Law firm reaches 'impasse' with Honister administrator

In July, Grant Thornton, the administrators of Honister Capital, agreed the sale of Honister advisers' trail and pipeline commissions to corporate IFA MacRobins. It argued the revenue belonged to Honister Capital, not the advisers. But law group Regulatory Legal suspected Grant Thornton's actions, and in particular its assertion of ownership of the income, were legally dubious. It set up a forum in August to garner support amongst advisers for a challenge, with 200 intermediaries signing up. However, Regulatory Legal said it is no longer in a position to pursue the case, as to d...