UK SIPP provider Intelligent Money was declared in default on 28 November by the Financial Services Compensation Scheme (FSCS), allowing ex-clients to potentially get compensation.
Intelligent Money Limited, is a self-invested personal pension scheme (SIPP) operator authorised and regulated by the FCA.
On 28 May 2024, the directors appointed Richard Heis and Ed Boyle of Interpath Advisory Limited as Joint Administrators.
At this time, the FSCS started to consider customers’ claims against it as part of its investigation into the firm.
Following the appointment of the Joint Administrators, the sale of Intelligent Money’s book (its assets & customers) to Quai Administration Services Limited (‘Quai’), was completed.
This means that Quai Investment Services Limited (Quai’s Regulated Subsidiary) will become the operator of the Intelligent Money’s SIPPs and the ISA Plan Manager where applicable.
Additionally, Intelligent Money’s 10,500 qualifying workplace pension scheme (‘QWPS’) clients were purchased by Digital Wealth Systems Limited (‘Digi’), a provider of workplace pensions to both employers and employees. These QWPS schemes are continuing to be operated by Quai at the current time.
Quai will communicate next steps to consumers holding Intelligent Money products.
Intelligent Money was placed into liquidation on 31 October 2024.
In its statement, the FSCS said: “Although our investigation is ongoing, during the initial stages of the investigation we were able to obtain key documents relating to a specific cohort of claims (involving Greyfriars P6 portfolios). We are satisfied that certain customers in this specific cohort have valid claims against the firm.
“As a result, we have declared Intelligent Money to be ‘in default’ under our rules.
“We will now use the information received to develop the process that will enable us to assess the individual claims for that specific cohort.”
