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.
Yesterday's news that the Honister administrator Grant Thornton has sold trail commission to specialist corporate IFA group MacRobins (MRP) will have confused advisers that have been guaranteed bulk transfer of client assets by some providers. Dexter Perrott director of law firm Regulatory Legal explained that confusion related to ownership of these assets is understandable as this is a legal grey area. He added that it may take a court case like that fought by Towry and Raymond James earlier this year to clarify the issue. Grant Thornton said on the issue: "After consulting legal ...
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