Some 16,000 customers have been trapped for a long time. Their original pensions were transferred over to Hartley’s a number of years ago, due to the demise of their own SIPP provider. However they found themselves worse off when Hartley’s went into administration.
Instead of the security the clients deserved, they ended up entrapped with their new provider.
Hacker Young
Hacker Young, finding the company in financial difficulties, didn’t make friends along the way; chasing clients for overdue fees and charges.
This impacted large numbers of clients, as they had not only suffered losses to their pension funds, but were also left with no way to close their SIPP’s or have the option of transferring out – as other providers would not accept the tainted assets.
The FSCS stepped up and agreed to pay the exit and closure fees, and after large sums of money were paid, Hacker Young finally set out their plan to close the business by the end of June.
Hartley’s SIPP
This proved an ambitious task for the small admin team left at Hartley’s, who have been struggling to keep up with the day-to-day running of the SIPP for the last 4 years. The large number of data requests whilst dealing with customers, the FSCS and third parties only made their work more difficult – unfortunately, to the detriment of the vulnerable clients left behind in all this mayhem.
Transfer Timescales
Whilst the transfer out of all clients was planned to be completed by the end of June, Hacker Young has now issued an update to clients, explaining that, due to factors outside of their control, the timetable has changed.
Meanwhile, the administrators explained that they had identified a preferred operator, Morgan Lloyd. Discussions took place to determine the most appropriate way to transfer clients over.
Clients still have the right to opt out and find a provider of their own choice.
We have seen copies of the tranche 2 clients (clients with less than £10,000 in cash or asset value, of pensionable age with no impaired assets) correspondence issued regarding the transfer out, which has led to much confusion.
Call Us Now For A No-Obligation Chat
If you were a member of a Lifetime SIPP, Guardian Pension Consultants SIPP (GPC), Berkeley Burke SIPP, Guinness Mahon SIPP or Greyfriars SIPP act now and get those transactions reviewed, especially if the asset statement you have received does not match your original investment values!
We offer a free assessment of your situation to find out if you may be owed money redress. We will inform you of other options available to you. Don’t delay because there are time limits to claim your compensation. The best time to act is now!
Contact us for an informal discussion to explore your options. You’ll also get a better understanding of how we work before deciding on your best course of action.
Impartial Claims Advice
Why don’t you let us review the transactions made – and if we can’t help you won’t pay a fee.
Please remember that it’s always important to get impartial advice, no doubt you will receive cold calls from companies which have made deals with the firms involved.
Instead you may wish to speak to one of our Financial Claims Consultants
You might find that we can help where others couldn’t – and we’ve got the customer feedback to prove it!
You should also get in touch with us if you have any concerns about the advice you received or the way your investments are performing.
Most clients don’t understand that they may have suffered losses, as their annual statements show that the pension fund is still valued at purchase price.
We have been fighting your corner for years – and may just know a trick or two, helping you to finally obtain compensation!
Financial Claims Made Simple
ACL Consultancy Ltd have been in operation as a claims management company (CMC) for over 10 years and have offered the lowest flat fee service in the industry since 2017.
We are able to work for a reasonable fee because we don’t buy your data from the companies involved in your claim. We pass these cost savings on to you. Our success is your gain.
Our team possess a deep knowledge of pension and investment compensation, including overseas property investment, and welcome your call to find what solutions are available to you. So, you’ve nothing to lose and everything to gain by calling us today.