Hartley Pensions Limited

Limits on the record

• No New Business

  Hartley Pensions Limited (the “Firm”) applies under section 55L(5)(a) of the Financial Services and Markets Act 2000 (“FSMA”) for the Financial Conduct Authority (the “FCA”) to impose the following requirement (the “Requirement”) on the Part 4A permission of the Firm, as set out in the terms below. Requirement in relation to new business 1. In relation to the conduct of regulated activities, the Firm: (a) must not, except as expressly authorised in writing by the FCA: (i) accept any new clients (ii) generate a new pipeline of clients; (iii) carry on any work, including all regulated activities, for, or in relation to, any client, unless expressly permitted by paragraphs 1(b) and 2 below; (b) must, in relation to pipeline SIPP/SSAS business, take the following steps: (i) be open and transparent and answer factually any enquiries, or concerns or queries relevant third parties, including product providers, advisers, introducers or pension scheme operators or administrators may have; and (ii) as soon as possible and in any event within 3 working days of this requirement coming into effect, contact its key top 5 SIPP client business relationships to inform them that the Firm cannot accept further SIPP/SSAS pipeline business for them and will contact all other business relationships as soon as reasonably practicable. (iii) confirm pipeline business received prior to the 4 March 2022 will be processed to completion as per definition (e) below. 2. For the avoidance of doubt the Firm is permitted to carry on the following regulated activities: (a) receiving new contributions from an existing client solely for the purpose of adding/supplementing, and/or arranging the purchase of, standard assets for including in a SIPP or SSAS already held by the existing client; (b) providing continuing support in the ordinary and proper course of business (including answering queries) to and for existing clients solely in relation to their existing SIPPs and SSAS; (c) completing transfers and transfer requests for pipeline business received prior to 5pm 4 March 2022. 3. In this requirement: a. terms have the same meaning as in the FCA Handbook, unless otherwise stated; b. “existing client” means any client who, as at the date the Firm applies for this requirement, already holds a SIPP or SSAS operated by the Firm; c. “new client” means any client other than an existing client or a pipeline SIPP/SSAS business client; d. “new contribution” is a transfer of assets from an existing client into a SIPP or SSAS operated by the Firm, to the exclusion of any funds or other assets transferred, or derived, from an existing pension scheme, or any right or interest in a pension scheme, held or owned by the existing client; e. “pipeline SIPP/SSAS business” includes any SIPP or SSAS business currently being processed by the Firm including where a switch or transfer of funds has been requested by a client but has not yet been completed; f. “pipeline SIPP/SSAS business client” means a client of the Firm’s pipeline SIPP/SSAS business; g. “standard assets” means: (i) standard assets set out in the list of Standard Assets in IPRU-INV 5.9.1 of the FCA Handbook, and/or (ii) direct property investment and term deposit accounts where these are only classified as non-standard by virtue of note 1 to IPRU-INV 5.9.1 regarding liquidity within 30 days. Effective date 4. The Requirements in this application is to take immediate effect on its acceptance by the FCA and notification of such to the Firm by email. 5. The Requirement will stay in effect until the FCA is satisfied that it can be lifted.

• No New Or Ongoing Contributions

  Hartley Pensions Limited applies under section 55L(5)(a) of the FSMA 2000 for the FCA to: A. Impose the following new requirement on the Part 4A permission of the Firm: 1. In relation to any of its business, the Firm: a) must not, except as expressly authorised in writing by the FCA: i) receive new or ongoing contributions, or pension transfers or switches, from any existing client; ii) process any pipeline SIPP/SSAS business received prior to the date on which this requirement becomes effective; b) to the extent necessary to give effect to 1a, must instruct any trustee company accordingly; 2. For the avoidance of doubt the Firm is permitted to carry on the following activities: a) receiving, in relation to existing clients, automatic deposits from third parties beyond the control of Hartley Pensions, for example HMRC or dividend payments; b) providing continuing support in the ordinary and proper course of business (including answering queries) to and for existing clients solely in relation to their existing SIPPs and SSAS. 3. In this requirement terms have the same meaning as in the FCA Handbook, unless otherwise stated; a) “existing client” means any client who, as at the date the Firm applies for this requirement, already holds a SIPP or SSAS operated by the Firm b) regular withdrawals means any current ongoing withdrawals or withdrawals which are typical requests made by a member in relation to its SIPP/SSAS except transfer out requests (in part or whole); c) “new contribution” is a transfer of assets from an existing client into a SIPP or SSAS operated by the Firm, to the exclusion of any funds or other assets transferred, or derived, from an existing pension scheme, or any right or interest in a pension scheme, held or owned by the existing client; d) “pipeline SIPP/SSAS business” includes any SIPP or SSAS business currently being processed by the Firm including where a switch or transfer of funds has been requested by a client but has not yet been completed; e) “pipeline SIPP/SSAS business client” means a client of the Firm’s pipeline SIPP/SSAS business; B. Vary the existing requirement on the Part 4A permission of the Firm, effective since 25 February 2022 and published on the FS Register under the reference “Client Funds effective 25/02/2022” (the existing Client Funds requirement), as follows: Variation of existing Client Funds requirement 4. Paragraph 1 of the existing Client Funds requirement is replaced from the effective date of this requirement with: Except as expressly authorised in writing by the FCA, the Firm must not transfer (in part or whole) any SIPP or SSAS (or any amount representing entitlements under any SIPP or SSAS) administered by the Firm or by Hartley Pensions Trustees Limited (“the Trustee”) (“client funds”) (and must not direct that the Trustee or any other trustee or administrator makes any such transfers) to any person, except this does not prevent the Firm from instructing the Trustee to continue paying regular withdrawals to the members or to third parties on behalf of members. On expiration of this variation (12 September 2022) paragraphs 1 and 2 of the existing Client Funds requirement are reinstated. C. Vary the existing requirement on the Part 4A permission of the Firm, effective since 4 March 2022 and published on the FS Register under the reference “No New Business” (the “existing No New Business requirement”), as follows: Variation of existing No New Business requirement 5. Paragraphs 2(a) and 2(c) of the existing No New Business requirement stop applying from the effective date of this requirement. Effective date 6. The requirements in this application are to take immediate effect on its acceptance by the FCA and notification of such to the Firm by email. 7. The requirements will stay in effect until the FCA is satisfied that they can be lifted.

