The company made its loss – on ordinary activities before tax – from a turnover of £170.3m. It said the figure followed “significant investment” in its technology infrastructure and new services.
In 2010, the company made a profit of £1.1m from turnover of £162.9m.
The network had an average of 1,025 mortgage and general insurance advisers on its books during 2011, down from the 1,068 posted in 2010.
During the course of 2011, Sesame incurred £11.4m in compensation costs and had 517 upheld complaints, although it was able to claw some of it back from the advisers involved or through professional indemnity insurance.
These upheld complaints represented 17% of all complaints received, down from 21% in 2010, with the reduction attributed to “erroneous complaints generated by claims handling company activity”.
Sesame Bankhall Group CEO George Higginson (pictured) said: “As part of our long-term strategy and commitment, we have been investing millions of pounds to ensure firms are in a strong position post-Retail Distribution Review.
“We have been very clear and consistent from the outset that the delivery of our long-term strategy would impact on our short term profitability.
“Our strategy is on track and is helping to put Sesame and its members in the strongest possible position going forward.”
