Sage financial services

The Financial Services Compensation Scheme (FSCS) has compensated investors to the tune of £960,000 over the failure of Honister Capital.

Honister Capital administrator Grant Thornton has sold its advisers' commissions to a corporate advice firm, with some IFAs forced to pay more than 50% of commissions to novate clients to another firm.

Skandia is to facilitate bulk transfers of business for ex-Honister advisers who have been reauthorised under a new firm.

RE-AUTHORISATION

HONISTER

The Association of Independent Financial Advisers (AIFA) has criticised the FSA's handling of the administration of Honister Capital.

Financial advisory group Honister Capital has entered administration after failing to secure professional indemnity insurance (PII) for its member firms.

Stephen Hunt, founder of retirement specialist Rockingham Independent, owes the company almost £100,000, according to a report by liquidator Probitas.

Honister Capital, the private investment company which owns two networks and a national IFA, is to roll out a new charging proposition for firms.

Alan Easter, strategy, product and commercial development director at Honister Capital, is leaving the company to pursue other business interests.