Aviva and Standard Life have both agreed to accept bulk transfers of clients from ex-Honister advisers who are becoming reauthorised with new networks or firms.
Money Marketing revealed last week that both Aviva and Standard will accept transfers without requiring the consent of Honister administrator Grant Thornton when given instructions by an adviser or their new firm.
Standard Life industry relationship director Don Wild says: “We want to make the process of clients moving with their adviser as easy as possible. We believe this is in the best interests of treating customers fairly as it will enable advisers to resume their service to them with minimum disruption.”
Standard has given advisers an initial 60-day period to make contact and give instructions for bulk transfers.
Aviva intermediary director Andy Beswick says: “Our objective is to support Honister advisers to get back into business as quickly as possible so they can continue to serve their clients. As such, Aviva has created a new bulk transfer facility that will prevent advisers facing a huge administrative task when they need it least.”
Separately last week, protection provider PruProtect pledged to ringfence commission due for cases submitted by Honister Capital advisers until they are reauthorised with the FSA.
Prudential, Aegon and Scottish Widows have all refused to commit to allowing bulk transfers, saying they are currently considering their options. Zurich and Friends Life say they have no plans to offer bulk transfers.
Tenet distribution and development director Keith Richards says: “You have to give credit where credit is due and both Aviva and Standard Life are doing the right thing for ex-Honister advisers. Hopefully, this will encourage other providers to do the same.”
Honister entered administration earlier this month after failing to secure professional indemnity cover, leaving around 900 advisers unable to give authorised advice.