Richard Heis and Ed Boyle from Interpath Advisory were appointed joint administrators to Intelligent Money Limited (‘IML’ or ‘the Company’) on 28 May 2024.
Following their appointment, the Company’s business and assets were acquired by Quai Administration Services Limited (‘Quai’), a specialist platform in pension, savings and investment administration services, via a pre-pack transaction.
All products and approximately c.£1.2 billion of assets under investment have been transferred to Quai’s regulated business, Quai Investment Services Limited, as part of this transaction. In addition, IML’s 15 employees have transferred to Quai.
Separately, IML’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 schemes will be operated by Quai.
Based in Nottingham, IML is a UK Financial Conduct Authority (‘FCA’) Authorised and Regulated product provider. It provides a range of regulated products, including SIPPs, ISAs and GIAs, together with the technology, administration and technical expertise for c.20,000 customers, with total assets under management equating to c.£1.4 billion.
The Company had recently experienced a number of complaints made to the Financial Ombudsman Service (FOS) which brought rise to compensation claims at a level the Company was unable to meet. As a result of these challenges and potential financial liabilities, the directors of the Company resolved to place the Company into administration.
Richard Heis, managing director at Interpath Advisory and joint administrator, commented: “We are pleased to have concluded these transactions which safeguard the interests of customers and which secure the long-term future of the business under new ownership. We will continue to support the orderly and seamless transfer of all assets to the respective purchasers, who are now the new provider, operator and administrator of IML’s products, ultimately ensuring it remains business as usual for the Company’s circa 20,000 clients.”
Interpath Advisory were advised by Gateley in respect of the transaction.
Information for Customers
All of IML’s products are now operated by Quai, and customers’ SIPPs, ISAs and GIAs remain unaffected.
As part of the transaction, all employees of IML have transferred to Quai, and so all usual customer contacts will remain available.
Customers are advised that more information can be found at www.intelligentmoney.com.
Although IML is in administration, it remains an FCA authorised firm and is still subject to the FCA rules. The rights of any SIPP, ISA or GIA customers to make a claim against IML to the Financial Services Compensation Scheme (FSCS) are also unaffected. Whilst Quai has retained the Intelligent Money brand, previous complaints relating to IML cannot be dealt with by Quai and must be directed to the joint administrators. If you have any concerns or complaints, you can contact the joint administrators via [email protected].
Quai will communicate next steps to consumers holding IML products. However, if you have any urgent questions, you can contact Quai via email at [email protected].
Compensation claims
If you have an existing complaint against the Company, the joint administrators will write to you to explain next steps.
If you have already referred a complaint to the Financial Ombudsman, you do not need to take any action. As the firm is in administration, the Financial Ombudsman will contact you in due course regarding the next steps and potentially moving your complaint to the FSCS.
The FSCS is the compensation scheme for clients of UK authorised financial services firms that are unable, or likely to be unable to meet protected claims against them. The FSCS has eligibility criteria in respect of the activities and the people who are covered.
The FSCS is now open to claims against IML and will be investigating whether there are any claims that meet their qualifying conditions for compensation.
If you wish to make a claim to the FSCS, please check the dedicated FSCS webpage regarding IML: https://www.fscs.org.uk/making-a-claim/failed-firms/intelligent-money/
If you have a claim with the FSCS against a different authorised firm (i.e. a financial adviser or business partner) relating to an investment within an IML SIPP, ISA or GIA, the FSCS will continue to process that claim.
You can find more information about the FSCS on its website or you can call 0800 678 1100 to speak to them directly. The FSCS will update webpages dedicated to IML with up-to-date information as the case progresses.
Being alert to scams
Scammers may look to take advantage of the administration of IML to try to defraud customers.
All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from IML, Interpath Advisory, or the FCA, please end the call and contact the joint administrators via [email protected].
More information about this can be found on the FCA website at https://www.fca.org.uk/scamsmart
