The Financial Conduct Authority (FCA) has introduced a range of restrictions on SIPP provider Hartley Pensions. These follow earlier restrictions announced in March, when the regulator’s register revealed that Hartley Pensions could no longer carry out regulated activities, and in February when the business was forbidden from disposing any assets or transferring any client funds.
The new restrictions, which come at the request of Hartley Pensions, mean that the SIPP provider will no longer be able to accept new pension contributions and transfers or switches to another SIPP or SSAS provider will not be possible.
These latest restrictions have been imposed due to “a number of serious operational and regulatory issues that the firm are attempting to deal with”. They are also “intended to protect all of the firm’s customers.”
Hartley Pensions has previously “bought the books” of collapsed SIPP administrators over the past several years. Such failed firms include Guinness Mahon Trust Corporation, Lifetime SIPP Company, Berkeley Burke and GPC SPP. Hartley Pensions is currently trying to find another pension operator to take over its SIPP operations.
People who are already regularly withdrawing money from their Hartley Pension will be able to keep doing so and all pension payments will continue to be made. You can find out more about what this will mean for you on the FCA’s website.
Is Hartley Pensions guilty of mis-selling?
If you think you have been mis-sold a SIPP by Hartley Pensions, you may be eligible to make a claim with KP Law. Mis-selling happens when:
- You were promised a return that has never materialised
- The risks of transferring to a Hartley Pensions SIPP where not fully explained
- You were cold called by an adviser, or you Hartley Pensions SIPP
- You have suffered significant financial losses as a result of investing in the SIPP.
If any of the above apply to you, you may be eligible to make a compensation claim.
We can help with related pension mis-selling claims
At KP Law, if you were mis-sold a pension that has subsequently been taken over by Hartley Pensions, we can also help you to make a claim.
For example, pension provider Berkeley Burke, which has gone into administration, has been accused of pension mis-selling. This happened after individuals were talked into transferring their pensions to a Berkeley Burke SIPP. However, these SIPPS made a range of extremely high-risk and unregulated investments that were highly unsuitable for most people who took out a Berkeley Burke SIPP. The SIPP branch of Berkley Burke was sold to Hartley Pensions.
FIND OUT MORE ABOUT THE BERKELY BURKE SIPP MIS-SELLING CASE.
KP Law helps people in England & Wales claim back what they are due following pension mis-selling. We can even help you get your money back if the provider or adviser has gone out of business.
Claiming with us is straightforward. It is free to sign up, and we act on a no-win, no-fee basis.
If you believe that your pension was mis-sold, contact us to find out how we can help. If you are unsure if you have a claim, we can find this out for you.
