SIPP operator Intelligent Money Ltd (FRN: 219473) has entered administration following an upheld complaint regarding some of the investments it allowed within its SIPPs.

Having received an upheld final decision from the Financial Ombudsman Service regarding the investments, the firm’s directors decided the financial liabilities associated with this and other similar complaints made the ongoing operation of the company unviable.

Intelligent Money has been subject to an FCA asset restriction requirement since February.

The firm entered administration yesterday, having already transferred the administration of SIPPs, ISAs and GIAs it was administering to Quai Investment Services Ltd.

This transfer means that consumers whose products were being administered by Intelligent Money can continue to contribute, withdraw and make investment decisions on their products.

According to the FCA, Quai will communicate next steps to consumers holding SIPPs, ISAs and GIAs previously administered by Intelligent Money.

The Financial Services Compensation Scheme is now open to any claims against Intelligent Money and will be investigating whether there are any claims that meet their qualifying conditions for compensation.

Intelligent Money has appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators.

The FCA warned former customers of Intelligent Money that they should “remain alert to the possibility of fraud”.

The regulator advised clients cold called by someone claiming to be from Intelligent Money, Quai, Interpath Advisory, or any other company claiming to be involved in the administration, to end the call.

Intelligent Money has also traded as Cash Retirement Account, IM Optimum SIPP, Qualifying Workplace Pension, The Wise SIPP, VisionWealth Retirement Account, VisionWealth SIPP, Beaufort Financial Personal Pension, Beaufort Financial SIPP, GHC Foundation SIPP, iSIPP, iPension, and Pennine Wealth Solutions Personal Pension Plus.

Quai Investment Services offers pension and ISA administration services for corporate clients and is based in Cambridgeshire.