Discussions on sale of Hartley Ssas book continue

Discussions on sale of Hartley Ssas book continue

The administrators of Hartley Pensions have written to clients to let them know that discussions are ongoing regarding the sale of the firm’s self-administered pensions scheme client book.

Joint administrators, Brian Johnson and Peter Kubrik of UHY Hacker Young, remain in talks with the preferred operator for the client book regarding the heads of terms and the mechanism of the sale transfer.

The letter reiterated that once the sale has been finalised, all Ssas clients will receive direct communications with details of the preferred operator and the process of how their Ssas will be transferred. 

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At the end of November, UHY Hacker Young Chartered Accountants said the sale to a new preferred operator would not be completed before the first quarter of 2023 due to logistical issues.

The November letter also addressed concerns following an email sent by a director of Hartley Pensions to Sipp clients a week before which claimed the FCA had put the value of Sipp clients’ pension funds at risk.

The email, sent by Tony Flanagan, was met with push back from the FCA who said the communication contained “factual inaccuracies” which may have caused concern.

Back in March, the FCA told Hartley it could no longer accept new clients and a restriction was placed on new business.

In August, the FCA confirmed Hartley had entered administration.

The most recent letter sent to Ssas clients by the administrators reminded clients to be mindful of potential fraud and pointed any clients with outstanding questions to an FAQ page on the administrators website.