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Sipps provider Intelligent Money goes into administration

Sipps provider Intelligent Money goes into administration

UK wealth management firm Intelligent Money has entered administration after agreeing a deal to sell off its business and assets to fellow provider Quai.

Richard Heis and Edward Boyle of Interpath Advisory have been appointed as joint administrators, according to the Financial Conduct Authority.

Meanwhile, digital savings platform and product provider Quai has acquired Intelligent Money's technology, staff and trustee companies, promising a "smooth transition" for clients and their assets.

Intelligent Money administers over £1 billion of client assets covering self-invested personal pensions (Sipps), Individual Saving Accounts (Isas) and General Investment Accounts (Gias).

Tony Webb, CEO, Quai, says: "The transition will also be supported by Quai's robust platform technology, which handles over 22 million transactions a year, ensuring a stable and reliable service for account holders."

Intelligent Money went into administration after it received an upheld final decision from the Financial Ombudsman Service regarding some of the investments it allowed within its Sipps.

The FCA says the firm’s directors "recognised the financial liabilities associated with this and other similar complaints".

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