Self-invested personal pension (SIPP) operator, Hartley Pensions, asked the Financial Conduct Authority (FCA) to impose requirements preventing it from accepting ongoing contributions into the SIPPs/small self-administered schemes (SASS) administered by it, according to the regulator.
On July 11, the provider also asked the FCA to temporarily stop transfers or switches of SIPPs or SSASs until 22nd July at the earliest. These restrictions were imposed due to a "number of serious operational and regulatory issues," at the firm, according to the FCA. As a result, the operator's clients will not be able to make any new or ongoing contributions into their SIPP or SSAS, or move their SIPP or SSAS to another provider, according to the regulator. It added that even if a request to move was received prior to these requirements being imposed but the SIPP or SSAS still had ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
