Intelligent Money stops accepting DB transfer business

Hannah Godfrey reports...

Self-invested personal pension (SIPP) provider Intelligent Money has stopped accepting business from defined benefit (DB) transfers.

RP’s sister title Professional Adviser understands the SIPP provider told advisers: “We are not prepared to take on the liability for the advice given by completely unconnected third-party financial advisers.”

Intelligent Money was one of the SIPP providers that accepted British Steel business from Active Wealth UK, the advice firm at the centre of the British Steel saga. Active Wealth has cost the Financial Services Compensation Scheme more than a million pounds in compensation so far.

The revelation comes after the Financial Conduct Authority sent a letter addressed to CEOs of pension providers reminding them they should “responsibly and appropriately” recommend appropriate products to consumers.

The letter also said providers should check advisers have the appropriate permissions to give DB transfer advice and “act accordingly” if not.

Professional Adviser has contacted Intelligent Money for comment.