FSA defends ex-Honister reauthorisation record

Nicola Brittain
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The Financial Services Authority (FSA) insists that it has reauthorised the vast majority of ex-Honister advisers who applied within its voluntary time frame, despite concerns among some advisers that the process has been slower than promised.

Some 776 advisers were de-authorised when Honister Capital was put into administration in June this year. Of those 776, just 296 applications to be advisers/appointed representatives were received. The organisation has said that 75% of these applications had been processed according to its voluntary time frame up until the 22 August. The time frame allows five days for a customer function (CF30) approval and ten days for a significant influence function. This figure falls just short of the voluntary target for completing applications which is 85%. In addition, the FSA has had...

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