In the letter to clients they said: “The practical problem for UHY is that our part funded position creates delay. We have not (on the face of it) been given proper access to the 16,741 [clients].
“Our view is that there are many people who have no idea what is going on and what they face. This is unacceptable and needs to be remedied. The data, the access and the ability to get to people sits in the hands of UHY.”
But in response UHY Hacker Young said FS Legal had been “unable to advise” as to when they would be able to make comment on the application due to having insufficient funding.
It claimed FS Legal had “not advised what their position would be should any application for funding not be successful”.
The administrators said: “They have suggested that they intend to make an application to delay the part 8 hearing on 29 February.
“Unfortunately, there are simply not the funds to continue to trade indefinitely.
“The administrators have identified alternative representative respondents together with legal advisors who do not require pre-funding and believe they will be able to deal with the matters at hand ahead of the hearing on 29 February.”
Earlier this week, FT Adviser reported that an adviser had written to MP William Cash asking for help in making sure that Hartley Pension clients pay fair fees.
In the correspondence, seen by FT Adviser, adviser Julian Pruggmayer told Cash, the Conservative MP for Stone, that “help is needed urgently” to ensure Hartley Sipp holders pay a “fair and reasonable exit fee” to administrators UHY Hacker Young.
amy.austin@ft.com
