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

Laura Miller

Sesame, the UK's largest network of financial advisers, has been fined £1.6m by the Financial Conduct Authority (FCA) for setting up a pay-to-play scheme that "undermined the ban on commission payments brought in by the Retail Distribution Review (RDR)".

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...

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