Sunday, September 25, 2022
HomeFinancial PlanningFCA halts new contributions at troubled Hartley Pensions

FCA halts new contributions at troubled Hartley Pensions

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 even briefly 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 offers SIPPs and likewise offers 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 mentioned the necessities have been imposed because of a variety of “severe operational and regulatory points” that the agency is making an attempt to cope with and says they’re meant 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 presently in search of one other one other SIPP operator to take over the working of Hartley Pensions.  

Hartley Pensions shall be writing to purchasers shortly to clarify the scenario and what it means for them. 

The FCA says current SIPPs and SSAS belongings are unaffected by these restrictions as they’re held on belief by separate trustee firms.  

Additional info is out there on the FCA web site or from Hartley Pensions on 0117 316 9991. E-mail: This e mail handle is being shielded from 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 each one clients ought to stay alert to the potential of fraud and watch out for being chilly referred to as by somebody claiming to be from Hartley Pensions.

Hartley Pensions has taken over the shopper books from a number of failed SIPP suppliers in recent times. It purchased the Guinness Mahon ebook 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 in recent times embrace GPC, Berkeley Burke SIPP and Greyfriars AM.



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