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May 29, 2024

Intelligent Money enters Administration following complaints

Intelligent Money has gone into Administration following concerns about its financial liabilities in the wake of customer complaints.

The SIPP Operator is authorised and regulated by the Financial Conduct Authority (FCA).

The FCA confirmed in an update on its website that the firm’s directors appointed Joint Administrators on 28 May 2024.

Why has Intelligent Money entered administration?

Intelligent Money has entered Administration because it’s unable to meet the financial liabilities in respect of claims made against it.

The Financial Ombudsman Service (FOS) upheld a complaint against Intelligent Money and issued it with a final decision. This was concerning some of the investments it allowed within its SIPPs – self-invested personal pensions

Intelligent Money’s directors are said to have recognised the financial liabilities associated with this and other similar complaints. And following professional insolvency advice, the directors made the decision to appoint Richard Heis and Edward Boyle of Interpath Advisory as joint administrators.

Intelligent Money sells pension business

The FCA also confirmed that prior to the appointment of Administrators, Intelligent Money sold its pension business to Quai Administration Services Limited.

And Quai – a regulated subsidiary of Quai Administration Services Limited – will take over administration of Intelligent Money’s SIPPS.

The FCA said this was to ensure the administration of SIPPS, ISAs and General Investment Accounts was transferred to Quai so savers can continue to contribute, withdraw, and make investment decisions.

According to reports on FTADVISER Quai’s chief executive, said: “This move not only ensures stability and continuity of service for Intelligent Money IFAs and clients but also represents a significant enhancement of our technical infrastructure.”

FSCS Claims and Intelligent Money

The Financial Services Compensation Scheme (FSCS) has confirmed it is investigating Intelligent Money to establish whether there are any claims which are eligible under its rules.

It is open to customers claims but warned the investigation could take some time and anticipates it could be a complex investigation.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.