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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.”

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