Hartley Pensions SIPP — FSCS Failure February 2024 — What It Means and Your Claim Options

Who Was Hartley Pensions?

Hartley Pensions Limited was a SIPP operator that grew largely by taking on other operators' clients. When Greyfriars Asset Management LLP went into administration in October 2018, its SIPP and SSAS business was sold to Hartley Pensions on 25 October 2018. When Berkeley Burke SIPP Administration went into administration in September 2019, its SIPP business was also transferred to Hartley.

Many of the investments held in those SIPPs were illiquid and non-standard. The FCA stopped Hartley taking on new business, and Hartley went into administration at the FCA's request on 29 July 2022, with Peter Kubik and Brian Johnson of UHY Hacker Young appointed as joint administrators. The FSCS declared Hartley failed on 21 February 2024.

What the FSCS Has Done for Hartley Customers

The FSCS is not open to claims directly against Hartley. Instead:

• It paid compensation into a trust account to fund the administrators' exit strategy, so customers do not have to pay the proposed exit and administration charge. You do not need to make a claim for those costs.
• Customers are being transferred to new SIPP providers in tranches. By June 2025 some had received transfer packs and the first transfers had taken place.
• Customers whose SIPPs hold impaired assets are being dealt with later, because the administrators plan to deal with those assets first.
• For some 'restricted' SIPPs, money was moved without authorisation and later repaid. It is being ring-fenced because of civil litigation in the Isle of Man, and the FSCS has not yet decided whether further compensation is payable.

The FSCS updates its Hartley page as the administration progresses, so check it for the position on your tranche.

Could You Have a Claim Elsewhere?

The FSCS's arrangements cover the cost of leaving Hartley. They do not compensate you for losses on unsuitable investments. Those losses usually lie with whoever recommended or accepted the investments. You may want to look into this if any of the following apply:

• You held a SIPP with Hartley Pensions, whether you opened it there or it was transferred from Greyfriars Asset Management or Berkeley Burke
• Your SIPP held non-standard investments, such as storage pods, Store First leases or overseas property
• Your investments within the SIPP are illiquid, have not produced the promised returns, or are worth significantly less than you invested
• You were not given adequate information about the risks of the underlying investments
• The original advice to invest in these assets was given by a financial adviser or an unregulated introducer

You can make complaints and FSCS claims yourself, free of charge. If you would like us to look at your options, we can check which firms were involved and whether any time limits apply.

The Greyfriars Connection

Greyfriars Asset Management LLP was a discretionary fund manager and SIPP operator. The FCA had expressed concerns about its Portfolio Six offering, and in 2016 told the firm to stop accepting new money into it. Greyfriars went into administration in October 2018, with Smith & Williamson (now Evelyn Partners) as administrators, and its SIPP and SSAS business moved to Hartley. Many former Greyfriars clients therefore found themselves holding the same illiquid investments inside a Hartley SIPP.

What to Do Next

Hartley Pensions FAQ