Past and present appointed representatives (ARs) of Sesame have expressed their anger at being told advice previously passed by the network as suitable has now been deemed wrong in a widespread review following a £6m fine from the regulator.
The review - which Professional Adviser can reveal is codenamed ‘Project Minerva' - takes the form of what one former Sesame adviser called "a two pronged attack" that he believes affects hundreds of the network's ARs and thousands of individual client files. The first stage involves Sesame doing a review of past business from 5 July 2010 up to 21 September 2012 to check the suitability of advice given to a selection of clients. Where it identifies suitability concerns, it will write to clients asking them if they want to opt-in to a full review of the advice given, which could lead t...
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