Hartley – the story so far

ShareSoc director Mark Bentley has been working hard behind the scenes to support Hartley pension clients. 

In July 2022, Hartley entered administration. In February 2023, as part of our ongoing work to represent individual shareholder rights, ShareSoc director Mark Bentley joined an informal client committee to help represent the interests of Hartley clients.  

Despite significant obstacles, we assisted in obtaining the agreement of the FSCS in early 2024 to cover the costs of the administration process. This was a huge win. 

ShareSoc also formed the Hartley Client Support Group, with an online forum for our full members and a Facebook group to facilitate communication with and between Hartley clients who are not full ShareSoc members. 

Yet, despite the path being cleared for Hartley clients’ SIPPs to be moved to other, solvent, providers, many clients are still waiting for their transfer to take place, well over two years on.  

We continue to assist affected ShareSoc members to expedite their transfers. We are working with our contacts at the FCA to progress individual cases and the regulator’s support has been invaluable. We are pressing for a “lessons learned” session with the FCA, to review how similar cases can be avoided, or at least handled more efficiently, in the future. 

Without our members’ subscription fees, we wouldn’t have the resources to represent individual shareholders as we do. If you aren’t already a member, please consider joining here.  You may also like to donate to help support our work. 

17 Comments
  1. Mr. Hilary Bishop says:

    As a Hartley SIPP client, I would like to say a big thank you to Sharesoc and especially Mark Bentley in trying to get my SIPP transferred after 2 years of prevarication by the administrators UHY Hacker Young. If ever an Insolvency Practitioner needed to loose their licence to operate, it must be them !

  2. David Lewsey says:

    As a Signet member – this is the first I’ve heard of the Sharesoc/ Hartley discussions. I’ve had numerous problems with the inactivity/ mistakes/ errors of Hartleys / UHY Hacker. I have a substantial sum invested in my Hartley SIPP and it seems stuck !
    I’d be happy to join Sharesoc for assistance.

    • Mark Bentley says:

      Hi David

      It’s been difficult to publicise the work we did on the Hartley case, due to NDA restrictions whilst we were members of the client committee. We’ll shortly be launching a formal support group for Hartley clients (we already have an informal one). If you upgrade to premium ShareSoc/SIGnet membership, you’ll have access to an active private online forum we created for Hartley clients.

      I’ll do my best to help you with your case.

      Regards

      Mark

  3. Sunil Chadda says:

    Great work Mark and ShareSoc. Thank you

  4. david lewsey says:

    Mark ! I have this afternoon crossed the Hellespont and Joined Sharesoc from Signet !! As mentioned before I have all sorts of concerns/ complaints/ frustrations with Hartleys and their handling of my SIPP. ( Which was transferred to them from Greyfriars a few years ago !) – Obviously ‘I know how to pick em !!
    Thank you for the offer of assistance.
    Once I’ve got ll my Sharesoc credentials – I’llbe in touch.
    Thank you
    David Lewsey

    • Mark Bentley says:

      Hi David

      Thank you for upgrading to premium membership. It really helps us in maintaining an organisation to support you and the community of individual investors in the UK.

      The transfer of your SIPP from Greyfriars to Hartley is one of the key issues that we want to discuss with the FCA in a “lessons learned” meeting. This is not the first time that SIPPs have been transferred from a failed SIPP operator or brokerage to another unsuitable operator/brokerage. There was a similar issue following the failure of SVS Securities, when client accounts were transferred to ITI Capital, who turned out to be unable to cope. In that case also ShareSoc had to intervene, in collaboration with the FCA, to get dissatisfied clients transferred to better equipped firms. ISTM that the problem has been that the FCA has looked for (relatively) quick and easy solutions when a firm fails and haven’t been fussy enough in selecting a suitable firm to take on client accounts from the failed firm.

      Part of this is that some of the accounts with the failed firm are “problem accounts” (e.g. in Hartley’s case, those containing “toxic assets”). That means that high quality firms are unwilling to take on the accounts from the failed firm, en masse as they’d then be left with the problem and expense of dealing with the problem accounts. What needs to happen IMO is for the FCA to first undertake an exercise to identify the “problem accounts” and separate them from those without issues. The problem accounts then need to be passed to a specialist organisation (similar to the concept of a “bad bank” when banks fail), whilst I’m sure reputable firms would then be more than happy to take on the accounts without problems.

      Best
      Mark

  5. Alan Paddock says:

    Dear Mark
    Thank you for your work on this issue.
    The article above says “many clients are still waiting for their transfer to take place”. I am one such, with a ‘standard’ set of investments, no toxic etc.
    I have been unable to find any clients who have been transferred out, I wonder if ‘many’ should be ‘all’ in the above phrase.
    Are you able to give an approximate idea how many of the 5000+ affected clients have actually been successful transferred?
    Thank you.
    BR
    Alan

    • Mark Bentley says:

      Dear Alan

      Sorry to hear that you are amongst the “many”. I have not had confirmation that any clients have yet transferred out successfully but can’t say definitively that none have, hence I can’t say “all” with any certainty.

