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Bankhall moves to second place with 4,000 RIs

Bankhall has passed the 4,000 mark for registered individuals, making it the second-biggest commercial grouping of IFAs in terms of numbers behind Misys.

The new total means Bankhall has more than doubled the number of RIs in a year thanks to its joint venture with Portfolio Member Services, the former IFA Portfolio.

The whole Bankhall group now represents 1,800 member firms, 1,000 of which are part of the new subsidiary. A year ago, it had 650 member firms and 1,800 RIs.

Bankhall broke through the 4,000 RIs barrier at the beginning of the month.

The news comes as three key M&E staff leave to join their former colleague Hilary Austin at another of Bankhall&#39s subsidiaries, Professional Support Group.

The trio are former M&E competence manager Brenda May, pension review and technical manager Les McGuffog and membership manager Neil Auty.

Austin was the compliance director of M&E network. She left the network in April after a management buyout led by managing director Simon Hudson.

York-based PSG,a link-up between Austin and Bankhall, is now in business offering IFAs a range of services including compliance, training and competence and professional indemnity insurance.

Austin says: “I am delighted to be joined by my three ex-colleagues, all of whom are highly experienced professionals in their own specialist areas.”

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