FSCS confirms Honister Capital in default

Honister Capital and its IFA networks Sage Financial, Honister Partners and Burns Anderson have defaulted, the Financial Services Compensation Scheme (FSCS) announced today.

The firm, which entered administration on 3 July last year, was found to have sold unregulated collective investment schemes (UCIS) through appointed representatives, the FSCS confirmed. The FSCS is asking the firm's claimants to resubmit their claims, including those who had previously been rejected. Any customers of the affected firms who believe that they were mis-sold a UCIS investment should also contact the FSCS to make a claim, the scheme said. Honister was put into administration in July, after it failed to secure professional indemnity insurance (PII) for its member firms,...