Intelligent Money
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 | This article contains promotional content. (January 2020) |
 | |
| Company type | Privately Owned Limited Liability Company |
|---|---|
| Industry | Investment management |
| Founded | 2002 |
| Headquarters | |
Key people | Julian Penniston-Hill (CEO) Chris Sutton (MD) |
| Products | Asset Management |
| AUM | £2bn |
| Subsidiaries | Intelligent Money Trustees & Intelligent Money Nominees |
| Website | https://www.intelligentmoney.com/ |
Intelligent Money was an investment management firm, low-cost personal pension provider and ISA plan manager,[1] based in Nottingham, authorised and regulated by the Financial Conduct Authority.
History
[edit]The company was established in 2002 by founder and sole financier Julian Penniston-Hill.[2]
In March 2019, Intelligent Money stopped accepting Defined Benefit pension transfers into its SIPPs, though some other providers had already ceased accepting such transfers.[3]
HMRC Court Case
[edit]In September 2023, Intelligent Money lost an appeal at the Upper Tribunal against HM Revenue & Customs (HMRC), in which Intelligent Money argued that Sipp fees are exempt from VAT.[4]
FCA Assets Restriction
[edit]From February 2024 Intelligent Money became subject compensation claims related to financial adviser introduced SIPP business, resulting in an FCA asset restriction requirement. This requirement prevented Intelligent Money from "disposing of, withdrawing… or diminishing" any of its assets without the FCA’s consent. The purpose of an asset restriction is to "maximise a firm’s ability to meet redress liabilities to consumers by limiting its ability to dissipate assets before it has assessed and paid any redress it owes", according to the FCA Handbook. It is believed, as of May 2024, that the Financial Ombudsman Service is processing more than 80 complaints against the Sipp provider.[5]
References
[edit]- ^ "ISAs: list of authorised managers". Government of the United Kingdom.
- ^ "The great renewal fee rip-off". Guardian. January 24, 2014.
- ^ "Sipp firm stops accepting DB transfers after FCA dear CEO letter". CityWire. March 25, 2019.
- ^ "INTELLIGENT MONEY LIMITED v THE COMMISSIONERS FOR HIS MAJESTY'S REVENUE AND CUSTOMS [2023] UKUT 00236 (TCC)". GOV.UK. Retrieved 2024-06-11.
- ^ citywire.com https://citywire.com/new-model-adviser/news/sipp-provider-intelligent-money-agrees-to-fca-asset-restriction/a2442922. Retrieved 2024-06-11.
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