FCA takes next steps toward enforcement action against Hartley Pensions and an individual

Hartley was a Self-Invested Personal Pension operator, which went into administration in July 2022. The FCA alleges that Hartley provided it with false and misleading information and improperly withdrew and invested substantial amounts of customers’ pension funds, without their consent, to benefit an individual at the firm.

The FCA alleges that the individual dishonestly used the pension funds and made false representations to obtain money for a company that they owned. They then misled the FCA to conceal this misconduct.

The issued Warning Notices are not the FCA's final decisions and there is a right to make representations to the Regulatory Decisions Committee. In the event that the FCA makes final decisions, it intends to make its findings public at the appropriate point, but it cannot provide any further detail beyond the Warning Notice Statement at this stage, including about any proposed sanctions.

Notes to editors

1. Warning Notice Statement for Hartley Pensions Limited (PDF)[1].
2. Warning Notice Statement for individual (PDF)[2].
3. The FCA previously provided an update: Hartley Pensions Limited enters administration[3].
4. In relation to the Warning Notice for the individual, subject to any written and/or oral representations to it, the Regulatory Decisions Committee may decide to take no further action, in which case the matter is discontinued, or to proceed with enforcement action, issuing a Decision Notice setting out the action to be taken. If a Decision Notice is issued, the subject may refer the matter to the Upper Tribunal. If it is not referred, or if the case is settled, the FCA will issue a Final Notice giving effect to the outcome.