Creditors of collapsed advisory group Honister Capital have been told that trail commissions claimed by its former advisers actually belong to the group.
The development comes after the group's administrator, Grant Thornton, received definitive legal opinion endorsed by a leading QC. In August 2012, Grant Thornton appointed TLT solicitors to undertake a detailed investigation into the legal ownership of commissions received from product providers in respect of work introduced by advisers. The move followed the sale of Honister advisers' trail commission by Grant Thornton to specialist advisory firm MacRobins in July last year. The sale led to an impasse between providers Aegon, Skandia, Standard Life and Aviva and Grant Thornton bec...
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