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&#39Fee increase may see 10% leave DBS&#39

DBS could lose up to 10 per cent of its members in the wake of last month&#39s 30 per cent fee hike, says a City analyst.

It claims Misys&#39 IFA operations will be hit by increased competition from IFA service providers such as Bankhall getting significant backing from major product providers.

The Commerzbank analyst&#39s report, seen by Money Marketing, warns passing on compliance costs of N2 will be met with resistance and “could see 10 per cent of its membership leave the network”.

It predicts a slowdown in Misys&#39 networks&#39 recruitment as the flow from direct salesforces to the IFA sector slows down under depolarisation.

A Misys spokesman says: “IFAs need a strong network to protect them in light of the potential regulatory changes. At some point there had to be a fee rise. You have to put up fees to give IFAs better service.”

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