The Financial Services Compensation Scheme has paid out nearly £1m in claims relating to Honister Capital’s networks Burns Anderson, Sage and Honister Partners.
A spokesperson for the FSCS confirmed that it has paid out a total of £960,000 split between 63 upheld complaints out of a total of 418 received.
The spokesperson added that the FSCS has rejected over 140 claims so far, meaning fewer than half of total complaints received have been decided.
Honister Capital, previously one of the UK’s largest IFA groups, went into administration in July 2012, leaving more than 320 firms and 900 individual advisers unable to trade.
At the time, Honister Capital chief executive Colman Moher attributed the collapse to the increased cost of PI cover.
After Honister went into default, consumer claims had to be picked up by the FSCS.
Separately, the FSCS today revealed the latest tranche of firms which have gone into default.
Investment firms in default include:
• Michael Mott Financial Services Limited (Liverpool);
• Dawson Select Financial Services Limited (Northampton);
• Devereux Klein Financial Management Limited (High Wycombe);
• Nationwide Financial Services Limited (London);
• AK and Associates Limited (Bristol); and
• Collingwood Mourton Associates Limited (Cheltenham).
Life and pensions firms in default include:
• MB Smith and Co Limited (Wellington);
• Jeremy Brow Mortgage and Financial Services (Ipswich); and
• The Stewart Partnership (Glasgow).
