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Honister Capital declared in default

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The Financial Services Compensation Scheme has declared Honister Capital, including Sage Financial, Honister Partners and Burns Anderson, to be in default.

The FSCS is asking Honister Capital claimants to resubmit their claims after the relevant firms were declared in default today, including claimants who have previously had their claims rejected.

Honister Capital entered administration on 3 July 2012  after having failed to secure professional indemnity insurance and facing £6m of uninsured claims. Grant Thornton was appointed administrator for the group.

The administrators have confirmed unregulated collective investment scheme sales were carried out by the appointed representatives of Honister Capital and customers who believe they were missold these products should also contact the FSCS.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. What was the FSA doing at the time?

    Will criminal charges follow?

  2. Excuse my ignorance, but is this Sage Financial linked in any way to the eponymous Sage group (The software firm)? If so they have oodles of dosh as a listed plc. In which case this should never get near the FSCS – and involve us to foot the bill.

  3. Seriously, this is why CMCs need to be reined in by the MoJ and why FOS need to show common sense. Other networks will be at risk from the current claims culture and things will get worse if not stamped out quickly.

  4. Stuart !!!

    You’re as bad as the rest. I have been in the business for as long as anyone in the UK. What the —- are CMC’s and MoJ. Will the industry stop using acronyms and start talking common sense !!!! Why I like this industry I sometimes wonder. The clients are great but when I read the management speak by both sides I wonder how important each think they are1 Suggest not very .

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