SIPP operator Intelligent Money Ltd has entered administration following an upheld complaint regarding some of the investments it allowed within its SIPPs.
Intelligent Money Ltd (Intelligent Money) is a self-invested personal pension (SIPP) operator authorised and regulated by the FCA. On 28 May 2024, the directors of Intelligent Money appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators. The joint administrators are qualified insolvency practitioners.
The FCA said in a statement: “Action taken prior to the appointment of the administrators has ensured that the administration of SIPPs, Individual Saving Accounts (ISAs) and General Investment Accounts (GIAs) is transferred to another regulated firm, Quai Investment Services Limited (Quai), so consumers can continue to contribute, withdraw, and make investment decisions as before.”
SIPP operator Intelligent Money Ltd (FRN: 219473) has entered administration following an upheld complaint regarding some of the investments it allowed within its SIPPs.
Intelligent Money’s directors recognised the financial liabilities associated with this and other similar complaints.
Having obtained professional insolvency advice, the directors of Intelligent Money appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators.
In March 2019, Intelligent Money stopped accepting business from defined benefit transfers.
It was one of the SIPP providers that accepted British Steel business from Active Wealth UK, the advice firm at the centre of the British Steel saga.
