Intelligent Money Ltd., a SIPP provider, has entered administration. The UK Financial Conduct Authority (FCA) posted today that the authorized firm entered administration after the Financial Ombudsman Service upheld the final decision pertaining to the platform’s operations. Simultaneously, the company revealed that Quai Administration Services Ltd has acquired assets from Intelligent Money.
Earlier this month, Intelligent Money was restricted by the FCA from disposing of customer assets.
In a release, Julian Penniston-Hill, CEO of Intelligent Money, stated he was pleased services will continue under Quai’s stewardship.
“Our team is enthusiastic about joining forces with Quai and expanding upon the already comprehensive services that they offer. This new chapter will provide continuity for clients and set a new benchmark in the industry”
Quai is a white-label digital savings platform that provides services for the wealth management and Fintech sectors.
Quai CEO Tony Webb said the acquisition ensures continuity of services.
“Moreover, this acquisition marks a milestone for us, increasing our headcount by 50% and allowing us to further strengthen our team. Quai has been in this market for 13 years and with established SIPP solutions and strong client-focus, there is a natural alignment between the two firms. Together with Intelligent Money’s experienced team, we’re committed to upholding the high standard of service that our clients expect, and we’re eager to explore new opportunities for growth and innovation in the wealth management sector,” said Webb.
Intelligent Money was founded in 2002 by Penniston-Hill providing pension and retirement services enabled by technology. Seccl, part of Octopus, supported the platform with custody services and reporting technology.
CityWire reported that Intelligent Money was the target of more than 80 complaints processed by the Ombudsman.
A Q&A about Quai is available here.
