Sesame Bankhall executive chairman Ivan Martin (pictured) has hit out at the “intrusive” FSA, saying it failed in its duties “when needed most”.
Speaking at the Sesame Symposium in London this morning, Martin was critical of the way the FSA has regulated the industry.
He said: “We have an intrusive regulator that has been criticised, broken up and rebadged; a regulator accused of failing in its duties when needed most.”
He said Sesame would challenge the new regulator in future, but that advisers need to face up to regulatory challenges.
He said: “That does not mean we will not challenge the regulator where it is warranted, but neither can we bury our heads in the sand. The bottom line is we have to face up to the challenge and accept we have to manage our risks in new and better ways than ever before.”
Martin reiterated Sesame’s support for Money Marketing’s Pave the Way To Save campaign, which calls for the Consumer Protection and Markets Authority to have a statutory obligation to have regard for increasing savings and protection levels and is exploring ways of creating a better savings culture.
He said: “It must be right to build up your retirement fund, save for the future and protect yourself against the unforeseen events that happen in your life. But the regulator does not have a clear objective to stimulate those things.
“I believe that Money Marketing editor Paul McMillan and his team deserve credit for harnessing industry opinion and building momentum behind this positive initiative, with the Pave the Way To Save campaign.”
Martin also confirmed that Sesame Bankhall is launching an investment platform called Sesame One.
He said: “As a businessman involved in technology for the last 33 years, I am convinced that wrap platforms are the key to driving greater operational efficiency. The customer of the future will be more demanding and only those businesses that meet those demands in a profitable way will survive.”
Martin said full details will be announced at 3pm today.
In September, Money Marketing revealed that Sesame Bankhall Group had recruited Intrinsic and Positive Solutions directors as part of a senior management reshuffle aimed at setting up an investment platform.
The group created a new unit, headed by Sesame Bankhall chief operating officer Stephen Young, to deliver the platform and appointed Intrinsic Financial Services founding director George Higginson to take over as chief operating officer from Young. Positive Solutions marketing director Keith Gilmour joined Sesame Bankhall in October as business development director.