It’s been a long road for clients of Hartley Pensions, many of whom began their SIPP journey with other companies such as Greyfriars SIPP who were then incorporated into Hartley when those companies failed.
Since then, Hartley itself went into administration in July 2022 leaving a lot of pension savers in limbo, waiting for the administrators (UHY Hacker Young) to provide a means of allowing them to move their pensions to a new provider.
The good news is that in an announcement on 7th January, 900 clients, with combined assets of £297m, have been successfully transferred from Hartley Pensions.
Hackney Young also conformed that additional transfers were underway. They also expressed gratitude for clients’ patience, given that Hartley Pensions this matter has been ongoing for 2 and half years.
Hartley’s downfall followed its acquisition of several SIPP portfolios from insolvent providers between 2018 and 2021. These portfolios were later discovered to include “toxic assets” which meant significant volumes of clients had lost money in investments such as Portfolio 6 from Greyfriars Asset Management and Store First.
What this means for Hartley Customers
There is a light at the end of the tunnel, The delays are largely down to Hartley’s failure to integrate the acquired businesses properly, coupled with its poor record-keeping, which resulted in significant delays. Reconstructing client account information that should have been readily available proved to be a time-consuming task for the administrators, but it appears they are almost there.
Future Transfers
Hacker Young expect to transfer another 1,200 clients to Morgan Lloyd and other operators over the coming months. However, they cautioned that resolving all client accounts could take up to another year. Hartley had over 16,000 clients in total before its collapse.
How can Claim My Loss Help?
Peter Kubik, a partner at UHY Hacker Young, commented:
If you have been a client of Hartley Pensions or any of the insolvent companies they acquired such as:
- Greyfriars SIPP
- Berkeley Burke SIPP
- Guinness Mahon
You could be entitled to compensation on various grounds including:
- Pension Advice Claims
- Investment Advice Claims
- Pension Transfer Advice Claim
Have you already made a claim? (You could be due more money)
We work on a strictly no-win no-fee basis so if we can’t get you any more money, you won’t pay us a penny.
