Regulation  

Sesame looks at suitability of advice at its former AR

Sesame looks at suitability of advice at its former AR

Sesame has written to some of the clients of one of its former appointed represenatives (AR) over suitability concerns.

The network has written to a “small number” of clients of Leicestershire-based IIB Financial Services to check on the advice given.

According to the FCA register, IIB was an AR of Sesame between 2003 and November 2015.

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A spokesman for Sesame said: “As you would expect, we have standard monitoring procedures in place to review the advice provided by Sesame member firms to ensure it achieves good customer outcomes in line with FCA requirements.

“In this instance, our ongoing controls highlighted a potential issue with one particular advisory firm which is a former member of our network.

“In co-operation with this firm, we are contacting a small number of customers to ensure the advice given meets and is suitable for the individual customer’s needs.

“As this work is ongoing it would not be appropriate to comment further.”

Sesame closed down its wealth network last July after a strategic review, which also led to the sale of the Financial Advice School.

Old Mutual Wealth’s Intrinsic was selected as the preferred network partner by Sesame Bankhall Group for its advisers.

Intrinsic also bought the Financial Advice School from Sesame Bankhall Group in February, and operates it on a not-for-profit basis.

IIB has been directly authorised since September 2015.

Justin Crocker, partner of IIB, declined to comment and referred Financial Adviser to Sesame’s press office.

Simon Torry, a chartered financial planner with Essex-based SRC Wealth Management, said: “I would hope if I were in that situation, the network would speak to me first to discuss its concerns and for me to give a response.

“Obviously, if I couldn’t satisfy their concerns I wouldn’t have an issue with them contacting the client, because the most important thing is that the consumer gets the correct advice.”