Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of whether the FCA’s supervisory actions prior to the collapse of Hartley Pensions were sufficient to protect SIPP holders.

Hartley Pensions is authorised and regulated by the Financial Conduct Authority (FCA), which is responsible for supervising firms and protecting consumers. The FCA imposed requirements on the firm prior to its failure, as soon as it became aware of operational, financial and regulatory issues. In July 2022 the FCA requested that the firm enter administration in the interests of clients. FCA supervisory action in relation to this case is ongoing.

HMT works closely with the FCA to monitor the sector and address emerging risks.