Troubled SIPP agency Hartley Pensions Restricted has gone into administration at this time.
The agency supplied 1000’s of SIPPs and in addition offers 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 will probably be writing shortly to purchasers.
Earlier this month, at Hartley’s request, the FCA halted Hartley Pensions capacity to simply accept new pension contributions because the agency struggled to take care of numerous “points.”
Hartley additionally briefly 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 stated in March that the necessities have been being imposed because of numerous “severe operational and regulatory points” that the agency is making an attempt to take care of and says they’re meant to guard the agency’s clients.
Neither the FCA nor Hartley have made clear but what the problems are.
Hartley has been looking for one other SIPP operator to take over the operating of the agency.
The FCA says current SIPPs and SSAS property are unaffected by the restrictions as they’re held in belief by separate trustee firms.
Hartley Pensions has taken over the shopper 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.