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Misys IFAs may have to switch

Misys&#39 IFA members could be forced to change networks as the firm revamps the structure of its distribution channels ahead of the FSA&#39s CP121 depolarisation plans.

The company&#39s plan to float its IFA business as a single entity is likely to see a restructuring where IFA Network becomes the home for independent advisers while multi-tied advisers are serviced by Financial Options. Misys says it will wait for the new rules on polarisation before amalgamating its five IFA networks. Some network brands could go while others will be adopted for the different propositions that Misys could offer after CP121, including IFA, multi-tie and gap-filling.

The umbrella Misys IFA business will be given a new name when it is floated within two years.

The firm says it will not start the amalgamation or change its charging structures until the new rules for the depolarised marketplace are published.

Outgoing Misys Financial Services Division chief executive Ivan Martin says: “The Countrywide, DBS, Financial Options, IFA Network and Kestrel names will remain for the present but they could change after CP121. When the new rules are implemented, we will be offering IFA, multi-tie and white-label services and we will look at what existing brands are most appropriate to what sectors. For example, the IFA Network brand would seem more appropriate for the IFA arm. Financial Options might be a better brand for a multi-tie offering. We have no intention to start changing charging structures before implementation of CP121.”

IFA Network Dickson Lishman Prince partner Ray Prince says: “It was a matter of time before they would want to amalgamate the networks. There will be change after CP121 anyway, so a change of name will not be that drastic.”

•Misys&#39 future, p9

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