Re-authorisation: Back in the saddle

RE-AUTHORISATION

Nicola Brittain
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With up to 900 Honister Capital advisers looking for a new home, what hurdles do they face, and how is the FSA dealing with the situation?

Honister Capital’s failure to secure professional indemnity insurance earlier this month – and its subsequent fall into administration – has left as many as 900 advisers out of a job. For many, the race to be re-authorised has already begun. But what are the advisers’ options, how large are any hurdles in their way and how well is the Financial Services Authority (FSA) dealing with the process? The regulator has indicated it will not fast-track Honister advisers or provide them with any concessions. Speculation concerning how long it may take to re-authorise them differs depending on ...

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