Misys Group has announced that networks DBS and Misys are to merge to form the mortgage club arm of the Sesame Group when it rebrands later this year.
At the moment DBS and Misys operate independently within the Misys group, but they will come together as Sesame Mortgage Services in August, which will make it one of the largest mortgage clubs in the UK. At the moment DBS processes around £500m worth of business per month and Misys significantly less, with approximately £250m per month.
Currently DBS only acts for its own members whereas Misys also acts for other brands in the group. When they join they will support the entire network, which will mean that around 6,000 registered individuals can use the club.
New members will have the choice of joining the group and using its MCCB number or maintaining their own number until the Financial Services Authority (FSA) takes over in 2004. Commenting, Andy Young, who will head up the club, but is currently head of marketing at Misys, said: ‘I hope to have an extra 1,000 mortgage-only advisers signed up to Sesame Mortgage Services before the FSA becomes the statutory regulator next October.’