Intelligent Money - Administration

Intelligent Money, a Nottingham-based Sipp provider which administers over £1 billion of client assets, entered administration on 28 May after being sanctioned by the Financial Ombudsman Service (FOS) over some of the investments it allowed within its Sipps.

Anticipating the financial liabilities associated with this and other similar complaints, Intelligent Money’s directors obtained insolvency advice and appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators. Fortunately, a pre-pack deal will see the entire Intelligent Money team and all of its client accounts transfer to pension administrator Quai.