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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
