Sesame increases member fees

In a letter sent to members last week, the network announced the annual levy on firms would rise from £1,518.40 to £2,298.40. Fees for each individual adviser will rise from £1,486.16 to £2,266.16 per annum. Firms will also see their commission retention rates rise by 0.25%, with the minimum retention rising from £4,843 to £5,495, though mortgage and general insurance brokers will be exempt. A spokesman said once this increase was taken into account, firms would see an average fee increase of about 9%, though smaller firms would be more adversely affected. Managing director Nick...