• Asset Restriction effective 17 February 2022

  1. The Firm must not, without the prior written consent of the FCA, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets (whether in the United Kingdom or elsewhere). 2. The assets restriction does not apply to monetary payments or the disposal of assets made by the Firm in the ordinary course of business or in compliance with legal obligations. The following payments shall not be regarded as payments in the ordinary course of business: a) The making of any gift or loan, or the provision of any other form of financial accommodation, by the Firm to any other person. b) Payments of unusual or significant amounts to the Firm’s controllers, shareholders, directors, officers, employees or any connected persons. c) The making of any dividend or capital distribution. d) Payments made as part of any financial restructuring or reorganisation of its business (whether share or asset based).

• Requirement in relation to new business (amendment)

  Hartley Pensions Limited (the “Firm”) applies to the Financial Conduct Authority (“the Authority”) under section 55L(5)(b) of the Financial Services and Markets Act 2000 (“FSMA”) to vary the existing requirements imposed on the Firm pursuant to a voluntary application for the imposition of requirements dated 4 March 2022 (“the Original Application”) in the terms set out below. The varied requirements (“the Requirements”) will take effect from the date defined below (“the Effective Date”) and will replace the requirements imposed in the Original Application. Requirement in relation to new business 1. In relation to the conduct of regulated activities, the Firm: (a) must not, except as expressly authorised in writing by the FCA: (i) accept any new clients; (ii) generate a new pipeline of clients; (iii) carry on any work, including all regulated activities, for, or in relation to, any client, unless expressly permitted by paragraphs 1(b) and 2 below; (b) must, in relation to pipeline SIPP/SSAS business, take the following steps: (i) be open and transparent and answer factually an enquiries, or concerns or queries relevant third parties, including product providers, advisers, introducers or pension scheme operators or administrators may have; and (ii) as soon as possible and in any event within 3 working days of this requirement coming into effect, contact its key top 5 SIPP client business relationships to inform them that the Firm cannot accept further SIPP/SASS pipeline business for them and will contact all other business relationships as soon as reasonably practicable. (iii) confirm pipeline business received prior to the 4 March 2022 will be processed to completion as per definition (e) below. 2. For the avoidance of doubt the Firm is permitted to carry on the following regulated activities: (a) receiving new contributions from an existing client solely for the purpose of adding/supplementing, and/or arranging the purchase of, standard assets for including in a SIPP or SSAS already held by the existing client; (b) provide continuing support in the ordinary and proper course of business (including answering queries) to and for existing clients solely in relation to their existing SIPPs and SSAS. (c) completing transfers and transfer requests for pipeline business received prior to 5pm 4 March 2022. (d) onboard death benefit beneficiaries solely for the payment of death benefits. 3. In this requirement: a. terms have the same meaning as in the FCA Handbook, unless otherwise stated; b. “existing client” means any client who, as at the date the Firm applies for this requirement, already holds a SIPP or SSAS operated by the Firm; c. “new client” means any client other than an existing client or a pipeline SIPP/SSAS business client; d. “new contribution” is a transfer of assets from an existing client into a SIPP or SSAS operated by the Firm, to the exclusion of any funds or other assets transferred, or derived, from an existing pension scheme, or any right or interest in a pension scheme, held or owned by the existing client; e. “pipeline SIPP/SSAS business” includes any SIPP or SSAS business currently being processed by the Firm including where a switch or transfer of funds has been requested by a client but has not yet been completed; f. “pipeline SIPP/SSAS business client” means a client of the Firm’s pipeline SIPP/SSAS business; g. “standard assets” means: (i) standard assets set out in the list of Standard Assets in IPRU-INV 5.9.1 of the FCA Handbook, and/or (ii) direct property investment and term deposit accounts where these are only classified as non-standard by virtue of note 1 to IPRU-INV 5.9.1 regarding liquidity within 30 days. Effective date 4. The Requirements in this application is to take immediate effect on its acceptance by the FCA and notification of such to the Firm by email. 5. The Requirement will stay in effect until the FCA is satisfied that it can be lifted.

• Client Funds effective 25/02/2022

  1. The Firm must not direct Hartley Pensions Trustees Limited (“the Trustee”) to transfer any cash held for members under SIPP and SSAS schemes administered by the Firm (“client funds”) to any person in the Firm’s group or that is otherwise a connected person of the Firm. 2. The requirement in paragraph 1 shall not apply in relation to any cash in respect of which the relevant member, or any FCA-authorised investment adviser appointed by that member, has specifically instructed the Firm to transfer it to the said persons. 3. The Firm must ensure that, in the absence of any instruction from a member or an FCA-authorised investment adviser appointed by that member, client funds held by the Trustee are held in a bank account set up for each member at a PRA-authorised deposit-taker. 4. The Firm must ensure that any client funds that have been transferred to any of the persons described in paragraph 1, and which are currently still being held as cash by or on behalf of those persons, are returned within two working days of the Requirements in this application taking effect, to the relevant bank accounts for the client funds to be held by the Trustee in accordance with paragraph 3.