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DBS firms&#39 anger over member supervisor

DBS members are angry at the network&#39s insistence that all firms with more than two RIs appoint a “member supervisor” to take on a new compliance and training role following a review by the firm.

Members say these dut-ies should be performed by the network and means that firms will have to fund the new role from their existing budget while DBS fees will remain the same.

Supervisors must have full FPC and have been an adviser on pensions, savings, protection and investments in the past year.

A fully experienced sup-ervisor will have to commit a minimum of 28.5 hours per new entrant in their first six months plus 26 hours a year for each competent individual.

A firm with four new entrants and 12 competent individuals, for example, would need a full-time supervisor.

Misys PR and communications manager Sue Lewis says: “We are asking for a joint approach to responsibility and accountability. Although the network will help the adviser, they do need to demonstrate they are involved and taking responsibility.”

Crossley MacKenzie partner Chris Hind says: “We see spiralling costs and no support or help. PI was handled in a very underhand way concerning the issue of run-off cover and this is the latest in a long line of hassles.”

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