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Honister latest: Aifa calls for FSA to speed up adviser reauthorisation

Aifa has called on the FSA to do “all it can” to fast track authorisation applications from Honister Capital advisers in the wake of the firm entering administration.

Honister entered administration yesterday after it failed to secure professional indemnity insurance. Grant Thornton has been appointed administrator for the group which includes advisory firms Burns Anderson, Sage Financial and Honister Partners.

In a statement issued today, Aifa director of policy Chris Hannant says the regulator should be providing more assistance to ensure a quicker resolution for advisers who are currently “stuck in limbo”.

Hannant says: “The FSA must do all it can to fast track any authorisation applications from adviser firms affected by the administration. At present advisers, and their clients, are stuck in limbo. This is not good for individuals or the reputation on the profession.

“There are, of course, complicated issues involved but the regulator should provide more support and assistance to advisers and ensure all applications are expedited through the provision of additional resource in this area.”

Many advisers have expressed their anger on the Money Marketing website as their trail and pipeline commission has been frozen as a result of Honister entering administration with monthly payments due this week not made.

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Comments

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

  1. You are having a laugh arent you? The FSA give support and assistance to advisers?!!! They couldnt give a toss about 1000 advisers (plus admin staff and paraplanners etc). As Sants once said a net outflow of 20% advisers ref RDR was acceptable, they are not going to worry themselves about the poor advisers from Honister partners, Sage and B.A. I really hope this gets sorted out out for them all as soon as possible. It is both disgraceful and disgusting the Regulators have this attitude to advisers

  2. any thoughts we might have about a higher authority interceding on behalf of these becalmed advisers can be forgotten. You may write to your mps, the treasury, the pm, the response will be “its not in their remit, or something they are concerned with”, and your enquiry will merely be referred elsewhere. Face it guys, you have been dumped on from a great height.

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