FSA says re-authorisation of Honister IFAs 'may take months'

The Financial Services Authority (FSA) has said advisers with Honister Group, which today entered administration, may have to wait a "number of months" before they can be re-authorised.

Honister was forced into administration after failing to secure professional indemnity insurance (PII) for its member firms. In an update to consumers, the FSA explained how clients of advisers with Sage Financial Services or Burns-Anderson, which were part of Honister, will be affected. It said: "Because Sage and Burns-Anderson have gone into administration, your financial adviser does not now have permission to give advice. "Your financial adviser can apply to be re-authorised by us, however this could take a number of months." The FSA also said any uncompleted work could not ...