Victims of the Hartley Pensions collapse have moved a step closer to having their funds unlocked with the appointment of a firm to receive transfers from the Hartley SIPP business, which is currently in administration.

The Financial Conduct Authority has warned clients of failed SIPP firm Hartley Pensions to be wary of scams or fraudsters as administrators of the collapsed provider begin to send out information about the transfer out process.

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.