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Sesame reveals restricted panel providers

Sesame Bankhall Group has announced the initial product providers for its restricted advice arm.

The proposition will launch in Q3 and will include Aegon, Aviva, Friends Life, LV=, Partnership, Prudential, PruProtect and Zurich. The firm says a few more names are likely to be added to this list which covers investment, pensions, protection and at retirement.

Sesame chief executive George Higginson (pictured) says: “We are committed to promoting and supporting professional financial advice and offering our customers choice. Our restricted advice proposition is a brand new technology-driven service that has been designed with valuable adviser input for the new regulatory world.

“With PI insurance and regulatory fees also under pressure, we are providing greater certainty and security for firms by including these costs as part of the service. SBG is extending its range of options so that advisers can choose to do business in the way that is most suitable for their clients and their firm.”

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Comments

There are 12 comments at the moment, we would love to hear your opinion too.

  1. Is this commission club in the best interests of their clients?

  2. Dear FSA

    Is this what was intended?

  3. smells a bit like the old world. interesting to see how much has been paid to get into this club

  4. Anyone still want to be an Independent adviser??
    Anyone see any benefit in using providers not on that list??
    Anyone see any role for smaller or newer boutique firms??
    This is Restricted all right. But anyone who is not an Independent adviser will be Restricted … and there is no regulatory difference between this and anything more or less flexible than Sesame’s Restricted proposition
    So : be Independent and make your own recommendations based on your own research for your own clients!!

  5. As 95%+ of current IFA’s are “restricted” now anyway I think this model looks like a good deal for end consumers. I think you will find that SBG will have looked at their book of business of many years and found that those providers already signed up to the panels will be those to whom the vast majority of the network’s business goes anyway. From an advice viewpoint advisers and clients will notice little, if any difference. The BIG PROBLEM for IFA’s now (soon to become restricted) is getting over the mindset of not being able to have the word Independent in their business name. I was in the same boat until 3 months ago when I stopped mentioning the word Independent when talking to clients (both existing and referrals). Guess what? it has made absolutely no difference to them. I simply explain “I advice on life assurance, bonds, pensions, ISA’s OEIC’s and annuities only. If you are looking at something any risker that this then they need be speaking with somone else.” This works and as far as being “independent” goes we all have our own preferred providers (read that aas panels) or usuual suspects for all areas mentioned and I am sure any given IFA would not get illustrations and details from more than the top 3 or 4 providers in the relevant market having done your research. I still do exactly the same now as I did last year and in my own mind I am giving clients the same advice as I would have based on the same information received. All these new panels will do is make it that bit easier to justfiy our advice. The independent label really is not an issue for clients, it is in our heads and the sooner we as an industry get t grips with this, the better for everyone concerned.

  6. @ Anonymous 10:34

    Come on George use your real name when posting on this forum!

  7. Sesame are rumoured to have set a massive ‘joining fee’ for their panels. Sounds like good work if you can get it but surely contradicts the delivery of competitive products… so plaudits to those providers who haven’t coughed up.

  8. @ Bert Poppins 11.15. Apologies Bert I dont use the anon button but didso in error. My name is now attached. Who is George?
    Marty

  9. Dont worry they will all cough up in one way or another to have their products brought to market or they can say goodnight gracey to any new biz post RDR. Yet another unintended consequence to eminate from Canary Wharf. It is not rocket science yiou know, Everyone is in business (any business) to make money and the customer always, always pays. FSA dont care. I wonder what they will do when costs of products and advice to recoup the additional money from their £100 million Arch Cru debacle go up.

  10. I didn’t see Ageas Protect on there so Sesame must be agreeing with me that their protection underwriting is suspect to say the least? We decided months ago not to use them anymore so it would be very interesting to see why they don’t appear on their prefered list at this time.

  11. Over 80 life companies have closed to new biz in the last 12 years due tio the “cost” of doing business in the UK.
    Within 1 year there will be about 10 insurance companies or less.
    I don’t think that was the original regulators intention but if fewer folks are sold financial product then fewer missold financial products, fewer complaints Etc Etc. The only problem is lack of savings, retirement and protection advice provision in the UK.
    I for one won’t be an IFA next year because paying unknown demands for others FSCS bills is not a price I am willing to pay to remain authorised after 24years in the business.

  12. robert lundon 5th May 2012 at 9:55 pm

    all this looks great till I got letter on friday from SBG who I am with to be told that their fees are increaseing by 51% what a joke I cant see me staying their post RDR

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