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Our website uses cookies to improve your user experience. If you continue browsing, we assume that you consent to our use of cookies. More information can be found in our Privacy Policy. X Skip to content Money Marketing * Sign In/Register * Search * Menu * News * Features * Cover Features * Opinion * Leaders * MM Meets * The Weekend Essay * Behind the Headlines * Target Market * First Person * Editor's View * In Focus * Platforms * Pensions * Annuities * Sipps * Pension auto-enrolment * Retirement income * Waspi * Vulnerable clients * Regulation * FCA * FOS * FSCS * Mifid II * RDR * Investments * ESG * Alternative investments * Bonds * Equities * Passive investing * Consumer Duty * Protection * Financial Adviser 2B * Events * Latest Edition * MM Magazines * Podcast * Consumer Duty and Protection Series * NEWSLETTER SIGN UP View more on these topicsPensions News FCA si FCA PUTS BAN ON HARTLEY PENSIONS TRADING By Michael Klimes 9th March 2022 4:02 pm The Financial Conduct Authority has stopped Sipp provider Hartley Pensions from conducting any new business. Hartley Pensions is known for buying the books of collapsed Sipp administrators over the past several years. These have included Guinness Mahon Trust Corporation, Lifetime Sipp Company, Berkeley Burke and GPC Sipp. A 4 March notice on the regulator’s register shows Hartley Pensions can no longer carry out regulated activities and will stay in place until the FCA is satisfied it can be lifted. This was the third restriction placed on it after the first from 17 February that said no assets could be disposed of. A second on 25 February said Hartley Pensions Trustees Limited must not transfer any client funds held in Sipp and SSAS schemes. This applies to any person in Hartley Pensions or that is otherwise a connected person of the firm. The main thing the FCA has instructed Hartley Pensions to do is contact the top five Sipp client business relationships to inform them it cannot accept work from them. According to its latest accounts posted on Companies House to 30 April 2021 the firm was in some difficulty. They note that over the past few years Hartley Pensions has made a number of acquisitions which consisted of the acquisition of customer books including distressed books. The asset acquired was the customer book and no debts were taken on as part of the acquisition. The accounts add trade debtors therefore all relate to amounts billed by Hartley Pensions post acquisition. Also the directors have assessed the recoverability of these debts due to their age profile and the solvency positions of some of the underlying funds. In doing so they have classified them into categories in order to assess the recoverability. At 31 April 2021, trade debtors amounted to £2,869,404, of which £2,832,333 was overdue at the year-end. A provision of £485,000 was made against the trade debtors for potentially unrecoverable debt. The accounts say: “The directors are confident that the overdue debt will be paid when the program of cleaning up the distressed books is complete. However, a provision of £485,000 has been made to cover any potential under recovery.” By Michael Klimes 9th March 2022 4:02 pm View more on these topicsPensions News FCA si AddThis Sharing Buttons Share to FacebookFacebookShare to TwitterTwitterShare to LinkedInLinkedIn Want to comment? 0 comments Post your comment RECOMMENDED 3 Pensions Company news Pensions Sipps HARTLEY PENSIONS SNAPS UP ANOTHER FAILED SIPP FIRM Hartley Pensions has completed the purchase of another collapsed Sipp administrator with its acquisition of Guinness Mahon Trust Corporation. It has been an active buyer of books from collapsed Sipp administrators such as Lifetime Sipp Company, Berkeley Burke and GPC Sipp during the past couple of years. Failed wealth manager Greyfriars Asset Management also sold […] 18th February 2020 12:48 pm Pensions HARTLEY PENSIONS BUYS COLLAPSED SIPP ADMINISTRATOR The joint administrators of GPC Sipp have sold it to Hartley Pensions for an undisclosed sum. Adam Stephens and Henry Shinners of Smith & Williamson were appointed as joint administrators of GPC with the consent of the FCA on June 11, 2019. The deal was completed on August 12 and transfers the Sipp and SSASs […] 13th August 2019 2:42 pm Pensions Advisers Business Company news Pensions HARTLEY PENSIONS BUYS COLLAPSED SIPP FIRM’S ASSET BOOK Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […] 25th May 2018 12:56 pm 3 Pensions Pensions OVER £300BN OF UK SAVINGS INVESTED IN FIRMS LINKED TO DEFORESTATION Over £300bn of UK pension money is invested in companies and financial institutions with high deforestation risk. This is revealed in joint research by Make My Money Matter, SYSTEMIQ and Global Canopy. For an average defined contribution pension saver in the UK, two pounds of every 10 saved is invested in businesses with high deforestation […] 23rd February 2022 10:04 am Investments Investments WHAT ARE THE KEY INVESTMENT FACTORS FOR 2016? Vincent Chailley, CIO of H2O Asset Management, discusses the key investment factors in 2016, including volatility, the disconnection between central banks and its implications on markets, as well as opportunities that may exist for investors. 17th May 2016 3:09 pm RELATED ARTICLES FCA takes over regulation of funeral plans 29 July 2022 moneymarketing.co.uk FCA extends Consumer Duty deadline 26 July 2022 moneymarketing.co.uk STM group buys Mercer Sipp and Ssas books 26 July 2022 moneymarketing.co.uk Dentons: A crossroads for SIPPs? 3 June 2022 moneymarketing.co.uk Money Marketing Weekly Wrap Up – July 18 – July 22 22 July 2022 moneymarketing.co.uk The Morning Briefing: STM Mercer deal; Losses offsetting gains 26 July 2022 moneymarketing.co.uk COMMENTS LEAVE A COMMENT Cancel reply You must be logged in to post a comment. * Like our page on Facebook * Follow us on Twitter * Connect with us on Linked in * Watch PWTV on Youtube * Subscribe to our RSS feeds Money Marketing © 2022 Metropolis Group Holdings Limited and / or its subsidiaries and licensors. 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