As reported at the time, it was unable to cover the financial costs of defending claims made against it in respect of the firm's alleged due diligence failings when accepting high risk investments between 2010 and 2012.
Immediately after being appointed, administrators RSM announced that the Sipp arm of the business would be sold out of administration in a pre-pack deal with Hartley Pensions.
But in March 2022, the FCA told Hartley it could no longer accept new clients and Hartley Pensions went into administration in July 2022 at the request of the FCA.
FT Adviser understands the removal of members as trustees does not impact their position as regards to the administration.
Even if members were still trustees, they would need to form part of the administration process, and their Sipp accounts would still need to be transferred to a new operator.
amy.austin@ft.com
