Law firm to act on behalf of stranded Honister IFAs

The advisory business has appointed Grant Thornton to conduct an orderly wind-down of the company, after admitting professional indemnity insurance (PII) costs had reached "unsustainable levels". The group comprises Honister Partners, Burns-Anderson and Sage Financial Services. Dexter Perrott, director at Regulatory Legal, headed by Gareth Fatchett [pictured], said appointed representatives (ARs) of Honister will have "major problems" maintaining their trail and renewal income, and gaining authorisation elsewhere. "The administrators will take over and try to control the position,"...