An open letter to DBS Financial Management
Having looked at the new cost increases for the services that DBS provides members, I am appalled for two reasons.
First, you would think that a new regulator would strive to reduce our costs (given that they expect us to work within 1 per cent) but from the evidence this is patently not going to be the case.
Second, it is not difficult to consider the distinct possibility that DBS/Mysis have used this opportunity to impose much higher charges on members than reflect the actual increased regulatory costs.
DBS member charges are being increased by just under 30 per cent, which I believe to be punitive. In addition to this, they are now going to charge for IFA Windows, which was previously free.
DBS provide an important function for members who choose to join the organisation. The problem is in moving, which can be fraught with difficulties.
In actual fact, I do not want to move as I value the benefits that DBS provide – but I also do not want to he fleeced. On that basis, I strongly appeal to the board of DBS and Mysis to think long and hard before imposing these swinging increases on the membership.
It is likely that if you persist in this ill-advised proposition, you will lose a substantial number of members as it will not be cost effective to cover their new overheads.
Nick and Ken, please think again and quickly before you find yourself with a substantial and hostile members' response on your hands.
DPB Independent Financial Services, Edgware