      I will soon need to chase again on a number of specific outstanding cases that I’ve been assisting with.

      Best
      Mark

  6. david lewsey says:

    I am assuming that my SIPP has ‘impaired’ or ‘toxic’ assets…. one of which would be Dolphin bonds ( later German Property bonds) which many of us refugees from Greyfriars held.
    But I’ve never received confirmation of this from UHY.
    I understand that some SIPPs have been transferred to Morgan Lloyd ??
    Mark thankyou for all this effort…

    • Mark Bentley says:

      Hi David

      AIUI only those SIPPs without “toxic” assets are eligible for bulk transfer to Morgan Lloyd. Whilst it is understandable that more time is required to make arrangements for those SIPPs that are not eligible, I think this is now taking far too long.

      I have been in communication with the FCA about certain specific cases for affected ShareSoc members (involving both SIPPs that their owners believe don’t contain toxic assets and some that do). I will be chasing the FCA in the new year about those cases and continuing to urge them to pressure UHY to ensure that Hartley has sufficient adequately trained and qualified resources to get all cases resolved.

      It’s a scandal that 2.5 years on from Hartley entering Administration, we’re still waiting for clients to regain full control over their SIPPs.

      If you haven’t been advised which tranche your SIPP falls into, I recommend that you contact Hartley to clarify the status of your SIPP. In their update of 19th December UHY say:

      Clients are reminded that any responses to their document packs should be directed to the team at Hartley, either by email to admin@hartleypensions.com or phone on 0117 316 9991. Please do not contact UHY Hacker Young’s office as they will not be able to assist.

      If the Hartley team don’t answer your query satisfactorily, please let me know and I can bring this to the FCA’s attention.

      Happy New Year!

      Mark

  7. david lewsey says:

    Ma
    Copy of my request to Hartley a fortnight ago – surprise – NO ANSWER !!
    Good morning and Happy New Year !
    I assume that the transfer of my SIPP to Morgan Lloyd may have been held up because it contains ‘ toxic’ or ‘impaired’ investments.
    Could you please notify me as to which investments are considered ‘toxic’ or impaired and which category does my SIPP fall into…
    Of course, a realistic estimate as to when my SIPP might be transferred would also be welcome.
    Regards

    • Mark Bentley says:

      Thanks David

      I’ll get in touch with the FCA about Hartley’s lack of responsiveness, as soon as I can.

      Best
      Mark

      • Mark Bentley says:

        I have finally had a reply from the FCA. They say:

        I have confirmed that due to Mr Lewsey’s SIPP holding several impaired assets his account has been allocated to tranche 6. He should have received correspondence about this in September. If he is in contact with Hartley, he may want to ensure they have his up-to-date contact details.

        General correspondence to the different tranches of customers is being published on the Joint Administrator’s (JAs) website so hopefully confirmation of which tranche he is in at least allows him to monitor the correct updates. We understand that the JAs will share more on their plan for tranche 6 customers as soon as they are able.

        More generally, we recognise the length of time the administration process is taking is causing distress to customers and are working with the JAs to ensure the process is efficient as possible. You may have seen that customers have begun to be transferred out, and we expect the number of transfers to increase significantly over the coming months.

        This is too vague for my liking. We will discuss Hartley’s (lack of) progress in ShareSoc’s policy committee shortly and consider what further action we might take.

  8. Alan Paddock says:

    Hi Mark,
    I understand from UHY bulletin before Christmas UHY Hartley have been coming up to speed with ‘new’ pension management software.
    Do you have a view if this new tool will include the Origo Pension Transfer Software which allows swift transfer between pension management companies?
    I understand this is UK pension industry ‘standard’ practice.
    Disappointingly FTadviser is saying just 5% of Hartley clients have been transferred (ftadviser 7/1/25). Hopefully the administrators new software will ramp this up.

  9. david lewsey says:

    A new LOW for Hartleys ! They have taken £1500 from my linked bank account without any explanation. Furthermore payment seems to have been made to two individuals ? a P Kubik and B Johnson… This might be an annual fee – but surely they should have told me ? I have emailed them but dont expext a reply !!

    • Mark Bentley says:

      Thanks for letting us know, David. I will be in contact with the FCA shortly re Hartley and will add this to the list of issues. Your case generally is on my list of issues to follow up on.

      Kubik & Johnson are the official Joint Administrators of Hartley, appointed under the Insolvency Act.

      • Mark Bentley says:

        I have now asked for an explanation of this deduction, for you. Will advise what response I receive.

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