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Hartley Pensions goes into administration

Troubled SIPP agency Hartley Pensions Restricted has gone into administration at this time.

The agency supplied 1000’s of SIPPs and in addition supplies administration for a small variety of Small Self-Administered Schemes (SSAS), regulated by the Pensions Regulator.

Immediately (29 July) the administrators of Hartley Pensions positioned the agency into administration on the request of the FCA, and appointed Peter Kubik and Brian Johnson of UHY Hacker Younger LLP as joint directors.

The FCA says that the joint directors of Hartley Pensions can be writing shortly to purchasers.

Earlier this month, at Hartley’s request, the FCA halted Hartley Pensions means to simply accept new pension contributions because the agency struggled to cope with a lot of “points.”

Hartley additionally quickly ceased transfers or switches of SIPPs or SSASs. 

On 4 March, Hartley was banned from taking over new enterprise by the FCA. An asset sale restriction was additionally put in place. The FCA mentioned in March that the necessities had been being imposed because of a lot of “critical operational and regulatory points” that the agency is trying to cope with and says they’re supposed to guard the agency’s prospects.

Neither the FCA nor Hartley have made clear but what the problems are.

Hartley has been searching for one other SIPP operator to take over the working of the agency.

The FCA says present SIPPs and SSAS property are unaffected by the restrictions as they’re held in belief by separate trustee corporations.  

Hartley Pensions has taken over the consumer books of a number of failed SIPP suppliers lately. It purchased the Guinness Mahon e book in February 2020 after the agency collapsed. The deal meant the switch of 4,000 SIPPs beforehand administered by GMTC which suffered a string of issues and authorized actions from sad purchasers.

Different SIPP books the agency has acquired lately embrace GPC, Berkeley Burke SIPP and Greyfriars AM.



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