The Financial Services Compensation Scheme (FSCS) has declared Honister Capital, which includes IFA networks Sage Financial (HILLI), Honister Partners (HONPA), and Burns Anderson (BANDE), to be in default.
The FSCS has asked the firm’s claimants to resubmit their claims even if their original claim was initially rejected.
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Any customers of these firms who believe that they were mis-sold a UCIS investment should also contact FSCS to make a claim, the scheme said.
Honister Capital entered administration on 3 July 2012, after it failed to secure professional indemnity insurance (PII) for its member firms, aggravated by its receipt of an uninsured claim for £6 million.
The firm’s appointed administrator Grant Thornton said at the time that PII costs for the firms "have increased to unsustainable levels, driven mainly by large claims relating to historic business and, to a lesser extent, wider industry issues".
The administrators have confirmed that unregulated collective investment scheme (UCIS) sales were carried out by the appointed representatives of Honister Capital.
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