View more on these topics

FSCS Honister Capital payout hits £550k

Honister-Logo-480.jpg

The Financial Services Compensation Scheme has paid out over £550,000 to date to investors affected by the collapse of Honister Capital.

The FSCS declared Honister Capital in default last month, including Burns Anderson, Sage and Honister Partners, part of the Honister Capital group. Claimants were asked to resubmit their claims following the default, including those who had previously had their claims rejected.

To date, the FSCS has received 300 claims against Burns Anderson, Sage and Honister Partners. Of these, there have been over 150 claims decisions with payouts totalling over £550,000.

Honister went into administration in July, leaving around 900 advisers unable to trade. The firm collapsed after it failed to secure professional indemnity insurance and was left with an uninsured £6m claim against Burns Anderson.

Administrators Grant Thornton have previously said that Honister appointed representatives recommended unregulated collective investment schemes to clients. Clients who believe they were missold have been told to contact the FSCS.

In October Grant Thornton revealed there was a £4.6m shortfall between Honister’s assets and the money it owes to creditors. Among the creditors is software provider Intelliflo, which was owed over £1.1m in relation to an unexpired contract.

Recommended

4

Cameron rules out Help to Buy for second homes and foreign buyers

Prime minister David Cameron has ruled out foreign buyers or people looking to buy second homes from using the Help to Buy scheme. Speaking in the House of Commons at prime minister’s questions today, Cameron said the Help to Buy scheme will have rules to stop it being used for second homes. The Government had […]

Multi-manager’s View: Turning the search for yield on its head

Ever since the collapse of Lehman Brothers in 2008 and the resulting global financial crisis, investors have naturally become more risk averse. This is clearly visible when observing flows into risk-targeted funds, where those at the lower end of the volatility scale are proving far more popular than those that have a much larger weighting […]

Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. “Claimants were asked to resubmit their claims following the default, including those who had previously had their claims rejected.”

    Why??

  2. Presumably so that this time round they can be upheld, regardless of whether or not the basis on which they were originally rejected was sound. It’s all OPM, so what the hell?

Leave a comment