IFA network Sesame has said it remains in a 'strong' financial position and will not increase its membership fees because of today's £6m fine for failings relating to advice given on Keydata products.
The group was fined £6,031,200 in total after failing to ensure that investment advice given to its customers was suitable. The penalty is made up of a £245,000 fine for Sesame's advice failings in relation to Keydata life settlement products, and a £5,786,200 fine for systems and controls weaknesses across its investment advice business. The fine more than wipes out the £4m trading profit the business made in 2012, but despite this, the group said it still had a strong capital position and had accounted for much of the fine already. "Sesame Bankhall Group has a strong capital posi...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
