Sesame profits nil as group invests in RDR

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Sesame Bankhall Group (SBG) generated zero operating profits in the first six months of the year as the company invested in technology and RDR transition.

The group traded profitably in the period but made "significant" investments in technology, new customer services and in a number of "implementation activities" ahead of RDR, according to the first-half results for parent company Resolution. In the corresponding period last year, SBG, which consists of an appointed representative network (Sesame), a support service provider for directly regulated IFAs (Bankhall) and a mortgage club for intermediaries (PMS), posted operating profits of £2m. Parent company Resolution had operating profits before tax of £390m (IFRS) in the first half, up...

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