Sesame Bankhall Group

The Financial Advice Market Review (FAMR) could herald the return of banks and product providers offering mass-market advice propositions, Sesame Bankhall Group (SBG) executive chairman John Cowan has said.

A former managing director at Sesame Bankhall Group is set to join financial services research business Defaqto as head of insight (funds and DFMs).

Adviser network Intrinsic and its parent company Old Mutual Wealth (OMW) are to launch a national advice business aimed at the "underserved segments" of the market.

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.

Sesame Bankhall Group (SBG) has reconfigured its management team following a strategic review that led to the demise of its investment advice network earlier in the year.

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.

Adviser network Intrinsic plans to take on 220 new advisers from the closure of rival network Sesame.

Debt-laden network Sesame has been given access to a £45m bailout fund by its parents Aviva and Friends Life.

Questions are being raised over the contracts on offer to exiting Sesame network advisers considering buying-in the support of its sister company Bankhall, which include an apparent two-year tie-in and "ridiculous" annual fees for services.

Network Intrinsic has been confirmed as the preferred partner of Sesame, promising advisers of the closing network a 'smooth' transition should they choose to switch.