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Sesame Bankhall profit falls 56% as it extends staff lock-in plans

Sesame Bankhall Group has reported a trading profit of £2.2m in 2011, down 56 per cent from £5m in 2010.

As part of Friends Life’s annual results for 2011, published today, SBG says it has invested in technology infrastructure and new services for customers during 2011. It says it is undertaking a “multi-million pound investment programme” to support advisers ahead of the RDR and the mortgage market review.

SBG has extended its executive incentive scheme to other “key members” of senior management, which will see them purchase shares in Friends Life Distribution Holdings. The scheme, which commenced in 2011 and will run until 2016, entitles participants to cash that equates to 20 per cent of the value of growth in share value of FLDH, subject to market conditions.

SBG says the scheme is “tightly aligned” to the achievement of the SBG strategic plan, including appropriate risk management and controls, and has secured the long-term commitment of the senior management team.

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