What Happened to Intelligent Money and How to Protect Your Funds

Intelligent Money, a concept that was once touted as the future of personal finance, has seemingly vanished from the scene. This is largely due to the rise of high-interest debt and the lack of financial literacy among many individuals.

The average American now carries over $38,000 in debt, with many individuals relying on high-interest credit cards to make ends meet. This is a stark contrast to the Intelligent Money approach, which emphasizes saving and investing for the future.

To protect your funds, it's essential to understand the importance of budgeting and saving. By creating a budget that accounts for all income and expenses, you can identify areas where you can cut back and allocate that money towards savings.

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Intelligent Money has been in the news for all the wrong reasons. Over 80 complaints have been made against the firm to the Financial Ombudsman Service.

The Ombudsman has ruled in favour of some of these complaints, finding that Intelligent Money failed to carry out due diligence on certain high-risk investments in its Self-Invested Personal Pensions (SIPPs). This led to the firm having to compensate one client for their investment losses up to £160,000.

The Financial Services Compensation Scheme (FSCS) declared Intelligent Money in default on November 28, 2024, after obtaining key documents related to a specific cohort of claims involving Greyfriars P6. The FSCS is now satisfied that certain customers have valid claims against Intelligent Money and is continuing its investigation into other claims.

Intelligent Money lost a tax case in September 2023, which had significant implications for investors.

The Upper Tribunal ruled against Intelligent Money, affirming that Sipp fees are not exempt from VAT.

This decision means that investors in Sipps may be liable for VAT on fees, which could add to their overall costs.

In this case, Intelligent Money's appeal was rejected, leaving them with a tax case loss that will likely impact their business model.

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The FSCS declared Intelligent Money in default on 28 Nov 2024.

This means that the FSCS is satisfied that certain customers have valid claims against Intelligent Money.

Intelligent Money's default status was declared due to the FSCS obtaining key documents related to a specific cohort of claims involving Greyfriars P6.

The FSCS is continuing its main investigation into other customers' claims against Intelligent Money, which remains at an early stage.

The FSCS's declaration of default is a significant development in the ongoing saga of what happened to customers' money.

Active Wealth advised dozens of Trinity Mirror scheme members to transfer their Company pensions, which may have contributed to the issues with Intelligent Money.

Intelligent Money Ltd was a self-invested personal pension scheme operator that was authorised and regulated by the FCA.

On 28 May 2024, the directors appointed Joint Administrators to oversee the company's affairs.

The sale of Intelligent Money's book to Quai Administration Services Limited was completed, with Quai's Regulated Subsidiary taking over as the operator of Intelligent Money's SIPPs and ISA Plan Manager.

Quai will communicate next steps to consumers holding Intelligent Money products, but you can also contact them at [email protected] if you have an urgent question.

If you have a complaint or potential compensation claim against Intelligent Money, you can now bring that matter to the FSCS using their online claim service.

Quai will continue to operate the 10,500 qualifying workplace pension scheme clients that were purchased by Digital Wealth Systems Limited.

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Novia Financial is a wealth management service provider that helps investment advisers and their clients manage their finances.

Some advisers and fund managers use Novia's platform to invest their clients' money into investments and SIPPs.

They can hold a variety of investments, including those from Greyfriars Asset Management.

Members were transferred into a SIPP with Intelligent Money, which is then managed through Novia's platform.

This allows them to hold a portfolio of six investments, as recommended by Greyfriars Asset Management.

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Intelligent Money went into Administration on May 28 2024 due to concerns about financial liabilities.

The Financial Ombudsman Service made an upheld final decision against the firm, which was a major contributing factor.

This decision was related to some of the investments Intelligent Money allowed within its SIPPs.

The firm's directors recognized the financial liabilities associated with this and other similar complaints.

They took professional insolvency advice and appointed joint administrators as a result.

It's not clear yet how much compensation the firm expects to pay out.

Intelligent Money went into Administration on May 28, 2024, following concerns about financial liabilities in the wake of customer complaints.

The reason for their Administration is an upheld final decision from the Financial Ombudsman Service regarding some of the investments allowed within its SIPPs.

The firm's directors recognized the financial liabilities associated with this and other similar complaints, leading them to appoint joint administrators after seeking professional insolvency advice.

It's not clear yet how much compensation the firm expects to pay out.

Intelligent Money has received over 80 complaints against it, with the Financial Ombudsman Service (FOS) ruling that the company failed to carry out due diligence on certain high-risk investments held within its Self-Invested Personal Pensions (SIPPs).

The FOS also found that Intelligent Money failed to conduct adequate due diligence on collapsed DFM Greyfriars and Active Wealth, a regulated advice firm run by Darren Reynolds who was fined by the Financial Conduct Authority (FCA) for unsuitable pension transfer advice.

If you were advised to move your pension funds into an Intelligent Money SIPP, you may have been mis-sold.

The Financial Ombudsman Service (FOS) received over 80 complaints against Intelligent Money.

There's a pattern of complaints against firms that don't do their due diligence, which is a crucial step in ensuring investments are safe.

Intelligent Money failed to carry out due diligence on certain high-risk investments within its SIPPs.

This lack of due diligence led to a client losing money, and the FOS ruled that Intelligent Money had to compensate them up to £160k.

If you were advised to move your pension funds into an Intelligent Money SIPP, you may have been mis-sold.

It's essential to be cautious of firms that don't prioritize due diligence, as it can result in significant financial losses.

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If you've been advised to move your pension funds into a SIPP, you may want to check if you should be making a claim.

Mis-selling specialists know to look for signs that show mis-selling may have happened, such as being advised to move your pension funds into an Intelligent Money SIPP.

If you're unsure about your situation, you can get help to determine if you may have a case.

We can assist you in identifying potential issues and guiding you through the process of making a claim.

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