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

Women and wealth: A new era of financial empowerment?

Women and wealth: A new era of financial empowerment?

Helping women build confidence and craft long-term strategies

Olivia Perry
clock 13 December 2024 • 3 min read
Feel Good Friday: Quilter Foundation partners with two charities

Feel Good Friday: Quilter Foundation partners with two charities

Supporting Meals & More and Feeding Britain

Professional Adviser
clock 13 December 2024 • 1 min read
Playing to your strengths when building professional connections

Playing to your strengths when building professional connections

Have clear networking goals

Sam Whitaker
clock 12 December 2024 • 4 min read