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Sesame RI numbers continue to fall says Misys

Sesame&#39s regulated RIs have continued to plunge down to 5,000 as of May, 2004 from the 6,450 advisers it had a year previously.
In a trading statement issued today, parent company Misys reported that while IFA numbers continue to fall, unregulated advisers joining its mortgage and general insurance propositions in advance of regulation are strong up to 1,300 in May from 650 in May, 2003.
It predicts revenues in Sesame will be down 18 per cent from last year, citing reduced numbers of RIs, the full six month effect of the harmonisation of pricing rates introduced in August 2003, increasing compliance costs and regulation and the additional investment needed to prepare for mortgage and general insurance regulation in October and January 2005 respectively.

The statement says that in the first half of the year, Sesame will run just above break even, with greater revenues associate with its new products starting to make their impact felt in the latter half of the year.

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