FCA fines Sesame £1.6m for 'pay-to-play' arrangements

The pay-to-play scheme meant the range of products recommended to Sesame clients under its restricted advice service was influenced by the amount product providers were willing to pay Sesame for certain services, the FCA found. Sesame promoted its own commercial interests over the interests of its clients, the regulator said. In December 2012 the introduction of the RDR meant paying commission to advisers for selling a retail investment product was banned. The change was to ensure customers receive advice which is not influenced by the amount of commission paid to advisers. As a...