View more on these topics

DBS run-off deal excludes retired members

DBS is reinstating run-off cover but only for current members, leaving retired members vulnerable to claims.

Run-off cover was withdrawn four months ago when the network renewed its PI policy through Misys&#39 regular broker Windsor, rather than the established DBS broker PYV.

The rejig was put down to aligning the five Misys networks ahead of the merger which, as announced last week, will take place in the New Year.

Although the five networks now all use the same broker, only DBS members will receive run-off cover.

On leaving the network, current members will not be covered for any business written during the four month lapse period.

They also face the uncertainty that a future lapse in the policy will annul their run-off cover, as is the case for the current generation of retired members who believed they would have run-off cover for the rest of their lives.

Misys says the lapse in cover was due to long negotiations with Windsor.

Misys IFA Services spokesman Martin Finch says: “If the policy is not seamless, retired members will be without cover. We can&#39t guarantee we will be able to get cover going forwards but that is the plan.”

Eden Park Associates principle Lawrence Gold says: “My view is that run-off cover should never have ended. It was a disgrace. I think DBS had to restore it. It may stop a mass walk-out. It does make me feel vulnerable knowing it is not guaranteed but there is not a lot you can do about that.”


IFA E&H and iimia to merge

The parent company of investment manager iimia and the partners of pension advice specialist Eveleigh & Huckle have signed a heads of agreement to merge.Subject to due diligence and regulatory approval, the merged company will offer independent investment management holistic financial planning, with around £150m of funds under management.It will trade under the iimia brand […]

I&#39m dreaming of a Green Christmas

As the final proposals on the future of pensions slowly emerge, you would be forgiven for feeling like a child waiting to open your Christmas presents.You can tell from Chancellor Gordon Brown&#39s pre-Budget report – just as you might from the size and shape of a parcel put under the tree – roughly what you […]

Britannic Retirement Solutions launches purchased life annuity

Britannic Retirement Solutions is launching a purchased life annuity paying enhanced rates to people with qualifying lifestyles or medical conditions. Research carried out for Britannic Retirement Solutions shows the purchased life annuity market has grown 23 per cent to £207m in the first three quarters of 2002 from £168m in the first three quarters of […]

Inside edge

Will the menu system for remuneration work and is remaining independent preferable to being multi-tied?It was very interesting to see that Sir Howard Davies chose the occasion of the Aifa annual dinner to announce the broad outline of the FSA&#39s decisions on CP121. There will be a consultation paper in January 2003 so, while we […]

Neptune India: three stocks we’re buying & the one we’re not

By Kunal Desai, Head of Indian Equities The Neptune India Fund’s investment process serves as a key differentiating feature of the portfolio versus its peers, contributing to its significant outperformance under Manager Kunal Desai’s tenure. Focusing on industry disruption, accounting quality, liquidity and corporate governance, Kunal sets out three stocks that he’s buying in the […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm