View more on these topics

Sesame members warned over authorisation delays

Sesame members are being urged to take immediate action rather than wait for further details of the firm’s new network partner, as experts warn they could face delays in becoming directly authorised.

Last week, Sesame Bankhall Group announced it would no longer operate as a network for investment advisers as part of a major overhaul of the business.

SBG will retain its mortgage arm but says appointed representatives in its investment network will have to either go DA as part of Bankhall, move to a new “network partner” or leave altogether. Further details including the identity of the network partner, believed to be Intrinsic, are expected before the end of April.

Threesixty managing director Phil Young says: “Members are best off deciding where they want to go and getting on with it now, rather than waiting to be transferred.

“The decent thing for Sesame to do would be to give members at least six months to go DA before it pulls the plug on their investment permissions. If it gives ARs only a few months to decide, that would leave members with no choice but to go with the new partner or to Bankhall.”

Beaufort Group chief executive Andrew Bennett says: “It is likely to take Sesame ARs longer than usual to go DA because the FCA will want to carry out additional checks.

“Sesame members need to get on the front foot and make a decision based on their own research, rather than end up somewhere that doesn’t suit them.”

In a letter to members this week, Sesame said ARs will be given three months’ contractual notice on 30 April to make a decision on their future.

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.

Recommended

HMRC-HM-Revenue-Customs-700x450.jpg
1

Beware the dangers of using pensions for IHT planning

There is little doubt recent legislative changes have laid a couple of golden eggs from money purchase pensions. First, the ability to access funds in retirement with almost unfettered flexibility. Secondly, upon which I shall concentrate, greater flexibility for death benefits coupled with removal of some draconian tax charges. Hitherto, only dependents (in essence, surviving […]

Home-House-New-Build-700.jpg
3

Can the major political parties deliver on housing?

“Fine words” on housebuilding have yet to win over a sceptical industry ahead of the general election, with calls for more details ahead of the publication of campaign manifestos after Easter. Housing has been identified as one of this year’s most critical topics, with Chancellor George Osborne using a prime slot in the final Budget […]

Fritz-Teresa-Consumer Panel-2014 600 x 385.jpg
11

MAS adviser directory branded ‘not fit for purpose’

The Money Advice Service’s directory of at-retirement advisers has been branded “not fit for purpose” after it launched with a number of technical issues.  The directory is in beta mode and features 4,500 advisers from 1,200 firms. Those using the Government’s Pension Wise guidance service will be pointed to the directory if they wish to […]

Cash-Money-Currency-700.jpg
7

FOS upholds four Harlequin complaints against advice firms

The Financial Ombudsman Service has upheld four complaints regarding Harlequin investments against advice firms since the beginning of the year. The Harlequin group of companies marketed and built overseas luxury property developments, and is under investigation by the Serious Fraud Office. In a decision against West Sussed-based IFA Regency Financial Resources, the FOS ruled the […]

Get your New Year off to a flying start

Ross Jackson, Senior Marketing Manager There’s no denying that these days we expect things quickly. You might have noticed it first-hand during the flurry and rush of the Christmas period. The fact is that in a world of smartphones, social media and click and collect, most clients expect to get an instant response and a […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment