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A pensioner representing 17,000 savers in the Hartley Pensions saga has taken Hartley to court and demanded to know where their money is.
London's High Court heard that Hartley Pensions has provided pension products for over 35 years but was placed into administration by the FCA in August 2022, a decision which director Tony Flanagan disagreed with.
The pension company was bought by Wilton UK Ltd in 2016 and is now wholly owned by Wilton Group Ltd.
On July 11 2023, there was a petition to wind up Wilton UK.
The Hartley Action Group was represented in court by Simon Nuttall.
In his statement, Nuttall told the court that a man called Nicholas Barnett had been part of the administration process since 2022 but has since put in an application to resign.
Where is the money?
Nuttall told the High Court yesterday (May 21) that Barnett was paid £700,000 in fees to oversee the process.
He said: "Where are the monies used to pay Mr Barnett’s fees sourced from?
"There is every evidence that these fees are paid for in pension money.
"I have researched this for two years to be able to say to you that Mr Barnett has taken from pensioners and never treated me fairly.
"Where is the money?
"There are contradictions that need explaining.
"I ask the court to demand [of] Mr Barnett, where is the £8.6mn, where is the £5mn?"
Nuttall also said in his statement: "We are wanting to go up to the Crown for further investigation, we think the Crown should be involved in this matter.
"The Hartley Pensions account has been eroded by £1bn or by 45 per cent over the years.
"There are 17,000 pensioners.
"Mr Flanagan has not explained where the money has gone.
"The pensioners want to know, where is their money?"
The court heard that the Financial Conduct Authority has previously confirmed that Hartley Pensions Ltd is owed over £5.2mn by Wilton UK Ltd.
A total of £13.6mn of pension money from Hartley Pensions Ltd was taken without consent of the pensioners for Wilton’s secured lending business, via an affiliate named WSL-Cyan Ltd.
The court heart that the Hartley Action Group is demanding Flanagan, who directed and controlled both Hartley Pensions Ltd and Wilton UK Ltd, accounts for pensioners' missing money.
At the end of yesterday's hearing Judge Nicholas Briggs said: "Nuttall comes before me, a passionate man and I thank him for his contributions.
"His contribution was that monies have gone missing that is £1bn or there about.
"He is very concerned.
"His points are clear that he wants to know what has happened to the money and where the remaining money should end up."
Tom Masters is a freelance court reporter
