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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.”

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