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SimplyBiz throwing out lifeline to firms

SimplyBiz is targeting members of beleaguered intermediary Lifeboat, describing it as a sinking ship that members need to flee.

The service provider, which has grown to over 600 member firms after just over 18 months, is contacting Lifeboat members with a fast-track service aimed at helping them set up as non-regulated agencies, with a view to eventually becoming directly authorised.

SimplyBiz is holding an emergency meeting at Solihull Moat House next Tuesday in a bid to bring together Lifeboat members to discuss their options.

Marketing director Matthew Timmins says although the service provider has previously gone after members of troubled networks, such as Interlink, this is the first time it has singled out a network in such a focused way.

SimplyBiz has beefed up its service proposition by poaching financial services veteran Philip Holroyd from DBS Assured Services as director responsible for developing general insurance and mortgages.

A spokesman for Lifeboat administrator BDO Stoy Hayward declined to comment on the SimplyBiz campaign.

Timmins says: “This is the age-old debate about networks versus service providers. If a network goes down, its members go down with it.

“What has happened to Lifeboat only serves to highlight the importance of an IFA firm being directly regulated by the FSA and therefore in control of its own destiny and commission.”

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