Following recent trading restrictions and at the Financial Conduct Authority's request, Hartley Pensions has been placed in administration.
What were the recent restrictions?
In a statement published on 11th July, City Watchdog, the Financial Conduct Authority (FCA) outlined the following restrictions:
- Hartley can no longer accept ongoing contributions into Self-Invested Personal Pensions (SIPP) or Small Self-Administered Scheme Pensions (SSAS) that it administers;
- Hartley must temporarily stop transferring or switching SIPP or SSAS pensions to other providers.
The FCA intervention was due to Hartley’s ‘serious operational and regulatory issues’ and was intended to protect the firm’s customers. But it raised red flags within the industry and many feared that the firm would enter administration.
Who were Hartley Pensions?
+ −Hartley Pensions was a SIPP (Self Invested Personal Pension) operator authorised and regulated by the FCA. The firm had a history of buying other failed SIPP administrators, including Guinness Mahon Trust Corporation, Lifetime SIPP Company, Berkeley Burke and GPC SIPP.
Next steps for investors
+ −The FCA published an update on 29th July advising Hartley Pension clients that they would receive a letter outlining next steps. This could mean being able to claim compensation through the Government backed Financial Services Compensation Scheme (FSCS) set up to help customers of failed firms.
The FCA said:
“The Ombudsman and the FSCS will be working closely with the FCA and the joint administrators to agree an appropriate course of action.
“The Ombudsman Service will contact you in due course regarding the next steps. The FSCS will also update its website with any news or important developments regarding its investigations.”
TLW Solicitors’ view
+ −Sarah Spruce, Head of Professional Negligence at TLW comments:
“If you, a friend or loved one has pension investments with Hartley or indeed any of the failed SIPP operators they administered, and are concerned by this latest news, then please get in touch with a member of the TLW Solicitors team. You can have a no obligation discussion to go through your options.”
Get in touch
+ −The specialist financial mis-selling team at TLW Solicitors has dealt with and continues to deal with compensation claims involving the failed SIPP operators that Hartley Pensions administered, including Guinness Mahon Trust Corporation, Lifetime SIPP Company, Berkeley Burke and GPC SIPP.
For anyone worried about investments with Hartley Pensions, please get in touch to discuss next steps.
Call us on 0800 169 5925, email info@tlwsolicitors.co.uk or complete one of the forms below.
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The Ombudsman and the FSCS will be working closely with the FCA and the joint administrators to agree an appropriate course of action.
FCA
