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DBS anger at Bankhall claims on members

Support services provider Bankhall has riled network DBS by claiming it

differs from networks because it does not own its members.

DBS became incensed when it saw the presentation that financial services

software provider Lynx made to analysts prior to its acquisition of

Bankhall.

One slide in the pres entation, used to describe why Bankhall was better

than the competition, says: “Higher-end IFAs want to own their clients”.

DBS refutes the suggestion that it owns its members, saying all its

contracts contain a declaration that the “ultimate client ownership belongs

to the associate”.

Bankhall based its claim on the fact that its members do not have to ask

for permission from clients and providers when selling on their business

whereas DBS members do because they are appointed representatives.

DBS chief executive Tony Kempster says: “It is disappointing that a

business like Bankhall cannot get its facts straight.

“All DBS members do own their own clients. A simple phone call to us could

have clarified that immediately.”

Bankhall head of operations Tony Murrell says: “If DBS members want to

change ownership, they have to sort out the commission agency with product

providers and ask clients for permission to photocopy files, so the network

owns the client.”

The Government&#39s intention to reduce public borrow- ing with the £22bn

raised last week through its auction of mobile phone licences has plunged

the annuity market into further turmoil. Retirement specialists are warning

that the move will have a massive impact on the already overstretched

supply of long-dated gilts, which are used to underpin annuities. Such a

move will increase gilt prices while driving down yields with a knock-on

effect on the annuity market.

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