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Standard Life and Skandia to continue Honister bulk transfers

Standard Life and Skandia say they will continue to facilitate bulk transfers of ex-Honister Capital advisers’ agencies, despite warnings of legal action from administrator Grant Thornton and MacRobins.

MacRobins today issued a statement warning product providers there are “legal and practical reasons” why they will not be able to bulk transfer ex-Honister advisers’ agencies.

Last week, Grant Thornton wrote to providers warning them it will take legal action against providers that facilitate bulk transfers.

Last month, Standard Life and Aviva confirmed they will facilitate bulk transfers, while Skandia agreed to conduct transfers this month.

Standard Life says it will continue to process the transfers despite these warnings.

An spokeswoman says: “”We consider that our approach is supportive of the advisers of Honister and in the best interest of our customers and that approach remains unchanged. We will deal directly with the individual advisers to accept bulk transfer requests on the condition it does not breach any restriction, obligation or duty owed by them to Honister or any of its subsidiaries. We will correspond directly with any party which has concerns about our approach.”

Skandia says it remains confident it can facilitate bulk transfers.

A spokesman says: “Our terms of business with Sage Financial Services and Burns Anderson terminated when the Honister group went into administration and all outstanding commission payable under those terms has been paid.”

Aviva says it is considering its position.

A spokeswoman says: “Our main objective has been to support advisers at this difficult time. We continue to review all communication on this matter and are monitoring the situation closely.”

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