View more on these topics

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 reply@dbsaction.plus.com 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.”

Recommended

Skandia business with Bankhall

Skandia says its purchase of an 86 per cent stake in Bankhall will not hit its business with Bankhall members.It says the FSA has confirmed Bankhall member distributing Skandia products will not be hit by the “better than best” rule after the deal. Skandia business put through Bankhall&#39s ISL network will be hit by the […]

Independent view

When I started my practice six years ago, I had a tough decision to make. I could sit on my backside waiting for hoards of eager clients to knock on my door seeking advice or go out and sell myself.If I had chosen the former, my career as an IFA would have been short-lived.There is […]

The Daley Update

Rathbone Unit Trust Management is offering a 2 per cent discount on its entire range of unit trust Isas until the end of the tax year. The discount will reduce the initial charge to 3.5 per cent from 5.5 per cent. All funds have a minimum investment of £1,000, an annual management charge of between […]

FSA adding fund data to comparative tables

The FSA is to expand its comparative tables to include unit trusts and Oeics in February but has ruled out the inclusion of investment trusts before October 2002.The upgraded website is also set to include a new ethical fund filter, which will allow investors to filter out non-ethical funds in the UK all companies sector. […]

India GDP surprise

By Kunal Desai, head of Indian Equities, Neptune Kunal Desai, manager of the Neptune India Fund, comments on the strength of India’s latest GDP figures. Click here for more Important Information Investment risks The Neptune India Fund may have a high volatility rating and past performance is not a guide to future performance. The value […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com