Aviva and Friends Life create £45m emergency fund for Sesame

Laura Miller
clock

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

Aviva, owner of Sesame since completing a purchase of the network's parent Friends Life in April, will provide £25m of "support" to the Sesame Bankhall Group (SBG) should it need it to pay "any liability" any part of the group is unable to meet. The Friends Life arm of the enlarged Aviva business has thrown a further £20m into the pot, specifically to cover costs associated with past business reviews, restructuring and solvency and liquidity needs. The £45m fund will be available to Sesame for a period of two years from 17 June 2015. Aviva and Friends' pledges of support for Sesame...

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

Why 'polluter pays' isn't as simple as it seems

Why 'polluter pays' isn't as simple as it seems

'If only life was that easy'

Justin Cash
clock 20 December 2024 • 4 min read
'It's just not good enough' – service continues to frustrate advisers

'It's just not good enough' – service continues to frustrate advisers

Regulation ‘not biting the real day to day grind’

Jen Frost
clock 10 December 2024 • 3 min read
Consumers invited to debate on the idea of targeted support

Consumers invited to debate on the idea of targeted support

Phoenix Insights forms panel to meet in early 2025

Isabel Baxter
clock 10 December 2024 • 2 min read