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Friends purchase of Sesame gains FSA approval

Friends Provident’s acquisition of Sesame received FSA approval on Friday, arming the group with a strong platform to enhance service for advisers, says Sesame chief executive Patrick Gale.

Gale says the new parent will provide Sesame with the certainty and financial strength to build on its strategy of offering a wide range of services to advisers – both appointed representatives and directly regulated advisers.

Gale says: “We are delighted that the change of control has been approved so quickly and we would like to thank the FSA for their support. Being owned by Friends Provident provides Sesame with the certainty and financial strength to build on our successful strategy of offering the widest range of services for both appointed representatives and directly regulated advisers.

“We will continue to operate as a separately regulated and independent business, and remain firmly focused on delivering a great service to our growing customer base. In a sector where product providers are taking an increasing ownership of distribution, Friends Provident has a proven track record of support and investment in the intermediated market. Their experience and understanding of the market means that they fully appreciate the need for a leading service provider such as Sesame to remain as fiercely independent as its customers.

“We see a bright future for professional financial advice and we look forward to continuing to enhance our range of valued services to help advisers build profitable businesses.”


Skandia chief in misselling alert over property in wrap

Skandia UK business unit chief executive Brett Williams believes platforms including residential property holdings within their portfolio valuations could encourage misselling.Williams says putting houses on to a platform and taking 0.5-1 per cent commission on the value of the property could be construed as a missale because they do not advise on anything to justify […]

Second opinion in the Dr Phizackerley case

Many national newspapers picked up on the recent special commissioner’s decision in the Phizackerley case but we believe some conclusions reached may be misleading.

Bennett named as new group CEO for A&L

Alliance & Leicester has appointed group finance director David Bennett as group chief executive, effective from July 27.Former group chief executive Richard Pym asked the board in February to consider his successor, resulting in a search of external and internal candidates. He will retire from the board on July 27. Current managing director, retail banking […]

Abbey re-enters 100 per cent mortgage market

Abbey has re-entered the 100 per cent mortgage market with a new product set to be launched on 13 June.The new deal has a maximum loan to value of £500,000 and requires no deposit. The range includes two, three and five year products and there are no higher lending charges.Abbey managing director for intermediaries Ricky […]

Allianz Technology Trust – April 2017

Welcome to the latest update for Allianz Technology Trust PLC from the Trust’s portfolio manager, Walter Price. Portfolio review The Trust’s NAV returned 4.3% , outperforming the Dow Jones World Technology Index return of 2.8%. In US dollar terms, the portfolio gained 4.8%. During the month, stock selection contributed to relative performance, and industry allocation […]


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