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Sesame Bankhall Group propositions head departs

Sesame Bankhall Group head of strategic propositions Darren Smith has left the business.

SBG says Smith left last month to pursue other interests within the financial services sector. It says it is looking for a replacement to take over Smith’s duties, although the role’s remit may change.

A Sesame spokesman says: “We would like to thank Darren for his important contribution to the business over the past five years and for his commitment and service to SBG. On behalf of the group we wish Darren all the best for the future.”

In April, Sesame executive chairman Ivan Martin and financial services development director Michael Couzens left the business. In November, managing director of distribution Nick Kelly left following a reshuffle of the executive team.

Bloomsbury Wealth Management partner Jason Butler says: “I think the whole model is under strain and networks’ management are starting to realise they cannot go on with the large cost bases they had previously. They will find it difficult to adapt to the new world we find ourselves in.”

Last week, Sesame was fined £6m by the Financial Conduct Authority for failing to ensure investment advice was suitable and for failings in the systems and controls that governed the oversight of its appointed representatives.

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