Sesame faces FSA complaint over UCIS 'mis-selling'

Julian Pruggmayer, an IFA at Financial Risk Management, inherited two clients from Alan Mason, an IFA at Financial Distinction and Sesame appointed representative. The advice concerns a £60,000 investment into Arck LLP, a Cape Verde property fund whose directors are currently on bail under suspicion of fraud. Pruggmayer said he received a verbal assurance from Chris Pike, head of compliance at Sesame, that the firm had admitted the advice was negligent, and that the network would be paying out on the claim. However, after a two month delay, Pruggmayer said he would be writing to th...