Investment management firm collapses as administrators appointed

Nottingham firm Intelligent Money has called in administrators from Interpath Advisory.

The company, which offers investment management services for private clients and financial advisers, posted a notice of intention to appoint administrators via law firm Gateley last week.

Now, the Financial Conduct Authority has confirmed that Intelligent Money has fallen into administration.

Action taken prior to the appointment of the administrators has ensured that the administration of SIPPs, Individual Saving Accounts (ISAs) and General Investment Accounts (GIAs) is transferred to another regulated firm, Quai Investment Services Limited (Quai), so consumers can continue to contribute, withdraw, and make investment decisions as before.

Intelligent Money had recently received an upheld final decision from the Financial Ombudsman Service regarding some of the investments it allowed within its SIPPs. Intelligent Money’s directors recognised the financial liabilities associated with this and other similar complaints. Having obtained professional insolvency advice, the directors of Intelligent Money appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators.

Intelligent Money has suffered from a series of poor customer Google reviews over recent months. One said: “We are extremely worried about the administration of Intelligent Money – they are very slow to deal with transfers and money out.”

Another added: “Effectively they think your pension pot is their money and currently I’m told they won’t pick up the phone.”

In its latest available accounts, made up to the end of September 2022, the company employed 33 people from its High Pavement offices in Nottingham.