Hartley Pensions, which was authorized and regulated by the FCA, entered administration after being subject to several regulatory restrictions due to serious operational, financial, and regulatory issues. The FCA is now taking enforcement action against the firm and an unnamed individual. According to the FCA, Hartley Pensions repeatedly provided false and misleading information to the regulator and improperly withdrew and invested customers' pension funds without their consent to benefit an individual at the firm.
The regulator considers that Hartley Pensions breached Principles 1 (Integrity), 3 (Management and Control), and 6 (Customers' Interests) of the FCA's Principles for Business during the period from December 11, 2021, to June 15, 2022. The warning notices issued are not the FCA's final decisions, and Hartley Pensions has the right to make representations to the Regulatory Decisions Committee. If the FCA makes final decisions, it intends to make its findings public at the appropriate point, including any proposed sanctions.
The identity of the unnamed individual, the specific false information provided, the amount of money improperly withdrawn, and the company that benefited remain unknown, as do the potential sanctions if final decisions are reached.