View more on these topics

Sesame hands ARs deadline as it offers Bankhall incentives

Sesame is offering its appointed representatives incentives to become directly authorised as part of Bankhall or move to a new “network partner” after announcing it will close its investment network.

Last week Sesame Bankhall Group announced it will no longer operate as a network for investment advisers.

ARs will have to go directly authorised as part of Bankhall, move to a new network partner or leave altogether. The identity of the network partner, believed to be Intrinsic, is expected to be announced before the end of April.

In a letter to members this week, seen by Money Marketing, Sesame says ARs will be given three months’ contractual notice on 30 April to make a decision.

On 31 July, those transitioning to Bankhall will be able to continue to trade until their FCA
 permissions are granted, and those joining the network partner will be moved across.

All other ARs will leave the Sesame network on this date.

For those who move to Bankhall or the network partner, Sesame says it is likely to offer benefits including paying Financial Services Compensation Scheme interim levies, and not freezing commission accounts.

It will also give firms up to six months to return client files and offer pro-rata FCA fees so firms are not double charged.

In the letter, Sesame Bankhall Group managing director Stephen Gazard says: “Obviously in the event that you do choose to become directly authorised through Bankhall, or move to our AR wealth specialist partner, then that naturally means we can do more to help smooth the transition for you.

“Whatever you decide we will do all we can to help, although I do feel it is important to point out that whilst we appreciate there are other options available to you, it is simply not feasible for us to provide you with the same level of support on the same terms as we are able to deliver through our preferred routes.”



Tribunal upholds investor’s claim over £383k tax bill

Investors who have overpaid tax when drawing money from investment bonds could reclaim it through the courts following a ruling in favour of an investor who was landed with a £383,000 tax bill. The Upper Tribunal ruled in favour of Joost Lobler last week after he challenged HM Revenue & Customs over the bill. Lobler […]


Hargreaves switches Sipp trustee to boost cash returns

Hargreaves Lansdown has switched the trustee of its Sipp, allowing it to invest in a broader range of assets and boost returns on savers’ cash investments. According to a letter sent to Sipp customers, Hargreaves Lansdown Asset Management has been appointed Sipp trustee in place of Hargreaves Lansdown Pension Trustees. The firm says this gives […]


Should Scots be handed state pension autonomy?

The Scottish National Party will use its power in the next parliament to oppose any further increases in the state pension age, The Times reports. The state pension age currently stands at 65 and applies across the UK. Under plans outlined by the Coalition Government this will rise to 66 between 2018 and 2020, before […]


Guide: reporting to the Pensions Regulator — what and when?

Johnson Fleming has published a step-by-step guide demonstrating the importance of record keeping and reporting, and how it can ensure you operate a successful scheme. The guide takes you through some key questions you need to ask and identifies the information you need to obtain. The topics include: why you need to keep records and the benefits of doing this; registering your scheme; what information you need to record to ensure you meet the Pensions Regulator’s requirements; and what items need to be recorded and when.

Europe: why persist with value today?

By Rob Burnett, Neptune’s Head of European Equities The Neptune European Opportunities Fund remains committed to a value bias. We see a broadening array of opportunities in diversified industries at compelling valuations today. The most complicated part of the market is the European banks. We are currently overweight in this sub-sector as many banks are […]


News and expert analysis straight to your inbox

Sign up


There are 5 comments at the moment, we would love to hear your opinion too.

  1. I had the same option when Bankhall closed ‘Investment Strategies’. Dissatisfaction with Bankhall’s known policies, plus intensive research led me to opt for ‘DA’ with ‘SimplyBiz’ as the support. Never looked back!

  2. Well done Sesame. It must have been a tough decision closing the business to Investment advisers and finding a “network partner” is something they didn’t have to do .

  3. Anonymous adviser 8th April 2015 at 4:29 pm

    Networks you don’t want to touch them with a barge pole Your business is never your own. There full of bull Directly authorised is the only way for IFA’s

  4. I would be aslkimg how much the network partner will be paying Sesame as an ‘introducers fee’, couple of thousand per head no doubt.

  5. @ Truthseeker | 8 April 2015 2:37 pm

    Really??? “didn’t have to do”? The potential liabilities are huuuuuge, so why not dump them & make a quick buck ‘selling’ the poor saps off!!!!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm