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Providers asked to pay £91k to join Misys roadshows

Life offices have been asked to contribute a total of £1.7m to fund a training and development programme for Misys members.

In a document leaked to Money Marketing, Misys IFA Services, which has 4,560 RIs, asks providers to pay for its new scheme.

For a sum of £31,500, the provider can participate in a series of workshops and four conferences. To take part in roadshows, the provider will have to fork out £91,5000.

Misys is also suggesting that product providers offer product and commission enhancements during their involvement with the training programme.

Standard Life and Scottish Widows are thought to find the proposals expensive but Misys has confirmed that Friends Provident, Scottish Equitable, Axa Sun Life and Norwich Union will be taking part.

Scottish Life general manager of sales James Gilchrist says: “Scottish Life is considering the matter but the sums are large when compared with what we have experienced in the past.”

Misys IFA Services head of marketing Andrew Bedford says: “All charges match the cost of putting on such a massive quality event.

“We are not making a profit out of this. We could ask members to pay for it but we have enough providers who want to get involved with training. The cost per head works out at £10. This is not much to pay to get in front of 3,500 IFAs.”

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