FT Adviser news editor Amy Austin has explained how she uncovered the Hartley Pensions crisis.
Speaking at the Financial Advice Forum, Austin provided an update on the crisis, stating the fate of Hartley pensioners is still “in limbo” at the moment, especially for the people who have toxic assets in their Sipp.
“They have found a firm to accept the transfers out of Hartley Pensions, but it is taking time.”
Austin described how she uncovered the story, which started by deconstructing the large amount of paperwork
“You start by looking at the paperwork and thinking 'where is the story in this? How can I help someone? Who do I need to contact? Who’s going to give me answers?' You just go through it gradually,” she explained.
She added that she has had advisers come to her who have clients stuck in Hartley with sad stories where their clients have cancer and most likely are not going to live to see this resolved.
“As a result, the problem’s going to pass onto their children and they’re going to have to deal with it so it is a continuous process.”
Austin also provided some insight into the right to reply process, underlining the importance of it by stating: “I have to protect myself at the end of the day.”
She also pointed out that it is important to be somewhat skeptical, stating: “I’m a journalist, I can’t take everything as gospel. I have to look into it and I have to give people the benefit of the doubt.
“Sometimes I’ve had a story in, thinking it was one thing, gone to the administrators and found out it’s a completely different thing. Still an issue but a completely different one to what I thought it was.”
Additionally, Austin spoke on the difficulty of covering the crisis, explaining that it’s hard to deal with the more emotional conversations she has with clients.
“I have clients coming to me saying they’re suicidal after losing their whole pension and it’s difficult to speak to them,” she said.
“I try and do what I can to help and I like to think I do everything I can to help these clients and put the story out there and they are grateful.
“It’s about taking yourself away and thinking I will do everything I can but I can only do so much.”
Austin concluded by reaffirming her commitment to the story, stating: “I get a Hartley email every week without fail, and that’s fine, I welcome it and I respond to as many as I possibly can.”
tom.dunstan@ft.com
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