The FSCS's estimated costs in paying exit charges to allow trapped Hartley Pensions clients to transfer their money elsewhere has risen by £2m to £38m and could rise further.

The Financial Services Compensation Scheme (FSCS) has declared SIPP and SSAS provider Hartley Pensions in default.

The Financial Services Compensation Scheme has said that it will pay the exit and administration charge (EAC) that the joint administrators propose to levy on Hartley Pensions Limited (HPL) customers, despite earlier saying that it could not.

The FCA has warned that scammers may be targeting victims of the collapsed SIPP and SSAS provider Hartley Pensions.