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Ascentric predicts networks will set up own platforms

Networks and distribution firms are likely to follow in Sesame Bankhall Group’s footsteps in developing their own platforms, according to Ascentric.

Money Marketing revealed last week that Sesame Bankhall is developing a platform to be launched this year in partnership with another company.

Ascentric managing director Hugo Thorman says Sesame Bankhall’s move is likely to prompt other distributors to develop offerings. He says: “Distributors will look to adopt their own platforms so they can name their own pricing structures and put their own stamp on what they offer to advisers.”

The move comes after Intrinsic Financial Services announced it was using Investment Funds Direct, the provider behind Ascentric, to power its own white-labelled platform.

But Novia chief executive Bill Vasilieff says: “I am surprised Sesame has taken this route. Advisers will want to make up their own minds as to what platform they use. I cannot see how Sesame can build its own platform and force them to use it. It is going into tied territory.”

But Thorman, who confirmed Ascentric is not working with Sesame Bankhall on its platform, says: “If all the charges are explicit and unbundled, it does not matter that a platform is being recommended by a distributor.”


Midshires services agent faces jail for £100k password scam

An employee at Birmingham Midshires has been found guilty of unauthorised activity resulting in the theft of £100,000 from customer accounts. Ivan Obita, a customer services agent at a Birmingham Midshires call centre, was found guilty in Wolverhampton Crown Court last week of dishonestly accessing a computer system and obtaining information. In 2007, Obita asked […]

Imla dismisses housing minister’s claim as “utterly aspirational”

The Intermediary Mortgage Lenders’ Association has labelled Grant Shapps’ “Age of Aspiration” speech as “utterly aspirational”. In June, Shapps spoke of the return of an “age of aspiration” for those struggling to get on the first step on the property ladder. Speaking at an event hosted by the Royal Institution of Chartered Surveyors in June, […]

£4.7Bn RMBS for RBS

RBS is offering a £4.7bn residential mortgagebacked security for the first time since the credit crunch began as it looks to raise capital to return to full private ownership.


Nest set to escape the spending axe

Pension experts say Nest looks likely to survive the Government’s comprehensive spending review despite earlier speculation that the Treasury wanted to scrap it in favour of a cheaper alternative. Industry sources say that Nest spokespeople are accepting speaking invitations for later this year for dates after a decision about the future of the National Employment […]

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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