Sesame claws back £20m prior to closure

Carmen Reichman
clock

Adviser network Sesame posted a loss of £10.3m in the year before it pulled the plug on its investment adviser arm - £20m less than the previous year, latest accounts show.

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...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FOS ten-year limit sparks adviser concerns over complaint exceptions

FOS ten-year limit sparks adviser concerns over complaint exceptions

Parliamentary scrutiny predicted

Sophia Panayi
clock 31 March 2026 • 4 min read
News editor's view: Simplified advice added to the advice/guidance menu

News editor's view: Simplified advice added to the advice/guidance menu

The news editor's Friday Night Takeaway from 27 March

Isabel Baxter
clock 27 March 2026 • 4 min read
FCA consults on increased fees amid AI plans

FCA consults on increased fees amid AI plans

Regulator proposes to raise minimum and flat fees by 1%

Sophia Panayi
clock 26 March 2026 • 3 min read