Troubled SIPP provider enters administration and sells business

An update posted by the Financial Conduct Authority (FCA) yesterday (28 May) said Intelligent Money directors have appointed Richard Heis and Edward Boyle of Interpath Advisory as joint administrators. The update also confirmed that Intelligent Money has sold its pension business to Quai Administration Services. Quai Investment Service – Quai Administration Services' regulated subsidiary – will take over administration of Intelligent Money's SIPPs. The watchdog said that action taken prior to the appointment of the administrators ensured that the administration of SIPPs, ISAs and gene...