Sesame claws back £20m prior to closure

The network, which posted operating losses of £30.3m in 2013, announced the closure of its investment arm in March following a two-year strategic review by parent company Friends Life. It will continue to operate its mortgage adviser business, while wealth advisers were offered special terms for opting to become directly authorised within the Bankhall group or switching to network Intrinsic. Prior to closing, Sesame had set aside £31m to cover the cost of ongoing pension advice liabilities which may result from a past business review the company is currently undertaking.  This foll...