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Sesame determined to build the leading multi-tie panel

Sesame has pledged to assemble the best multi-tie panel in the marketplace after depolarisation, saying it will have failed its members if it does not achieve its aim.

Speaking to Money Marketing, Sesame commercial director Martin Davis says the introduction of multi-ties into the distribution framework is a perfect opportunity to address some of the fundamental problems facing IFA firms, such as the spiralling cost of professional indemnity insurance and poor levels of service from product providers.

Sounding a note of caution, however, Davis says the creation of Sesame&#39s panel will not be conditional on solutions to those issues but it will be a missed opportunity if they are not dealt with.

He says, given the size of Sesame among IFAs, representing around one-quarter of the market with 6,050 RIs as of November 2003, there will be no justification for not assembling a market-leading multi-tie panel.

Defining best, Davis points to things such as the best products available from providers with proven levels of service to IFAs. But he does not see multi-ties forming in 2004, saying it will not be until next year that such business decisions will be finalised.

Davis says: “Our perspective of this is it is going to happen at some stage – there will be a multi-tied environment in the future. We will be very aggressive in our participation and create for our members the best panel in the marketplace. If we do not, we will have failed our members.”

Bankhall operations director Tony Murrell says: “If I were to wake up on a Monday morning and my independence had been compromised by the arrival of a multi-tied operation, I do not know how happy I would be.”

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