Wed, 04 Jul 2012 | ADMINISTRATION
Problems with professional indemnity insurance (PII) have seen financial advisory group Honister Capital enter administration.
The group comprises of Honister Partners, Burns-Anderson and Sage Financial Services. Consumer-facing business Willis Owen is unaffected, however.
According to a statement from administrators Grant Thornton, its problems arose due to “unsustainable levels” of costs deriving from PII claims. These have mainly been driven by “large claims relating to historic business and, to a lesser extent, wider industry issues”.
“This has had a material impact on regulatory capital requirements and the company's ability to trade,” a statement added.
Key members of the group's workforce will be maintained in order to assist with the wind-down but the business will not continue to trade in administration and members of its network will not be able to offer financial advice to their clients. However, the group does not hold client monies so its customers' finances are thought to be safe.
At the moment a sale is not on the cards but Honister's directors are understood to have been attempting to arrange a sale to a third party in order to provide continued employment for its staff and advice for its clients.
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