Intelligent Money
Page Module:Infobox/styles.css has no content.Page Template:Infobox company/styles.css has no content.
| Lua error in package.lua at line 80: module 'Module:InfoboxImage/data' not found. | |
Company type | Privately Owned Limited Liability Company |
|---|---|
| ISIN | Script error: No such module "WikidataIB". |
| Industry | Script error: No such module "WikidataIB". |
| Predecessor | Script error: No such module "WikidataIB". |
| Incorporated | Script error: No such module "WikidataIB". |
| Founded | Script error: No such module "WikidataIB". |
| Founder | Script error: No such module "WikidataIB". |
| Defunct | Script error: No such module "WikidataIB". |
| Fate | Administration |
| Successor | Script error: No such module "WikidataIB". |
| Headquarters | , |
Area served | United Kingdom |
Key people | Julian Penniston-Hill (CEO) Chris Sutton (MD) |
| Products | Asset Management |
| Revenue | Script error: No such module "WikidataIB". |
| Script error: No such module "WikidataIB". | |
| Script error: No such module "WikidataIB". | |
| AUM | £2bn (2023) |
| Total assets | Script error: No such module "WikidataIB". |
Number of employees | Script error: No such module "WikidataIB". |
| Parent | Script error: No such module "WikidataIB". |
| Subsidiaries | Intelligent Money Trustees & Intelligent Money Nominees |
| Website | www |
Script error: No such module "Check for conflicting parameters".Script error: No such module "Check for deprecated parameters".
Intelligent Money was a British Investment management company, personal pension provider and ISA plan manager,[1] based in Nottingham, authorised and regulated by the Financial Conduct Authority.
The company went into administration in May 2024 after concerns for its financial stability by regulators. Soon afterwards the company and its assets were sold to Quai Administration Services Limited.[2]
History
Foundation
The company was established in 2002 by founder and sole financier Julian Penniston-Hill.[3]
In March 2019, Intelligent Money stopped accepting Defined Benefit pension transfers into its Self-invested personal pensions (SIPPs) over concerns SIPP providers could be held liable for recommendations by advisers.[4]
Tax case loss
In September 2023, Intelligent Money lost an appeal at the Upper Tribunal against HM Revenue & Customs (HMRC), in which Intelligent Money argued that Sipp fees are exempt from VAT.[5]
Regulatory intervention
From February 2024 Intelligent Money became subject compensation claims related to financial adviser introduced SIPP business, agreeing to a voluntary FCA asset restriction requirement. This requirement prevented Intelligent Money from "disposing of, withdrawing… or diminishing" any of its assets without the FCA’s consent. The purpose of an asset restriction is to "maximise a firm’s ability to meet redress liabilities to consumers by limiting its ability to dissipate assets before it has assessed and paid any redress it owes", according to the FCA Handbook. It is believed, as of May 2024, that the Financial Ombudsman Service is processing more than 80 complaints against the Sipp provider.[6]
Administration
The company's directors put the firm into voluntary administration in May 2024 after concerns for its financial stability by regulators. The administrator sold the company and its assets to Quai Administration Services Limited.[2]
References
Page Template:Reflist/styles.css has no content.
- ^ Page Module:Citation/CS1/styles.css has no content."ISAs: list of authorised managers". Government of the United Kingdom.
- ^ a b Page Module:Citation/CS1/styles.css has no content."Troubled Sipp provider falls into administration after complaints". FT Advisor. May 29, 2024.
- ^ Page Module:Citation/CS1/styles.css has no content."The great renewal fee rip-off". Guardian. January 24, 2014.
- ^ Page Module:Citation/CS1/styles.css has no content."Sipp firm stops accepting DB transfers after FCA dear CEO letter". CityWire. March 25, 2019.
- ^ Page Module:Citation/CS1/styles.css has no content."INTELLIGENT MONEY LIMITED v THE COMMISSIONERS FOR HIS MAJESTY'S REVENUE AND CUSTOMS [2023] UKUT 00236 (TCC)". GOV.UK. Retrieved 2024-06-11.
- ^ Page Module:Citation/CS1/styles.css has no content."Sipp provider Intelligent Money agrees to FCA asset restriction". citywire.com. Retrieved 2024-06-11.
