The news of Hartley Pensions appointment of administrators may not have come as a huge surprise given the recent restrictions imposed on them by the FCA but I believe it is of great significance for the world of SIPPs.
In a single sentence, the FCA does not know what it is doing re retail regulation, aside from dealing with banks.
A regulator needs to be able to recognise good from bad before the collapse, in this arena they simply don't.
As with all such failures, the first step is to acknowledge the personal failure.
How long should we wait?