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The FCA has banned troubled SIPP supplier Hartley Pensions Restricted from accepting new pension contributions.
The FCA intervened this afternoon at Hartley’s request because the agency struggles to cope with a variety of “points.”
Hartley requested the FCA to impose restrictions stopping it from accepting ongoing contributions into the SIPPs and SASSs administered by it.
Hartley may also quickly stop transfers or switches of SIPPs or SSASs till 22 July on the earliest, which the FCA has agreed to.
Earlier within the 12 months, on 4 March, Hartley was banned from taking up new enterprise by the FCA. An asset sale restriction was additionally put in place.
Hartley gives SIPPs and in addition gives administration for a small variety of SSAS (Small Self-Administered Schemes), regulated by The Pensions Regulator.
Beneath the time period of the restrictions Hartley can’t settle for any new or ongoing contributions right into a SIPP or SSAS, or transfer SIPPs or SSASs to a different supplier.
The FCA stated the necessities have been imposed because of a variety of “critical operational and regulatory points” that the agency is making an attempt to cope with and says they’re supposed to guard the agency’s clients.
Neither the FCA nor Hartley have made clear but what the problems are.
Purchasers withdrawing cash from their SIPP can proceed to take action and pension funds will proceed to be made.
Hartley is at present looking for one other one other SIPP operator to take over the operating of Hartley Pensions.
Hartley Pensions will likely be writing to shoppers shortly to clarify the scenario and what it means for them.
The FCA says current SIPPs and SSAS property are unaffected by these restrictions as they’re held on belief by separate trustee corporations.
Additional info is obtainable on the FCA web site or from Hartley Pensions on 0117 316 9991. Electronic mail: This e-mail handle is being protected against spambots. You want JavaScript enabled to view it.
Hartley Pensions stays authorised by the FCA.
FCA employees are persevering with to work with the agency and its issues however the FCA says that every one clients ought to stay alert to the opportunity of fraud and watch out for being chilly known as by somebody claiming to be from Hartley Pensions.
Hartley Pensions has taken over the consumer books from 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 shoppers.
Different SIPP books the agency has acquired lately embrace GPC, Berkeley Burke SIPP and Greyfriars AM.
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