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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.”

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