FSCS pays out £550k to Honister claimants

The scheme said it has received 300 claims so far in relation to the default of the IFA and its networks Sage Financial, Honister Partners and Burns Anderson last month, of which 150 were settled. FSCS had asked customers to re-submit their claims following the firm's default on the back of selling unregulated collective investment schemes. Honister was put into administration in July last year, after it failed to secure professional indemnity insurance for its member firms, aggravated by Burns Anderson's receipt of an uninsured claim for £6m.