The joint administrators have written to consumers explaining the steps they are taking in the administration, and further information is provided on their website.

On Wednesday 23 November, a communication was sent to members of the pension schemes – administered by Hartley – by Tony Flanagan, a director of Hartley, and the director of the companies that act as trustees of the Hartley SIPPS, without the agreement of either the joint administrators or the FCA.

The communication contains factual inaccuracies which may have caused customers concern.

Customers’ existing pension assets are currently unaffected by the firm going into administration. They are held by trustee firms, which are not regulated by the FCA and have not entered into insolvency. Pension assets cannot be removed without appropriate consent.

It is for the administrators to determine how the costs of transferring customers’ SIPPS to alternative regulated SIPP operators should be charged. However, if any deductions are required to be made from customers’ SIPPS, then the administrators will be required to make an application to the court and any fees would be subject to the oversight of the court.