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Misys angers members with October deadline for getting G60 qualification

Mega-network Misys has outraged some members by forcing them to attain the G60 pension qualification by October if they want to continue advising clients on pension transfers and other retirement options.

Misys&#39 new rules covering income drawdown, phased retirement, flexible annuities and transfers from occupational to personal pensions are laid out in a memo to all 7,500 members which states that RIs must also pay a quarterly fee of £250 to conduct this business.

It is also insisting that advi-sers must complete eight relevant cases a year to remain authorised.

Misys says those not meeting the requirements should refer business on to other network members or to its central admin unit.

One adviser has accused Misys of “using a straitjacket” to restrict members&#39 business to meet PI requirements, saying if it does not “want to take the risk, it should get clear of being a network”.

Misys head of marketing Andrew Bedford says: “This has nothing to do with PI. Having spoken to the regulator, we know it is difficult to get this type of business right. We can&#39t take the risk of the membership getting it wrong.”

Eden Park Associates principal Lawrence Gold says: “I do not have a problem with the G60 qualification. But having to do a minimum amount of cases is crazy, especially for small firms, and would make me look at leaving the network.”

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