Sesame Bankhall suffers 'disappointing' £19m loss

clock

Friends Life has reported a "disappointing" £19m loss for Sesame Bankhall Group (SBG) in 2013.

The network and support services company has set up a provision following a review of past business, including pension transfers. The group was also fined more than £6m last year for failures in relation to Keydata advice. Owners Friends Life said a strategic review of SBG is "ongoing". The SBG loss did not prevent Friends Life from turning a £32m loss in 2012 into an operating profit of £40m last year. But it called the SBG result "disappointing". Earlier this year, the Sesame network confirmed it is planning to drop its independence mandate for investment and pension advice an...

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

SDR 'not straightforward' for MPS providers and DFMs

SDR 'not straightforward' for MPS providers and DFMs

‘Serious amount of additional resource’ needed, WHEB AM says

Isabel Baxter
clock 29 January 2025 • 4 min read
FCA's plan to axe Consumer Duty board champions 'questionable'

FCA's plan to axe Consumer Duty board champions 'questionable'

Concerns raised over the role being axed too soon

Isabel Baxter
clock 20 January 2025 • 3 min read
FCA to lean more on Consumer Duty to swerve introducing additional regulation

FCA to lean more on Consumer Duty to swerve introducing additional regulation

Consumer Duty champion board requirement to be axed

Cristian Angeloni
clock 20 January 2025 • 2 min read