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Intelligent Money

Latest On Intelligent Money – firm enters administration

Intelligent Money went into Administration on May 28 2024 following concerns about financial liabilities in the wake of customer complaints.

According to the FCA, the reason why Intelligent Money have entered Administration is because the firm received an upheld final decision from the Financial Ombudsman Service.

This was regarding some of the investments it allowed within its SIPPs.

The firm’s directors “recognised the financial liabilities associated with this and other similar complaints.” Following professional insolvency advice, the directors appointed joint administrators.

It’s not clear yet how much compensation the firm expects to pay out.

Intelligent Money also sold its pension business to Quai Administration Services Limited.

FSCS latest on Intelligent Money

The Financial Services Compensation Scheme (FSCS) has confirmed that Intelligent Money is under investigation.

The FSCS is open to customer claims but is currently investigating to see if there are claims that are eligible for compensation, under its rules.

It also warned that it expects this could be a “complex” investigation that may take some time.

If you were advised to move your pension funds into an Intelligent Money SIPP you may have been mis-sold.

Why are people complaining about Intelligent Money?

A report in Citywire suggests that the FOS had received more than 80 complaints against the Intelligent Money.

There’s not many details about the claims at present.

The FOS however, published a decision it had upheld earlier this year in which it ruled that Intelligent Money had failed to carry out due diligence. This was regarding certain high-risk investments held within its SIPPs.

The Ombudsman also said the firm had failed to conduct adequate due diligence on collapsed DFM Greyfriars and Active Wealth.

Active Wealth was a regulated advice firm run by Darren Reynolds, who was fined last year by the FCA for unsuitable pension transfer advice.

The FOS ruled that Intelligent Money had to compensate the client for their investment losses up to a maximum of £160k.

What happened to Intelligent Money?

In March 2019 Intelligent Money announced it was no longer accepting Defined Benefit pension transfers after the FCA issued a warning to all providers following its review of pension product providers.

In February 2024 the FCA placed an Asset Restriction Requirement on Intelligent Money. This meant it could not, without the prior written consent of the FCA, dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets.

The BAD news:

Pension mis-selling has cost pension savers BILLIONS of pounds.

The GOOD news:

Compensation payments are hitting record figures every year.

Active Wealth and Intelligent Money

Intelligent Money has previously administered a vast number of SIPPs for clients of Active Wealth.

Active Wealth (UK) Ltd was an advice firm at the centre of the British Steel Pension transfer saga.

In 2018 they were one of 10 advice firms who voluntarily gave up permissions after discussions with the FCA.

Active Wealth advised hundreds of clients to transfer their pensions into SIPPs. And subsequently into high-risk, unregulated investments which were unsuitable and caused clients huge financial losses.

Active Wealth was declared in default by the Financial Services Compensation Scheme in 2018 and was dissolved in 2019.

In 2021 Director Darren Reynolds was disqualified from being a company director following an investigation by the Insolvency Service.

This revealed that Active Wealth had failed to act in the best interests of its clients.

Reynolds had advised around 288 clients to transfer £23m into Greyfriars Portfolio Six.

In September 2023 the FCA announced it had made a ‘provisional’ decision to fine Mr Reynolds £2.2m and ban him from working in financial services for “dishonest pension transfer advice”.

The FCA alleges Mr Reynolds dishonestly advised more than 670 customers, including 150 British Steel Pension Scheme (BSPS)

Greyfriars Portfolio Six

Greyfriars Portfolio Six hit the headlines due to several high-risk investments it controlled as a Discretionary Fund Manager (DFM). These investments had been sold to people who had little or no understanding of the risks involved.

These investments included

  • The Resort Group  – Overseas Commercial Property
  • The Olmsted Series – US property i
  • Orthios Eco Parks –   Power station Holyhead
  • Enviroparks – Development facility in Wales
  • Uavend – UK based property and redevelopment projects
  • Lanner Car Park Bonds –Car parking sites

In 2016 the FCA instructed Greyfriars to stop accepting new money into their DFM Portfolios, in particular Portfolio Six.

Greyfriars Asset Management was declared in default by the FSCS in April 2020.

Intelligent Money & Novia Financial

Novia Financial provide wealth management service for investment advisers and their clients.

Some advisers and fund managers use Novia’s platform to invest their client’s money into investments and SIPPs.

It was reported that Active Wealth also advised dozens of Trinity Mirror scheme members to transfer their  Company pensions.

Members were transferred into a SIPP with Intelligent Money. They were then recommended a Novia Financial investment platform in order to hold the Greyfriars Asset Management portfolio six investments.

Have you got a claim against Intelligent Money?

If you were advised to move your pension funds into an Intelligent Money SIPP you may want to check if you should be making a claim.

If you want to know if you may have a case – we can help!

As mis-selling specialists we know to look for certain signs that in our experience show that mis-selling may have happened.

Our assessment is free and there’s absolutely no obligation to use our service.

Simply fill in the form below to arrange a chat.

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