My SIPP pension provider has gone into administration

09rico

Hartley Pensions Ltd has gone into administration, largely because the FCA forced the issue. Now though, there is a bunfight about the charges the administrator wants to charge for transferring my own money out and into another provider. The issue affects many, so is going to court. However, whilst this issue might take years to resolve, we cannot get money into or out of the SIPP, and there are properties that need administering, payments resolved and rent paying etc. I have already been fined by the Council for not paying council tax, which should have been administered by the SIPP. The FCA have been informed, but are not taking any action. Even my financial advisor is at a loss to help. Does anyone know have similar problems? Or advice as to where I shoudl go now. I thought the FCA would be the right route.

dunstonh

Hartley Pensions Ltd has gone into administration, largely because the FCA forced the issue.

Not really a fair thing to say.  Hartley was subject to a number of FCA requirements due to serious operational, financial and regulatory issues.  The FCA requested that the firm go into an insolvency process in the interest of clients.  The firm sought professional insolvency advice, and, as a result, the director determined that it was insolvent and took steps to place it into administration.

 Or advice as to where I shoudl go now. I thought the FCA would be the right route.

The FCA do not handle consumer affairs. 


The scenario is that you were put in a niche, non mainstream SIPP provider.    If you sought advice on your pension and the selection of Hartley was recommended by an adviser, then you may have a case against the adviser.   The financial solvency of a provider is something that needs to be considered when making a recommendation.  Hartley had a high level of illiquid assets on its books.  This doesn't mean your advice was wrong.  You may have had an unusual or specific need that meant that going away from the mainstream was best advice.   However, if you didn't then you maybe should be directing questions to your adviser.

squirrelpie

dunstonh said:

Or advice as to where I shoudl go now. I thought the FCA would be the right route.

The FCA do not handle consumer affairs.

I believe that in addition to your adviser it may also be worth contacting the Pensions Ombudsman
See https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-problems/dealing-with-pension-problems-and-making-a-complaint

Steve_666_

Is the cost of transfer higher than that stated in the Hartley "contract"

Marcon

Seem to be regular updates here: https://www.fscs.org.uk/making-a-claim/failed-firms/hartley-pensions/