FCA Confirms Intelligent Money's Access into Administration
On 28 May 2024, the directors of Intelligent Money appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators.
Intelligent Money Ltd is an operator of Self-Invested Personal Pensions (SIPPs) authorized and regulated by the Financial Conduct Authority (FCA) in the UK.
On May 28, 2024, the directors of Intelligent Money appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators. These joint administrators are qualified insolvency practitioners.
Actions taken prior to the appointment of the administrators ensured that the management of SIPPs, Individual Savings Accounts (ISAs), and General Investment Accounts (GIAs) was transferred to another regulated company, Quai Investment Services Limited (Quai), so consumers can continue to invest, withdraw, and make investment decisions as before.
The Financial Services Compensation Scheme (FSCS) has now accepted claims against Intelligent Money and will investigate any claims that meet its compensation criteria.
FSCS is a compensation scheme for customers of authorized financial services firms in the UK, protecting consumers when these firms are unable to meet protected claims made against them. FSCS has eligibility criteria for protected activities and protected individuals.
If existing claims against another authorized firm (i.e., a financial adviser) by FSCS are related to investments within Intelligent Money SIPPs, FSCS will continue to process that claim.
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