Hartley Pensions has been restricted by the Financial Conduct Authority (FCA) in relation to accepting new business.
According to the FCA register Hartley Pensions can no longer accept new clients without expressed authorisation from the regulator.
The FCA also said that Hartley’s must be “open and transparent” and answer any enquiries or concerns relevant 3rd parties may have. This includes product providers, advisers, introducers or pension scheme operators or administrators.
And it must inform its key top 5 SIPP client business relationships that it cannot accept further SIPP/SSAS pipeline business for them.
This restriction will stay in effect until the FCA is satisfied it can be lifted.
This latest restriction comes less than a month after the regulator placed Asset Restriction and Client Funds requirements on the firm. This means Hartley Pensions cannot dispose or transfer any assets or client funds without prior consent from the FCA.
Hartley Pensions provide financial services, including administering SIPPs.
They were previously known as Hartley Lifetime Pensions Limited and joined the Wilton Group in 2016. The Wilton Group also provides financial services and was founded by the Director of Hartley Pensions.
In the last few years Hartley Pensions has purchased the SIPP business of several failed SIPP Providers. These include: The Lifetime SIPP Company Ltd, Guardian – GPC SIPP Ltd, Guinness Mahon, Berkeley Burke and Greyfriars Asset Management.
Most of these providers entered administration following complaints from clients who were exposed to unsuitably high-risk investments in their SIPPs.
SIPP Mis-selling is when a Self- Invested Personal Pension has been sold to a client who wasn’t suitable for it.
Most SIPP mis-selling happens because the risks involved with investments in the SIPP don’t match the client’s attitude to risk.
In many mis-sold SIPP cases clients were not adequately told of the risks. And sometimes may even have promised guaranteed high returns if they invested.
If you’ve concerns about your pension transfer advice or SIPP, get in touch and talk to one of our team.
Our free no obligation assessment can help check if you may have been mis-sold. We can also explain your options if you do have a case for compensation.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.