The Financial Services Compensation Scheme (FSCS) has compensated investors to the tune of £960,000 over the failure of Honister Capital.
A former Honister Partners adviser has pleaded guilty to evading tax in a case brought by Her Majesty's Revenue & Customs (HMRC).
The advisory business that acquired the trail and pipeline commissions of Honister Capital advisers has questioned some of the actions of providers since the deal took place, and pledged it "will not compete" with the IFAs over their clients.
Recent conflicting news regarding ownership of ex-Honister trail commission demonstrates a legal grey area that may require clarification in the courts, a lawyer has said.
Honister Capital administrator Grant Thornton has sold its advisers' commissions to a corporate advice firm, with some IFAs forced to pay more than 50% of commissions to novate clients to another firm.
Skandia is to facilitate bulk transfers of business for ex-Honister advisers who have been reauthorised under a new firm.
The Financial Services Authority (FSA) is asking former Honister Capital IFAs to detail their exposure to Arch Cru and Keydata, as well as any previous pension transfer activity, as the advisers seek to be re-authorised.
The Association of Independent Financial Advisers (AIFA) has criticised the FSA's handling of the administration of Honister Capital.
Advisers have spoken of their frustration at the handling of the administration of Honister Capital.