Sesame loses 60% of network advice firms in bid to survive

Laura Miller
clock

Sesame Bankhall Group (SBG) has lost almost 60% of its network's member firms in the wake of a decision to kill-off its problem-laden investment advice business.

After a string of issues including two fines from the regulator and being forced to carry out a far-reaching review of past pension advice, Sesame announced in March it is closing its network proposition for pension and investment advisers. Network members were given five months to decide whether they wanted to stay part of the group as a directly authorised adviser buying compliance services, but not liability protection, from SBG's Bankhall arm. One hundred and five advice firms chose this route, just 30% of the former network, according to figures from SBG. Sesame refused to rev...

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 Your profession

Compliance-focused adviser generation 'lost the human touch'

Compliance-focused adviser generation 'lost the human touch'

‘Now there's soft skills training but advisers naturally did it back then’

Isabel Baxter
clock 24 April 2024 • 2 min read
Advice firms face data challenges amid new regulation

Advice firms face data challenges amid new regulation

Firms face challenges in collecting data and due diligence processes

Sahar Nazir
clock 24 April 2024 • 1 min read
PA Working Lunches: Register today to hear from Baillie Gifford

PA Working Lunches: Register today to hear from Baillie Gifford

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 24 April 2024 • 1 min read