UK wealth management firm Intelligent Money has entered administration after agreeing to a deal to sell its business and assets to fellow provider Quai.
Richard Heis and Edward Boyle of Interpath Advisory have been appointed as joint administrators, as confirmed by the Financial Conduct Authority. Meanwhile, Quai, a digital savings platform and product provider, has acquired Intelligent Money’s technology, staff, and trustee companies, ensuring a “smooth transition” for clients and their assets.
Intelligent Money manages over £1 billion in client assets, which include self-invested personal pensions (Sipps), Individual Savings Accounts (Isas), and General Investment Accounts (Gias). Tony Webb, CEO of Quai, stated, “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.”
The administration of Intelligent Money follows an upheld final decision from the Financial Ombudsman Service regarding specific investments allowed within its Sipps. The FCA noted that the firm’s directors “recognised the financial liabilities associated with this and other similar complaints.”