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Furore as Davy slams networks

The father of IFA networks Ken Davy has sparked outrage by claiming networks are a thing of the past.

The founder and former chairman of DBS, who left the network in April after selling his stake to Misys for £6.8m, says changes mean new business models will be needed.

He is understood to be considering a new role in financial services but has ruled out a return to a network business.

Davy says: “The days of the network are past. The combination of the likely outcomes of Sandler and CP121 change the business models significantly. The biggest danger for Misys is uncertainty – you can end up with an empty bucket.”

Misys spokesman Paul Charles says: “It is outrageous of Ken to bite the hand that feeds him. He is turning his back on the people he used to promote and service.”


Pru announces new business figures and FAR

Prudential has reversed current trends by announcing healthy new business figures for the first half of the year and a free asset ratio of 11 per cent for its UK life fund.Its FAR at the end of 2001 was12.2 per cent. Prudential has not reinsured or taken advantage of future profits. It says is has […]

Misys seeking to grow value through flotation

Misys intends to float its IFA network businesses within two years, creating a self-contained entity comprising the five networks – Countrywide, DBS, Financial Options, IFA Network and Kestrel – and the software arm.Misys is known as a software business. We get discounted in the market for being a conglomerate so our vision is that Misys […]

The review from here

If nothing else, last week&#39s reports from Messrs Sandler and Pickering seem to contain something for everyone to dislike.The FSA will probably not like being told that it has to start providing far more guidance on what it is expecting from the rules. IFAs will have some, perhaps understandable, concerns about the products designed to […]

PI&#39s the limit

Do you think small mortgage IFAs/brokers will be forced out of the market because of increasing costs of professional indemnity cover?Charlesworth: Yes, undoubtedly the cost of PI will have an effect on the smaller mortgage brokers who may decide that the increased cost and compliance burden makes the option of outsourcing the mortgage advice element […]


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