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  "path": "/money/pension-firm-accused-of-misleading-customers",
  "publishedAt": "2026-04-17T21:06:12.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Pensioners forced back to work as inflation erodes retirement incomes: 'It absolutely destroyed me'",
    "Skipton Building Society issues warning as £100,000 pension to only last four years in retirement",
    "Labour wins vote to take control of private pension pots in 'another attack on savers'",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nThe Financial Conduct Authority (FCA) has launched enforcement proceedings against Hartley Pensions and an individual following the firm’s collapse into administration in 2022.\n\nThe regulator alleges the company repeatedly provided false and misleading information while improperly withdrawing and investing substantial sums from customers’ pension pots without their knowledge or consent.\n\n###\n\n\n\n\nAccording to the FCA, the actions were carried out to benefit a specific individual within the organisation.\n\nThe FCA stated: \"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.\"\n\n###\n\n\n\n\nTRENDING\n\nStories\n\nVideos\n\nYour Say\n\n###\n\n\n\n\nWarning notices have been issued to both Hartley Pensions and the individual involved as part of the enforcement process.\n\nHartley Pensions operated as a self-invested personal pension provider under FCA authorisation and regulation, while also administering a smaller number of schemes overseen by The Pensions Regulator.\n\nAt the time of its collapse, the firm had more than 16,000 clients.\n\nAdministrators UHY Hacker Young reported that the company managed 16,666 SIPPs alongside 360 SSAS arrangements.\n\n###\n\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nWhile Hartley handled the administration of these schemes, customer assets were held separately by trustee entities rather than directly by the firm.\n\nThe company entered administration in 2022 following a request from the FCA after a period of mounting operational, financial and regulatory challenges.\n\nPrior to its collapse, the firm had been operating under multiple restrictions imposed by the regulator.\n\nThe FCA alleges that the individual at the centre of the case dishonestly used pension funds and made false representations to obtain money for a business they owned.\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Pensioners forced back to work as inflation erodes retirement incomes: 'It absolutely destroyed me'\n  * Skipton Building Society issues warning as £100,000 pension to only last four years in retirement\n  * Labour wins vote to take control of private pension pots in 'another attack on savers'\n\n\n\n###\n\n\n\n\n###\n\n\n\n\nIt is further alleged that the individual deliberately misled the regulator in an attempt to conceal the activity.\n\nThe FCA stated: \"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.\"\n\nAccording to the regulator, the conduct fell short of the standards expected within financial services.\n\nHartley is also alleged to have withdrawn and invested pension funds without carrying out adequate due diligence or securing customer consent.\n\nFailures to communicate with pension holders and to address conflicts of interest were also cited as part of the alleged misconduct.\n\n###\n\n\n\n\n###\n\n\n\n\nThe warning notices state that the actions reflected a prioritisation of personal interests over those of customers.\n\nThe FCA considers that between December 11 and June 15 2022, the firm breached three of its Principles for Business, including those relating to integrity, management and control, and customers’ interests.\n\nThese warning notices do not represent a final determination, with both Hartley Pensions and the individual retaining the right to respond.\n\nThe case will be considered by the Regulatory Decisions Committee, which will decide what action, if any, should be taken.\n\nIf the FCA reaches a final decision, it has indicated that its findings and any sanctions will be published at a later date.\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Pension firm accused of 'misleading' 16,000 savers after collapsing into administration"
}