Hartley Pensions provided 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.
On July 11th Hartley Pensions asked the FCA to impose requirements preventing it from accepting ongoing contributions into the SIPPs/SASSs administered by it.
The FCA agreed and in a statement said: “The requirements have been imposed due to a number of serious operational and regulatory issues that the firm are attempting to deal with and is intended to protect all of the firm’s customers.”
This isn’t the only restriction placed on Hartley Pensions by the Financial Conduct Authority (FCA).
In March 2022 the FCA ordered Hartley’s to stop accepting new business unless it had expressed authorisation from the regulator.
This came following Asset Restriction and Client Funds requirements which were placed on the firm in February 2022. This means Hartley’s can’t dispose or transfer any assets or client funds without prior consent from the FCA.
On 29 July 2022 the directors of Hartley Pensions placed the firm into administration.
The Financial Conduct Authority (FCA) also requested that Hartley Pensions go into an insolvency process in the interest of clients.
The Financial Services Compensation Scheme will now work with the joint administrators to determine whether there are any protected claims.
If the FSCS identify that there are any claims that are eligible under their rules, and that Hartley’s is unable to meet claims, the FSCS will be able to declare a default.
This means customers with claims against Hartley Pensions, that are eligible under the FSCS rules, will be entitled to apply for compensation.
The maximum the FSCS can award is £85,000.
In the last few years Hartley Pensions has purchased the SIPP business of several failed SIPP Providers. These include:
The Lifetime SIPP Company Ltd went into administration in 2018 reportedly due to the volume of complaints made against them.
Many of these complaints involved SIPP investors’ exposure to unsuitable high-risk investments such as:
Guardian GPC SIPP Ltd went into administration in as a result of some of the failed investments associated with its SIPPs. These include:
In Feb 2020, Guinness Mahon Trust Corporation Ltd entered into administration
They had received complaints regarding historic high-risk investment and the due diligence carried out before accepting these investments into client SIPPs. These high-risk investments included:
Berkeley Burke SIPP Administration Ltd went into administration in September 2019. Some of the high-risk investments linked with Berkeley Burke SIPPs are:
Greyfriars Asset Management went into administration in October 2018. Their Portfolio Six contained unregulated, high-risk investments which were unsuitably marketed to investors. These included:
SIPP mis-selling basically means you have been sold a product that wasn’t right for you or wasn’t what you were told it would be.
This could be as a result of unsuitable/negligent financial advice or the suitability of the investments in the SIPP.
If you have been mis-sold your SIPP you may be eligible for compensation.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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.