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.
The commissions have been sold to MacRobins Ltd. A statement posted by Grant Thornton said recurring revenue streams "are legally owned by the group subsidiary under which they were authorised to provide advice to clients." It added this "is consistent with the position taken by insolvency practitioners in previous insolvency cases in the sector". Nigel Morrison of Grant Thornton said the arrangement was "ground breaking" and had not been the case in previous insolvencies in the sector. "The administrators have received, since appointment, requests to novate the agency agreement...
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