Unhappy DBS members set up new protection network

Disgruntled former members of DBS network are launching the protection division of a new network next month, aimed at IFAs who do not want to pay the 30% hike in Misys' fees. Although the name is yet to be revealed, the network will see its first arm take shape in March to target the non-regulated mortgage, protection and insurance markets. An investment network and a fee-based network are expected to be launched at a later date, subject to authorisation from the Financial Services Authority (FSA), which will fall under the control of a holding company, Utopia. Evan Owen, former mem...