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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.


Mortgage firms hit back as King crashes in

The mortgage industry has hit back at Bank of England governor Mervyn King&#39s warning that house prices could fall, arguing that it could spark a crash when there was little danger of one before. Lenders and brokers say King does not need to “scare the living daylights out of people” by firing a warning to […]

New Star tech fund chief leaves firm over ill health

John Pullar-Strecker has left his post as manager of New Star&#39s technology fund after a long period of ill health. Pullar-Strecker has not been involved in managing the £325m fund since the start of the year, with deputy Neil Campling taking over control. New Star would not comment on whether the decision to part company […]

Friends Prov optimises ethical stance

Friends Provident has established the stewardship safeguard optimiser fund, a unit-linked ethical fund that offers some protection to investors in Friends Provident&#39s investment portfolio bond. The fund is aimed at cautious investors with ethical investment principles. The aim of the fund is provide smoothed investment returns similar to with-profits by investing in an ethical portfolio […]

Projection rejection?

The future of projection rates is hanging in the balance as the FSA considers whether it is the role of the regulator to set rates and in some cases whether they should be set at all. After a report on long-term market conditions and projection rates by PricewaterhouseCoopers last June concluded that a more sophisticated […]


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