The managing director of James Hay has apologised to ex-Honister advisers for a ‘heavy handed' letter sent direct to their clients indicating they could appoint a new adviser while theirs awaited re-authorisation.
The letter, sent to all ex-Honister clients with a James Hay product, stated Honister had gone into administration. It said the client could wait for their adviser to be reauthorised or could find another adviser. It also included a form for clients to apply for a new adviser. Honister entered administration two weeks ago after failing to secure professional indemnity cover, leaving 900 advisers and about 300 firms unable to give authorised advice. The letter has angered Gareth Nelson, an IFA for Sussex-based firm Allen Charlton, who was forwarded the letter by one of his clients. ...
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