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Standard Life, Skandia and Aviva to continue Honister bulk transfers

Standard Life, Skandia and Aviva 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.

Earlier this month, Grant Thornton sold the firm’s recurring and pipeline commission to corporate IFA MacRobins. Advisers are being forced to pay up to 50 per cent of their recurring annual commissions to novate clients to another firm.

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

This week, MacRobins 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.

Money Marketing understands Grant Thornton wrote to providers last week warning them it will take legal action against providers that facilitate bulk transfers.

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

A spokeswoman says: “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.”

An Aviva spokeswoman says: “Supporting Honister advisers and their clients is the right thing to do and our approach to bulk transfers remains unchanged. We will continue to review this matter and are happy to have a dialogue with the parties involved.”

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