The self-invested personal pension (SIPP) operator, Hartley Pensions, have been served a notice by the Financial Conduct Authority (FCA) prohibiting them from taking on new clients from 4 March 2022.
Hartley Pensions first started operating as a pension operator in 2016, trading under the name of the Wilton Group. The Bristol based firm has historically taken over from a number of failed SIPP providers including Guinness Mahon, Lifetime SIPP Company and GPC SIPP.
The notice prohibits Hartley Pensions from taking on new clients subject to express written authorisation from the FCA. Further to this restriction, the FCA has advised Hartley Pensions to contact their top 5 key SIPP business relationships informing them that the firm cannot accept SIPP/SSAS instructions until further notice. The firm must then contact all other business relationships as a matter of urgency.
The FCA has clarified that the firm is permitted to carry on receiving new instructions from an existing client ‘for the purpose of adding/supplementing, and/or arranging the purchase of, standard assets for including in a SIPP or SSAS already held by the existing client’.
The notice will remain in force until the FCA is satisfied it can be lifted and states the firm must be ‘open and transparent’. Hartley Pensions have confirmed that they are working closely with the FCA to address feedback.
Our Financial Mis-Selling Team has dealt with a large number of claims against the failed SIPP operators mentioned above, currently being administered by Hartley Pensions. If you are concerned about advice you received in relation to a transfer of your pension into one of said SIPPs, then please contact us for a free and speak to our specialist Financial Mis-Selling Team today to find out how we can help. We offer ‘no win, no fee’ funding on approved cases.
