Aviva is the latest provider to accept applications for bulk transfers of clients from ex-Honister advisers who are becoming reauthorised with new networks or firms.
Standard Life yesterday announced it will accept transfers without requiring the consent of Honister administrator Grant Thornton when given instructions by an adviser or their new firm and Aviva has confirmed it will do the same.
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.
“We believe in supporting advisers and making it as simple as possible for them to serve their customers at this difficult time.”
Prudential, Aegon and Scottish Widows have all refused to commit to allowing bulk transfers, saying they are currently considering their options. Zurich says it has 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 life companies 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.