Misys has appointed DBS managing director Steven Pearson to head its new combined mega network of 4,000 member firms.
Pearson, who was also previously managing director of Financial Options, will take control as MD of the mega network group created by collapsing all five of its existing IFA networks, Countrywide, DBS, Financial Options, IFA Network and Kestrel, into one. The new name for the network will be revealed next month.
Misys says the move will save £250,000 in regulatory fees, with further cost savings expected over the longer term, which will be passed on to members.
The group says that it will not be rewriting contracts and all members will come under the new network as soon as it becomes regulated as a single body by the FSA in June.
Pearson does not deny that the move will bring job losses but says the group will also be recruiting in areas such as customer sales.
He says that, at 7,000 members, the network will not have reached capacity and will continue to be acquisitive.
Pearson says: “This is not about slashing costs for Misys but improving the look and feel of the network for the members. When we talk about value, price is just one dimension. One thing that comes across loud and clear is the value of the service. For most, the name of the network was unimportant – they want sensible and consistent compliance.”
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