Intelligent Money Limited

What has happened with Intelligent Money Limited?

Intelligent Money Limited is a SIPP operator that is authorised by the Financial Conduct Authority (FCA).

On the 28^th of May 2024, Intelligent Money Limited entered into administration due to concerns about its financial liabilities after receiving complaints from customers. The Financial Ombudsman Service also upheld a complaint against Intelligent Money Limited due to some of the investments they allowed within its SIPPs.

SIPP operators are required to complete due diligence checks before allowing investments into SIPPs to ensure the investments are suitable for customers and are in line with their attitude to risk. If the underlying investments are high-risk and unsuitable, customers can potentially loose the money they have invested.

Following the appointment of the joint administrators, Intelligent Money Limited’s pension business was transferred to Quai Administration Services Limited (Quai). This means that Quai Administration Services Limited will become the operator of Intelligent Money Limited’s SIPPs and the ISA Plan Manager where applicable.

The FCA said this ensured that customers can continue to contribute, withdraw and make investment decisions for their SIPPs, ISAs and General Investment Accounts.

Additionally, Intelligent Money Limited’s 10,500 qualifying workplace pension scheme (QWPS) customers were transferred to Digital Wealth Systems Limited (Digi), who is a provider of workplace pensions to both employers and employees. At this current time, these QWPS schemes are continuing to be operated by Quai.

If you are an Intelligent Money Limited customer and have an urgent question, you can contact Quai at this email address.

Can I make a claim to the FSCS against Intelligent Money Limited?

The Financial Services Compensation Scheme (FSCS) is now open to claims against Intelligent Money Limited.

The FSCS is currently investigating Intelligent Money Limited, in order to establish whether claims are eligible under their rules. The FSCS anticipate that their investigation may take some time as it will be a complex investigation.

If you feel you have a complaint or have potentially suffered losses due to Intelligent Money limited, you can contact Oakwood Solicitors and we can make investigations into your pension to see if you have a potential claim.

Frequently Asked Questions

What is a SIPP?

A SIPP is a Self-Invested Personal Pension scheme.

A SIPP provides more freedom and control with investments however they are not suitable for everyone. It is important that a client is completely aware of the disadvantages before transferring into a SIPP.

Having your pension within a SIPP allows these funds to be invested into more higher-risk investments. High risk investments often bring greater risk of capital loss and you could end up losing more than what you’ve saved. There is a higher risk of theft, investment scams and poor investment choices with un-regulated products.

How long does a claim take?

There are a number of features that will impact how long a claim may take to conclude. These include the complexity of the case, whether the claim is against an active adviser, the Financial Ombudsman or the FSCS, and whether liability is admitted or denied.

If liability is admitted, then the claim process is much shorter, and we would expect a claim to be concluded within 3-6 months. Alternatively, if liability is denied and the claim must be issued at court then the claim can take between 12-18 months depending on the availability of the court.

If the claim is being made against the FSCS then we would expect the claim to be concluded within 6 months.

As each case is unique it is difficult to provide a generic timeframe for conclusion of the claim however Oakwood Solicitors will give you an indication of how long your claim is likely to take to conclude as part of our initial review.

How much compensation will I receive?

If you have a viable claim, then you will be able to recover compensation equivalent to the losses that you suffered.

If you lost £10,000 then you will receive £10,000* in compensation. (*minus Oakwood Solicitors Ltd‘s fees).

'No-Win, No-Fee'

We operate on a Damages Based Agreement (DBA), more commonly known as a ‘no-win, no-fee’ agreement. If we fail to secure you a settlement, you will not be charged.

Why choose Oakwood Solicitors Ltd?

We are a regulated firm of Solicitors, with over 20 years’ experience in financial mis-selling claims. By using a solicitor who is a specialist in financial mis-selling claims.

We aim to take the hassle out of the claims process as we do all the hard work for you.

In the last 3 years, our Financial Litigation Team have successfully recovered in excess of £13.5 Million for our clients across mis-sold investments and mis-sold pensions claims.

You will be allocated your own experienced claims handler who will keep you fully informed throughout the whole process

Claim for compensation for losses

I am very thankful and grateful to Oakwood Solicitors, who persevered with me to help me to make my claim for compensation for losses. Thanks to Oakwood, I have now got my money.

- Satisfied Client

Oakwood has been great to work with

We work with Oakwood and they have always been easy to access, very approachable, and easy to work with. Their work is detailed and accurate and has helped us through some difficult cases with great explanations and understanding. We will continue to work with them in the future.

- Satisfied Client

Danielle Lightfoot — Solicitor and Head of Department

Danielle Lightfoot is a Director and our Head of the Financial Litigation Department. Danielle joined the firm as a Paralegal in 2011 and qualified as a solicitor in October 2014. She has acquired extensive experience in high value, complex litigation traversing numerous practice areas. Danielle is a specialist in financial miss-selling matters, with a particular interest in Pensions and Investments.

Have you been mis-sold a SIPP?

What has happened with Intelligent Money Limited?

Can I make a claim to the FSCS against Intelligent Money Limited?

Danielle Lightfoot — Solicitor and Head of Department