Intelligent Money Ltd enters administration

On 28 May 2024, Intelligent Money sold its pension business to Quai Administration Services Limited (QASL). Quai, QASL’s regulated subsidiary, will take over administration of Intelligent Money’s SIPPs. This means consumers who hold SIPPs previously administered by Intelligent Money can continue to contribute, withdraw, and make investment decisions as before.  

Quai will communicate next steps to consumers holding SIPPs previously administered by Intelligent Money, but if you have an urgent question, you can contact Quai using the contact details below.  

Quai’s contact details:
Email: [email protected]
Phone number: 01733 305740

The operation of ISAs and GIAs will also move from Intelligent Money to Quai and is unaffected by the administration. This means consumers who hold an ISA or GIA previously administered by Intelligent Money can continue to contribute, withdraw, and make investment decisions as before. 

Quai will communicate next steps to consumers holding an ISA or GIA previously administered by Intelligent Money.

Intelligent Money received an upheld final decision from the Financial Ombudsman Service 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.

Although Intelligent Money is in administration, it remains an FCA authorised firm and is still subject to our rules. However, Intelligent Money no longer operates any personal pension schemes. 

If you have an existing complaint against Intelligent Money or want to make a new complaint, we explain what happens next below.

The Financial Services Compensation Scheme[1] (FSCS) is now open to claims against Intelligent Money and will be investigating whether there are any claims that meet their qualifying conditions for compensation.

FSCS is the compensation scheme for clients of UK authorised financial services firms and protects consumers when those firms are not able to meet protected claims against them. The FSCS has eligibility criteria in respect of the activities and the people who are covered.

If you have an existing claim with the FSCS against a different authorised firm (ie a financial adviser) relating to an investment within Intelligent Money SIPP, the FSCS will continue to process that claim. 

If you are a client of Intelligent Money, you should visit the dedicated FSCS webpage[2]. They will update this page as its investigations progress. 

There is more general information about the FSCS on its website or you can call 0800 678 1100 to speak to them directly. 

If you want to make a complaint, please speak to the joint administrators: 

Email: [email protected]

The joint administrators will be writing to you to explain next steps. 

If you wish to make a claim to FSCS please check the dedicated FSCS webpage[2] regarding Intelligent Money.  

If you have already referred a complaint to the Financial Ombudsman Service[3] you don’t need to take any action at the moment. As Intelligent Money is in administration, the Financial Ombudsman Service will contact you in due course regarding the next steps and potentially moving your complaint to the FSCS.

You do not need to use a claims management company (CMC) to make a claim against the firm or through the FSCS. CMCs may approach clients of Intelligent Money offering help to bring claims against it. Be cautious if you are approached by one of these companies. 

For most consumers, there is no benefit to using a third party to make a claim. Any clients of Intelligent Money who believe they have a complaint against the firm should contact the administrators in the first instance, using the below contact details: 

Email: [email protected]

All consumers should remain alert to the possibility of fraud. If you were a client of Intelligent Money and are cold called by someone claiming to be from Intelligent Money, Quai/QASL, Interpath Advisory or any other company claiming to be involved in the administration, please end the call and contact the relevant party using the details below:

Intelligent Money / Interpath Advisory:
Email: [email protected]

Quai/QASL:
Email: IM [email protected]
Phone number: 01733 305740

See more on how to protect yourself from the most common types of scams[4]. The ScamSmart[5] pages on our website also provide advice on how to avoid investment and pension scams.