“We understand this will not be what Hartley’s customers will have been hoping to hear.”
It added that this position is unlikely to change if Hartley was placed into liquidation.
Monday night’s meeting heard that this is something FS Solicitors are considering challenging at a future date.
And Mark Bentley, a director at Sharesoc, which campaigns on behalf of individual investors, said it was essential that investors were able to “push back” on the administrators’ exit fee proposals as well as the FSCS' decision.
He said: "It is essential that we push back on UHY's costing proposals, which are outrageous, and equally on the FSCS, so far refusing to redress the sums that they clearly should be.
“They are trolling Sipp users at the moment by putting out a series of adverts saying don’t worry about your pensions being covered in the event that your provider goes bust, it is absolutely ridiculous.”
In response to the concerns, an FSCS spokesperson said: "FSCS does promote the protection it offers consumers across different financial products and services, including pensions. We encourage people to visit our website to learn more about the protection that may be available in their circumstances."
‘We must lobby the FCA’
The meeting also heard lawyers would be putting pressure on the FCA to step in to get a fair deal for investors.
Fatchett added: “There is a significant piece of pushing back to be done and there is a deal to be done.
“It seems to me that that can only be done if we engage everybody and by that I mean the FCA, because they have immense sway on this.
“Without the FCA putting the pressure on, it is very difficult to move UHY around.”
Bentley added: “Unfortunately, the only thing we ever hear from the FCA is the deafening noise of stable doors banging in the wind.
An FCA spokesperson said: "When we identified serious issues with Hartley, which occurred after its acquisitions were agreed, we acted to protect investors. The acquisitions were not subject to FCA approval.
“We are engaging regularly with the administrators to seek to ensure the best outcome for consumers.”
In November, Hartley Pensions assured clients it is not being placed into liquidation amid the administrators securing funding.
In an update to clients, seen by FT Adviser, administrators UHY Hacker Young said some had been warning of the possibility of Hartley being placed into liquidation.
But the joint administrators said they had secured funding to continue trading while the application to court is made.
A spokesperson for UHY Hacker Young said: "An application will be made to court this week to ratify an exit and administration charge in the Hartley Pensions administration. No charge has yet been ratified."
