CompaniesApr 30 2012

Sesame confirms providers for restricted advice panels

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Sesame Bankhall Group announced today that the initial product providers for its new restricted advice panels will include Aegon, Aviva, Friends Life, LV=, Partnership, Prudential, PruProtect and Zurich.

The new service, to be launched in Q3 2012, will form part of the group’s expanded range of services for adviser firms to choose from post-Retail Distribution Review, with advisers offering a restricted service recommending on products from a limited panel of providers.

Sesame said that its new services would include:

• a whole of market mortgage proposition;

• a client and practice management system designed to “reduce regulatory risk”;

• integrated technology links with providers;

• access to Sesame One, an investment platform support service powered by Axa Elevate.

The firm added that the cost of its new service would include regulatory fees, levies and professional indemnity insurance will be included. Details of costs were not provided.

George Higginson, chief executive at SBG, said: “Many adviser firms are considering how they will service their clients and what changes they will be making to their existing business model.

“As a broad-based financial services group supporting over 11,000 advisers, it is important that we offer our customers a full range of quality options. This includes independent advice, where our commitment remains as strong as ever.

“Alongside this, over 6,000 financial advisers in the UK already offer a form of restricted advice, and our new service is enabling us to respond to this current and future demand.

“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.”

Duncan Jarrett, sales director at Aegon, said: “Strong partnerships with quality advisory businesses, both ‘independent’ and ‘restricted’, will be key to our continued success.

“In addition to our strong relationship with Sesame Bankhall Group’s independent advisers, we’re delighted to be one of the first providers to have secured a place on their newly formed restricted proposition.

“The strength of Aegon’s proposition together with our distribution reach and the support we can provide advisers were decisive factors in us being selected.”