View more on these topics

DBS members rocked as Kempster leaves

DBS Network chief executive and managing director Tony Kempster is leaving the network in a shock departure to be replaced by Assureweb boss David Stewart.

The news of Kempster&#39s resignation has rocked the network, with members showing their concern.

DBS has offered no explanation for Kempster&#39s resignation and Kempster was unable to comment on his reasons for leaving.

Prior to joining DBS two and half years ago, Kempster was head of the Prudential&#39s IFA division.

Joint group chief executive Stewart will head the network with immediate effect. Compliance director Alan Taylor becomes managing director.

Kempster&#39s resignation was announced alongside DBS&#39s interim results to the end of September showing a £0.5m loss compared with a £3.4m profit last year. DBS says a £4.6m investment in its IFA portal Assureweb is responsible for the loss.

DBS chairman Ken Davy says: “During his time with DBS, Tony has made a significant contribution to the network. I would like to thank him for his commitment over the past two and half years.”

DBS member Interface Financial Planning director Alan Moran says: “Tony has done a lot of good for morale among members and has got a lot of respect. I hope we are not going to go back to being run by accountants instead of human beings.” 

Recommended

FSA urged to step in on pension credits

Scottish Equitable is urging the FSA to shoulder responsibility if the Government&#39s proposed pension credits leave some stakeholder savers out of pocket in retirement. The company fears that, unless the FSA issues a clear statement giving life offices the green light to assume that the top-up payments will be in force by 2003, they may […]

Principality cuts discount rate

Principality Building Society has introduced the 1.2 per cent discount mortgage. Aimed at first time buyers and people who are looking to remortgage, the mortgage has a discount of 1.2 per cent from the society’s standard variable rate, giving it a payable rate of 6.29 per cent for the first five years of the loan. […]

Strong growth in insurance market

The insurance industry is experiencing a strong growth in business, according to the ABI&#39s five-year review of the industry and its third-quarter figures. The five-year review shows long-term insurance premiums have risen by 89 per cent to £106.4bn from 1995-99 compared with £56.29bn for the previous five-year period. Life insurance accounts for 44 per cent […]

[Leader] Fine time to stop and bring in some common sense

It beggars belief that in the same month as the FSA proposes handing a massive advantage to the high-street banks in pensions, it should exact a thumping£0.75m in fines from one of the big four. The PIA has fined NatWest £500,000 for failures by its pension salesforce in 1997 which alarmingly included producing inadequate reason-why […]

1

Pinpoint school fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment