for selling stock and transferring cash is outlined in these FAQs. For further advice on the withdrawal or transfer process, you can contact Account Management on +44 (0) 20 7562 8001 or by email at accountmanagement@iticapital.com. To liquidate assets, you should contact the dealing desk on +44 (0) 203 889 8355.
We encourage all clients to progress their exit as soon as possible, even if not all assets are easily transferable or realisable at the current time.
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24. What will happen on 30th of April 2023 if my assets are still not able to be sold or transferred to another broker due to them being illiquid. Will they just be written off?
ITI is currently looking into options for how to handle clients’ assets that are not realisable or transferrable by 30th of April 2023. Please be assured that ITI will not simply write off assets that have the potential to trade in the future. We encourage all clients, however, to ascertain whether they have a broker who will accept these assets as part of their transfer process as this is the preferable approach for exiting these assets.
We will update those clients affected on this matter in due course.
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SIPP client and SIPP Provider specific questions
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25. What happens if I am a SIPP Client?
SIPP Clients are no longer able to open any new positions on their account.
Trustees must arrange for SIPPs to be transferred to a new investment provider on behalf of their beneficial owners. This should be completed before 30th of April 2023 when ITI will close its retail business. If you are a SIPP client, please contact your SIPP provider.
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26. Who can instruct a SIPP transfer or cash withdrawal?
For SIPP accounts, all transfers or cash withdrawals, disinvestments and account closure requests should be initiated by the SIPP provider only. If you are a SIPP client, please contact your SIPP provider.
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27. What happens to my SIPP?
The SIPP Trustee will need to transfer the beneficial owner's SIPP assets to another investment provider with whom they have a relationship. For beneficial owners, please click on the PDF below to get the contact details for your SIPP Trustee. Please see the contact list of SIPP Trustees.
List of SIPP Trustees
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28. What does the SIPP provider need to provide to instruct my client’s disinvestment?
For trading purposes, we require:
- Full name
- Date of Birth
- Nationality
- National Insurance Number
Along with a Signed instruction by two authorised signatories.
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29. Will I be charged for the transfer out?
No, there will be no charge for the transfer out.
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30. Will there be any support?
Yes, our account management and trading teams will be available on email and telephone, please see the attached contact details below.
Account Management: +44 (0) 207 562 8001
Dealing Line: +44 (0) 203 889 8355
Email Address accountmanagement@iticapital.com
Lines are opened:
Mon 09:00 – 17:00
Tue 09:00 – 17:00
Wed 09:00 – 19:00
Thu 09:00 – 17:00
Fri 09:00 – 17:00
Sat 10:00 – 14:00 (Account Management line only)
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ITI Markets (ex SVS client) specific questions
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31. Can I deposit to keep my positions open if I am under margin call?
Yes, please contact us at support@itimarkets.com or on our direct line +44 (0) 207 562 8005 if you wish to do so.
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32. When can I keep my positions open until?
We will be closing our retail business on 30th of April 2023. We may close open positions and accounts if, after exhausting all reasonable alternatives, it has not been possible to engage with clients before 30th of April 2023.
However, we encourage all our clients to contact us as soon as possible to avoid this action having to be undertaken. If you are unsure of how to progress, please contact us at support@itimarkets.com and we can help you progress your exit from ITI.
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33. How do I withdraw and close my account
Please send your withdrawal request to support@itimarkets.com, along with a copy of a valid proof of identity and valid proof of address document. We will guide you further on how to withdraw.
Link to the Withdrawal Form in this section
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34. What happens if I do not submit my withdrawal request before 30th of April 2023?
We understand client concerns, particularly in view of current economic and market conditions. ITI Capital does not want to exit client positions and close accounts without discussing the matter with its clients and is contacting all clients with a view to confirming an appropriate exit strategy for each. However, we also need to close our retail business by 30th of April 2023. We encourage all clients to contact ITI as soon as possible so that assets can be transferred/withdrawn in accordance with client wishes. Where a client is progressing a withdrawal or transfer of assets, we will not close the client account until the transfer is complete. We may close accounts if, after exhausting all reasonable alternatives, it has not been possible to engage with clients before 30th of April 2023.
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35. How do I transfer my account to another broker?
Please send your valid proof of identity and proof of address, along with your broker transfer form to support@itimarkets.com to start the transfer process.
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36. What KYC documents are accepted for my jurisdiction?
Please note that the same document cannot be used for both proof of identity and proof of address. You must submit two separate documents in total.
UK/European Clients
X1 Proof of Identity:
- Valid Government Issued ID card
- Valid Driving License
- Passport
X1 Proof of Address:
- Valid Driving License
- Valid Government Issued ID
- Utility Bill (dated within the last three months)
- Bank Statement (dated within the last three months)
- Council Tax Bill for the current tax period (UK only)
Mainland Chinese Clients
X1 Proof of Identity:
- Valid Government Issued ID card
- Valid Driving License
- Passport
X1 Proof of Address:
- Valid Driving License
- Valid Government Issued ID
- Utility Bill (dated within the last three months)
Taiwanese Clients
X1 Proof of Identity:
- Valid Government Issued ID card
- Passport
X1 Proof of Address:
- Valid Government Issued ID card
- Utility Bill (dated within the last three months)
- Bank Statement (dated within the last three months)
Indian Clients:
X1 Proof of Identity:
X1 Proof of Address:
- Utility Bill (dated within the last three months)
- Bank Statement (dated within the last three months)
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37. How can I check my account balance?
Please refer to your previous monthly statement. If you have any issues with this, please reach out to us on support@itimarkets.com.
