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DBS pseudo-network targets regulated IFAs

DBS is creating a “pseudo-network” to supply ad hoc services to IFAs who want to be regulated directly by the PIA.

The new division was ann-ounced at DBS&#39s annual conference in Birmingham despite chairman Ken Davy telling the conference that IFAs were still better off in a network. He said: “There is no real benefit in being directly regulated compared with being a member of a good network.”

But DBS is hoping to inc-rease its revenue by attracting directly regulated IFAs from other pseudo-networks, those looking for compliance support and existing members who want a more flexible approach to compliance.

The service will not be fully available until next spring but DBS has recently signed a deal with newly launched Saga IFA to supply bespoke compliance services, which is the first time that DBS has supported a directly regulated firm.

IFA Saga, part of the publishing, travel and financial services group for the over-50s, is buying compliance guidance, product research, training and development and commission reconciliation services from DBS.

It says it chose DBS for its flexible approach, ability to develop a bespoke service and expertise in financial services after trawling the market.

DBS says it is moving away from a one-size-fits-all model and is looking to diversify from its traditional income stream with the new service. Unlike DBS&#39s 3,000 network members, independent advisers using the service will ultimately be res-ponsible for their own compliance, keeping up to date with regulatory changes and negotiating their PI insurance.


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