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Standard Life agrees to Honister bulk transfers

Standard Life is accepting bulk transfers of clients from ex-Honister advisers who are in the process of being reauthorised with a new network or firm.

Standard Life says it will accept transfers without requiring the consent of Honister administrator Grant Thornton when given instructions by an adviser or their new firm, as long as the transfer does not breach any contractual agreement with Honister.

Standard Life industry relationship director Don Wild says: “Ultimately all clients must be transferred or find new advisers if they are to continue to receive financial advice.

“We want to make the process of 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.

Honister entered administration earlier this month after failing to secure professional indemnity cover, leaving around 900 advisers unable to give authorised advice.


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