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Millfield is leaving Kestrel for direct rule

National IFA the Millfield Partnership is leaving Misys network Kestrel to

become directly authorised by the PIA, claiming it is cheaper than

regulation throughthe network.

Kestrel will lose nearly a quarter of its 500 registered individuals.

Millfield has six branches nationwide and 112 RIs. It says it now has the

necessary size and back-office support to make the move.

There is a growing trend towards direct authorisation, according to FSA

figures. The number of firms which have applied for direct authorisation in

the last year has risen by 80 per cent to 387 from the previous year&#39s

total of 217.

There are several advantages to direct authorisation, including greater

control over commission payments, with RIs paid directly rather than via a


The FSA says the process of transferring usually takes several months.

Millfield says the transition is imminent.

Millfield Partnership office manager John O&#39Connor says: “There are big

cost savings for us by going direct and now we have the necessary size.”


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