Intelligent Money (IM) is the latest SIPP provider entering into administration after a number of complaints in relation to their failure to act in their clients' best interests were upheld by the Financial Ombudsman Services (FOS)
Richard Heis and Edward Boyle of Interpath Advisory have been appointed as joint administrators.
Intelligent Money has now sold its pension business to Quai Administration Services Limited with Quai Investment Services Limited, its regulated subsidiary, taking over the administration of the company’s clients.
Quai made the decision to keep the existing staff and office for a smooth transaction.
Investments In Greyfriars P6
In its most recent decision, the FOS highlighted how the provider failed to carry out sufficient due diligence when assessing the relationship between Active Wealth and the investments it arranged within the Greyfriars Portfolio 6 investments, which were promoted by Best International.
The P6 portfolio offered by Greyfriars Discretionary Fund Manager (DFM) was designed for investors wishing to gain exposure to investments that counter the risks associated with mainstream asset classes. Utilising the Novia investment platform, Active Wealth’s director, Darren Reynolds, arranged investments in minibonds including overseas investments in real estate, car parks, renewable energy and holiday resorts.
Intelligent Money rejected the complaint and explained that it thought that Novia was to be held responsible. It argued that:
- Without Novia there would have been no P6 strategy: Greyfriars used Novia exclusively to hold P6 investments
- It was unfair to hold IM responsible for the failings of now-insolvent entities, where those entities had central roles in determining investment strategy, assessing suitability, and facilitating and executing trades.
- Novia had set aside money for compensation relating to legacy investments. Novia wouldn’t have done so had it not considered that it faced regulatory liabilities arising from the investments.
- It’s implausible that Novia was unaware of statements Greyfriars was making in its P6 marketing materials.
- Greyfriars and Novia were responsible for effecting trades.
Novia rejected the accusation.
If you had dealings with the firms or invested in Greyfriars P6, you may find that these investments were unregulated collective investment schemes based overseas and unlikely to be suitable for retail clients.
Most people contacting us are not aware of the issues, as they have received statements showing that their pension has been performing very well, when in fact the investments may be illiquid – meaning they could not get access to your own money!
Intelligent Money Ltd – check if you can claim
Intelligent Money or the administrators will start writing to you, explaining that you can start to progress a claim for compensation with the FSCS – free of charge, at no cost to you.
Please take the following into consideration:
The FSCS will only pay compensation once a claim against the IFA has been completed. Whilst the introducer may have been unregulated was there anyone else involved?
It may take months for you to find out if you don’t know what you are looking for.
You may have to complain against the IFA first and take your argument to the Financial Ombudsman Services.
The FSCS will only pay compensation if your losses are greater than the compensation received from the IFA and when your claim was exhausted.
The FSCS will calculate your losses
Please ensure that compensation is calculated correctly.
The FSCS may make an interim payment
Whilst you may have suffered a loss, the FSCS may not be able to obtain a true valuation for all of the investments made. Please keep an eye on this so that you don’t lose out.
If you haven’t progressed your claim correctly or your original provider doesn’t respond, the FSCS may only pay compensation calculated on the basis of the pension values which were transferred in.
Impartial Claims Advice
We may be able to assist you with the recovery of any losses you’ve suffered if you had a SIPP with any of the firms we have mentioned, even if you have tried to claim yourself and your IFA or SIPP due diligence complaint has been rejected.
Let us review the transactions made – and if we can’t help, you won’t pay a fee.
You may find that we can help where others couldn’t – and not only have we got the customer feedback to prove it, we also charge a fraction of what solicitors charge for the work they carry out.
You should also get in touch with us if you have any concerns about the advice you received or the way your investments are performing.
Most clients don’t understand that they may have suffered losses, as their annual statements show that the pension fund is still valued at purchase price.
We have been fighting your corner for years – and may just know a trick or two, to help you finally obtain compensation!
Call Us Now For A No-Obligation Chat
We offer a free assessment of your situation to find out if you may be owed money redress. We will inform you of other options available to you. Don’t delay because there are time limits to claim your compensation. The best time to act is now!
Contact us for an informal discussion to explore your options. You’ll also get a better understanding of how we work before deciding on your best course of action.
Financial Claims Made Simple
ACL Consultancy Ltd have been in operation as a claims management company (CMC) for over 10 years and have offered the lowest flat fee service in the industry since 2017.
We are able to work for a reasonable fee because we don’t buy your data from the companies involved in your claim. We pass these cost savings on to you. Our success is your gain.
Our team possess a deep knowledge of pension and investment compensation, including overseas property investment, and welcome your call to find what solutions are available to you. So, you’ve nothing to lose and everything to gain by calling us today.