View more on these topics

Misys&#39 IFAs in threat to quit as PI leaps

Smaller Misys IFAs are threatening to quit after seeing some PI premiums triple to levels they say are “not financially viable”.

A Financial Options&#39 sole trader says he was given one week&#39s notice of a 320 per cent jump in his PI bill from £800 to £2,640 per RI.

Despite finding alternative cover for a third of the price, he was told he had to accept Financial Options&#39 cover or leave.

A letter, seen by Money Marketing, says if a member leaves the network it will still have to meet the PI charge from June 2002 to March 2003.

Misys told MM it may consider alternatives of equivalent quality. It says the late notice is because it won a month&#39s extension to existing cover while renegotiating premiums.

Misys&#39 networks have different PI renewal dates and this increase only affects Financial Options&#39 members.

One member says: “We have laid out our concerns but Misys&#39 attitude is take it or leave it. It is highly likely that we will leave.”

Misys director of marketing Andrew Bedford says: “The cost of the network&#39s premium this year is up by 140 per cent and we have passed this on to our membership – it is not our fault.We have reshaped the charge so it is per adviser and not based on turnover which our membership committee said is more equitable but some firms will be paying more.”


Rethink on FRS 17 accounting rule

Full implementation of controversial pension accounting rule FRS17 will be delayed while the International Accounting Standards Board decides on its worldwide standard. The FRS17 rule was due to come in to full effect for UK companies in December but could be superseded next year if the ISAB comes up with a different measure. The Accountancy […]

Midlands merger sees Ernest Shaw take over Kendall White Millar

Ernest R Shaw has taken over Wolverhampton-based Kendal White Millar, creating a consolidated business of 11 registered individuals.Ernest R Shaw, reckoned to be Birmingham&#39s oldest insurance broker, was founded in 1905. Its IFA arm has an annual turnover of around £2m.The insurance arm of the firm will continue to be managed from Birmingham while the […]

Man Investment Products – Man Glenwood Multi-Strategy GB

Thursday, 4 July 2002Type: Fund of hedge fundsAim: Growth by investing in fund of hedge fundsMinimum investment: Lump sum £10,000Place of registration: BermudaInvestment split: 100% in fund of hedge fundsIsa link: NoCharges: Annual 1.75%Commission: Subject to negotiationTel: 020 7285 2000

Britannic Money launches new discounted flexible mortgage

Britannic Money has launched a two-year 1.9 per cent discounted current account mortgage. The 3.99 per cent rate is available up to 95 per cent LTV without a MIG. There is no compulsory insurance tie in and interest is calculated daily.An early redemption penalty of 3 per cent applies during the discount period. The mortgage […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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 thought leadership.

    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