Have you ever wondered how you’d feel if your pension provider went out of business owing you money?
Sadly that’s the situation thousands of Hartley SIPP clients have been in since 2022.
Hartley Pensions who traded as Recovery SIPP, Resolution SIPP & Hubwise SIPP and went on to acquire Greyfriars SIPP and Gaudi SIPP prior to going into administration have been featured in the press again and it’s still bad news for their clients.
Collectively across the various brands involved Hartley has left a wake of issues following its administration.
Can you imagine the uncertainty of not knowing what is happening with your pension savings?
We have submitted dozens of claims against Hartley SIPP via the FSCS and at one stage we simply couldn’t get any valuations for FSCS to base their compensation on, leaving pensioners in limbo as they could neither get access to their funds from Hartley nor receive compensation for losses they had suffered due to unsuitable, non-standard investments which they had invested their pension money into via Hartley SIPP.
Did you know a lot of Pension Providers and Platforms who have allowed non-standard investments have not valued those investments at zero? This means a lot UK Pension savers don’t find out they can’t access their pension money and need to make a claim until they are about to retire!
On a positive note we are pleased to say on the compensation front, things are now moving a lot more quickly. However if you had any dealings with Hartley SIPP, their various trading styles or simply were convinced to transfer your pensions following a “Free Pension Review” we would urge you to get in touch for a no obligation review and valuation to see what compensation or financial redress you may be due.
We hope to speak with you soon, below is the latest news on Hartley SIPP
A Hartley Pensions SIPP client has contacted PA, expressing concern that they have yet to receive their transfer documents from the joint administrators, UHY Hacker Young.
This follows an update from the Financial Services Compensation Scheme (FSCS) on 4 April, which indicated that these communications would be dispatched between April and June.
It appears that other clients may also still be waiting for their documents, as UHY Hacker Young informed PA that Platform One holders should expect to receive their transfer paperwork within the next two to three weeks, despite having anticipated them much earlier.
The client who reached out to PA reported receiving a letter from UHY on 4 April, stating that Tranche 1 White Label account holders would receive their forms that month. However, no such documents have been forthcoming.
“Given the drawn-out nature of this Hartley situation, my frustration, along with that of thousands of other account holders, continues to grow,” they told PA.
The client mentioned that they had phoned joint administrator Peter Kubik, leaving a message on his mobile. Kubik returned the call and discussed the delay, explaining that some guidance or agreement had been provided by HMRC and the Financial Conduct Authority (FCA), which should expedite the process for Platform One holders to receive their documents. This conversation took place about a month ago.
However, according to the client, there were additional details that Kubik was unable to disclose at that time.
The Troubled History of Hartley Pensions Peter Kubik and Brian Johnson were appointed as joint administrators in July 2022, a move that prompted a reassessment by the FSCS.
Initially, the FSCS had stated it would not cover the charges, but on 29 January, it reversed this decision after “obtaining and considering further evidence,” agreeing to pay the exit and administration fees. Previously, these charges were considered outside the scope of FSCS rules.
Hartley Pensions entered administration on 29 July 2022 at the request of the FCA and subsequently came under investigation by the FSCS.
The firm was declared in default by the FSCS on 21 February this year, following the investigation.
Failed Sale of Hartley’s SASS Book and Escalating Unsecured Claims In their most recent progress report, released on 22 August, Kubik and Johnson confirmed that a potential sale of Hartley’s small self-administered schemes (SASS) book fell through due to conditions attached to the offers.
The joint administrators also revealed that £3 million is still owed by companies within the Wilton Group, the parent company of Hartley Pensions. However, it is unlikely that this sum will be recovered, as the firm has entered insolvency proceedings.
The report further disclosed that HMRC submitted a lower-than-expected secondary preferential claim against Hartley, amounting to £102,359, whereas a claim of £300,000 had been anticipated.
Unsecured claims against Hartley Pensions were initially estimated at £503,451, but current claims have soared to nearly £1 million.
The administrators noted in their latest update that it remains uncertain whether any dividend will be available to any class of creditor.
