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Group to seek ruling on DBS fee hike

Angry DBS members are forming an action group to challenge the network&#39s charge increases on the grounds that they are unfair.

The DBS Action Group currently has the support of 60 member firms. It is looking to seek a court declaration that the price hike is unfair as it fundamentally changes the existing contract between DBS and its members.

The group is hoping that the court will impose an injunction on DBS. This could delay the implementation of the new terms and cause embarrassment to the network but could not reinstate the old terms indefinitely.

The group, which plans a meeting in the Midlands at the beginning of January, is also considering how DBS members can get better business terms elsewhere by negotiating en bloc.

The group has set up an internet mailbox at to gauge IFA opinion and co-ordinate action against the DBS network.

Riach Independent Financial Advisers proprietor Bob Riach says: “By getting a concerted organisation together, DBS will see IFAs are not going to back down and they could lose a serious proportion of their business.”

A DBS spokeswoman says: “Once IFAs review the market, they will see that DBS represents good value. We would sooner IFAs came directly to us if they have any problems.”


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