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Scottish DBS firms angered over &#39like it or lump it&#39 talks

Angry DBS members held impromptu meetings to debate their future after regional meetings in Aberdeen and Glasgow last week, where the network attempted to explain its 30 per cent increase in costs.

Members said DBS spent the entire meeting trying to persuade them why they should not leave the network but left many IFAs threatening to go elsewhere. Around 75 per cent of Glasgow members are estimated to have stayed on after their meeting to discuss their options.

Maclean Financial Management principal William Maclean, who is not connected to the Network Action Group, says: “The tone of the DBS presentation was like it or lump it and members thought they were being dictated to. There are always the same dissenting voices at DBS meetings but this time members will do something about it.”

DBS sales and marketing director Mark Summerfield says: “We are not immune to the fact that we have members who are unhappy. But many members are entirely understanding that the DBS proposition has been cheaper than its competitors for the last few years.”

NAG, formerly the DBS Action Group, is writing to 2,000 DBS members this month asking for donations to fund a court case against the network.

NAG claims the support of 400 firms and wants to seek an injunction to stop DBS imp-lementing its new pricing structure until it has consulted with members.

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