HRI Investments Limited

Limits on what they may do

• The Firm must not advise/arrange pension switches for new or existing clients. In addition the Firm must not advise/arrange new pension contributions/policies or provide decumulation advice to new clients.

  Requirement 1: ‘Restriction on HRI’s business’ HRI must not after the Effective Date, save as expressly permitted in paragraph 2 below, without the prior written consent of the FCA, undertake any regulated activity or other activity connected to that regulated activity in relation to: Advising on and/or arranging any pension switches for new HRI customers or existing HRI customers. Advising on and/or arranging any pension contributions for new HRI customers. Provide any retirement income advice or facilitate pension decumulation transactions for new HRI customers. The Firm may continue to undertake all necessary regulated and other activities, which are within the scope of existing permissions, in relation to business conducted by the Firm prior to the Effective Date, including, but not limited to: Routine administrative or servicing matters (carried out diligently and in a timely manner), in relation to business conducted with existing customers prior to the Effective Date, and which arises in the ordinary and proper course of business, including answering queries from customers. The processing and/or advising of regular income, tax free cash or other lump sum payments from existing customers pensions as part of providing retirement income advice. The handling of any complaints; and Subject to paragraph 1.1, providing ongoing advice services to its existing customers. For the avoidance of doubt, the Firm must not provide ongoing advice services to its existing customers insofar as it relates to the advising on and/or arranging of any pension switches. Requirement 2: Notification requirements HRI must within 5 working days of the effective date: Notify in writing all customers, with pipeline business, of the imposition and the effect these requirements. This includes informing customers with pipeline business that HRI cannot complete the agreed pension transactions detailed in paragraph 1 on their behalf. Contact all product providers that HRI has used for any relevant business in its ‘pipeline’ to instruct them to put on hold all the pension transactions detailed in paragraph 1, relating to HRI, which have not yet completed. Publish in a prominent place on its website https://www.hri-investments.com/ a notice setting out the terms and effect of these imposition of paragraphs 1 in a form to be agreed in advance with the FCA. The SMF16 of the firm must provide written confirmation to the FCA that HRI is in compliance with these notification requirements and will continue to comply with the requirements until such time as it is notified in writing by the FCA that it may cease to do so. Effective Date The Requirements in this application are to take effect immediately on their acceptance by the FCA and notification of such to HRI by email (the “Effective Date”). The Requirements will stay in effect until the FCA is satisfied that they can be lifted. Definitions and interpretation In this application: Where relevant for interpreting in this application terms have the same meaning as in the Glossary to the FCA’s Handbook, unless otherwise stated. “pipeline business” refers to any business involving regulated activities undertaken by HRI where an existing, or potential, customer, has agreed for HRI to carry out a transaction, or facilitate a contract on the customer’s behalf, but it has not yet completed. “Retirement income advice” means advice or a personal recommendation given to customers in decumulation on how to access their pension savings. Pension switch refers to any personal recommendation to a retail client in relation to a Stakeholder pension scheme, Personal Pension scheme or occupational pension scheme.