FSCS to cover Hartley SIPP members' exit and admin charges

FSCS reverses decision and extends support to Hartley SIPP members

Sahar Nazir
clock • 1 min read

The Financial Services Compensation Scheme (FSCS) has reversed its decision and extended support to Hartley self-invested personal pension (SIPP) clients facing administration charges.

The SIPP operator, which also manages a small number of small self-administered schemes (SSAS), went into administration in August 2022 at the request of the Financial Conduct Authority and is under investigation by the FSCS. The FSCS previously said it would not pay the charges but decided yesterday (29 January) that it would pay the exit and administration charge (EAC) after it "obtained and considered further evidence". It previously said the charges were outside the scope of its rules. It said it would protect Hartley SIPP members by paying compensation for the EAC, following the ...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA delivers plans to regulate cryptocurrency

FCA delivers plans to regulate cryptocurrency

Regulator releases roadmap setting out a series of consultations

Isabel Baxter
clock 26 November 2024 • 4 min read
News editor's view: Disconnects, deals and debates

News editor's view: Disconnects, deals and debates

The news editor's Friday Night Takeaway from 22 November

Sahar Nazir
clock 25 November 2024 • 2 min read
PA Asks: Is the FCA's pensions targeted support consultation a good move?

PA Asks: Is the FCA's pensions targeted support consultation a good move?

This week’s poll also looks at FOS/FCA modernisation and the Mansion House speech

Professional Adviser
clock 25 November 2024 • 1 min read