The UK regulator, the FCA, is taking steps towards enforcement action against self-invested personal pension operator Hartley Pensions on the grounds that the firm withdrew substantial amounts of customers’ pension funds without their consent to benefit an individual at the firm.
The individual is alleged to have made false representations to obtain money for a company they owned, subsequently misleading the FCA to conceal the misconduct.
SIPP operator Hartley, which went into administration in July 2022, is also alleged to have provided the FCA with false and misleading information.
The regulator issued warning notices to both the firm and the individual on 6 March. Both recipients are entitled to make representations to the Regulatory Decisions Committee, which will decide whether to issue a decision notice. If the FCA makes these final decisions it will publicise its findings.
