Intelligent Money

[AllyM]

If there's doubt, there's no doubt.

[JulianPH]

Rufus Stone said:

Hope it all turns out well Julian. The recent Ombudsman's determination against Rowanmoor frightens the life out of me.

Thanks Rufus, Rowanmoor was a bit basket case, but any SIPP provider can be found liable for the assets it holds and IM has been found liable for some financial adviser introduced assets.

As has been pointed out, this only restricts IM from selling or disposing of any of its own assets without FCA consent whilst we put in place a solution.

This all happened months ago, but a journalist picked up on that this morning and reported is as breaking news.

I'll be able to give a fuller update tomorrow,

Cheers

[visitinglondon]

JulianPH said:

Rufus Stone said:

Hope it all turns out well Julian. The recent Ombudsman's determination against Rowanmoor frightens the life out of me.

As has been pointed out, this only restricts IM from selling or disposing of any of its own assets without FCA consent whilst we put in place a solution.

What does this mean for the race series sponsorship?

[Stevil]

visitinglondon said:

What does this mean for the race series sponsorship?

That was stopped at the start of this year anyway.

[superlightr]

JulianPH said:

Thanks Rufus, Rowanmoor was a bit basket case, but any SIPP provider can be found liable for the assets it holds and IM has been found liable for some financial adviser introduced assets.

As has been pointed out, this only restricts IM from selling or disposing of any of its own assets without FCA consent whilst we put in place a solution.

This all happened months ago, but a journalist picked up on that this morning and reported is as breaking news.

I'll be able to give a fuller update tomorrow,

Cheers

May be worth re-iterating the protection private clients funds have as it gave my wife a wobble.

[JulianPH]

superlightr said:

May be worth re-iterating the protection private clients funds have as it gave my wife a wobble.

Hi James

A good point, but this isn't anything to do with anyone's funds or anything being at risk, it is only in relation to IM not selling off chunks of business whilst it sorts these claims out!

I expect to be able to say more later on today and that will clear all of this up.

Cheers

Julian

[pilotoscot]

JulianPH said:

Thanks Rufus, Rowanmoor was a bit basket case, but any SIPP provider can be found liable for the assets it holds and IM has been found liable for some financial adviser introduced assets.

As has been pointed out, this only restricts IM from selling or disposing of any of its own assets without FCA consent whilst we put in place a solution.

This all happened months ago, but a journalist picked up on that this morning and reported is as breaking news.

I'll be able to give a fuller update tomorrow,

Cheers

You have numerous threads sponsored here. Should it have to be picked up by a journalist? Did you consider full disclosure?

[AdamIM]

HI all,

An update will be forthcoming shortly. For me personally I am looking forward to continuing the development of all PH models and IML and from a client perspective the service levels and product offerings will only get better.

Many of you know me and can contact me directly if you have any questions.

Cheers

Adam

[oneandone]

superlightr said:

May be worth re-iterating the protection private clients funds have as it gave my wife a wobble.

How does protection work when service being sold to private clients isn't regulated?

Genuine curiosity

[TownIdiot]

The quote button wouldn't work.

IM are regulated they just don't give advice. Client funds are held in trust accounts that don't belong to the company, so they are treated as such should the company fail.

If the money is taken from there then it's a serious criminal matter, not just a regulatory breach.

[oneandone]

TownIdiot said:

The quote button wouldn't work.

IM are regulated they just don't give advice. Client funds are held in trust accounts that don't belong to the company, so they are treated as such should the company fail.

If the money is taken from there then it's a serious criminal matter, not just a regulatory breach.

I was't questioning any wrong doing ( or not) it's just at the bottom of the home page it states

The services of Intelligent Money Private Clients are not regulated by the Financial Conduct Authority (FCA).

Hence the question, I was curious what that meant.

[TownIdiot]

oneandone said:

I was't questioning any wrong doing ( or not) it's just at the bottom of the home page it states

The services of Intelligent Money Private Clients are not regulated by the Financial Conduct Authority (FCA).

Hence the question, I was curious what that meant.

Intelligent Money (the subject of the thread) are separate from Private Clients.
Private clients appears to offer non-regulated services offering access to regulated products. I am not an expert on their products but I believe all their products are regulated but the service accessing them isn't. You'd have to read the terms of engagement to get the full picture.

You can access the regulated products either through a regulated IFA, or direct as a private client under your own advice.

the full regulatory statement below. I agree it could be clearer, but then these products should only be used by people who are comfortable with their investment knowledge. The issue raised in this thread seems totally separate to the products they themselves offer to private clients.

Intelligent Money is Authorised and Regulated by the Financial Conduct Authority, Reference Number 219473 and registered in England and Wales under Company registration 04398291. Our Registered Office is at The Shire Hall, High Pavement, Nottingham NG1 1HN.

The services of Intelligent Money Private Clients are not regulated by the Financial Conduct Authority (FCA).

My own disclosure is that I have been a client in the past but I am not currently. No other connection with them.

Edited by TownIdiot on Friday 24th May 16:52

[JulianPH]

I need to clarify some points here;

IM is an FCA regulated company that provides regulated products.

IMPC is a separate, non-regulated, servicing company that provides information, guidance and support.

IM entered into a voluntary restriction on its own assets. This has noting to do with people's pensions, ISAs or other investments, which are not even held by IM, they are held in trust (for pensions) and by a nominee (ISAs and GIAs).

The only people who are impacted by the asset restriction are the shareholders of IM!

Cheers

Julian

[Simpo Two]

oneandone said:

How does protection work when service being sold to private clients isn't regulated?

You're confusing regulation of one thing with protection of another. FCA regulation is not the same as asset protection.

[JulianPH]

I need to clarify some points here;

IM is an FCA regulated company that provides regulated products.

IMPC is a separate, non-regulated, servicing company that provides information, guidance and support.

IM entered into a voluntary restriction on its own assets. This has noting to do with people's pensions, ISAs or other investments, which are not even held by IM, they are held in trust (for pensions) and by a nominee (ISAs and GIAs).

The only people who are impacted by the asset restriction are the shareholders of IM!

Cheers

Julian

[Forester1965]

And one of the reasons the FCA enter into voluntary or involuntary agreements with regulated entities to resrict the disposal of assets is the concern they may become insolvent as a result of claims against them and seek to disperse them before the event.

[visitinglondon]

This all very odd.

When are we get to the explanation as to what on earth has been going on?

[Bubbas Grill]

The promised Official communication /statement regarding all this will stop your Clients stting the proverbial brick. Nothing yesterday, nothing today.

[TownIdiot]

Bubbas Grill said:

The promised Official communication /statement regarding all this will stop your Clients stting the proverbial brick. Nothing yesterday, nothing today.

Are you a private client or not?
If you are you really should be up to speed with all this, and understand wtf is going on.

[Bubbas Grill]

TownIdiot said:

Bubbas Grill said:

The promised Official communication /statement regarding all this will stop your Clients stting the proverbial brick. Nothing yesterday, nothing today.

Are you a private client or not?
If you are you really should be up to speed with all this, and understand wtf is going on.

Yes I am an IMPC. It appears I may not be up to speed. May I ask for your take on it all? Would be appreciated.