SIPP provider Intelligent Money Limited enters administration

Intelligent Money Limited is an investment management firm, ISA plan manager and self-invested personal pension (SIPP) provider.

The company has around 20,000 clients, with around £1.4 billion in assets under management. They are authorised and regulated by the FCA.

However, the firm officially entered administration on 28th May 2024.

Why have they entered administration?

Intelligent Money 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 due to some of the investments they allowed within its SIPPs.

According to an update from the Financial Conduct Authority, the company’s directors have appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators.

A notice on Intelligent Money’s website says that immediately following the appointment of the administrators, “the majority of the business and assets of Intelligent Money Limited (in administration) were transferred to Quai Administration Services Limited as part of a pre-pack transaction”. Quai will communicate next steps to consumers holding Intelligent Money products.

Can I make a claim?

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

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

If you were introduced to Intelligent Money by a firm that was not FCA-authorised, or you have already made a complaint against the FCA-authorised firm(s) you dealt with and believe you have uncompensated losses, you can also make a claim regarding Intelligent Money.

In some cases, FCA-authorised independent financial advisers (IFAs) may have recommended customers transfer their existing pensions to a SIPP with Intelligent Money. You can check to see whether the firm(s) you dealt with have ever been authorised by FCA.

If you feel you have a complaint or potential compensation claim against Intelligent Money, you can now make an enquiry with Oakwood Solicitors to take a look into the matter for you.

Further reading

Intelligent Money Limited – Oakwood Solicitors

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