Sesame currently accommodates both independent and restricted firms.
The network’s chief executive George Higginson (pictured) refused to confirm whether plans were afoot to drop its independence mandate, saying that he would provide members with an update at Sesame’s annual conference in the New Year.
Appointed Representatives of the network that IFAonline spoke to said they had not received any communications from Sesame regarding a move to restricted only.
Granta Financial Services said it had called the network following reports about the change but that Sesame would not tell them anything.
In a statement Higginson said Sesame is working on “evolving” its proposition.
“As the biggest network in the UK, you would expect us to be taking close note of the initial and ongoing results of the FCA’s thematic reviews.
“It is something that all advisory businesses should be doing. Given our view that the operating environment will get tougher in the coming months, we are working on evolving SBG’s proposition and will provide our members with an update at our annual conference in the New Year.”
Sesame reported a loss for 2012 of £9.3m – four times its losses in 2011 – as a provision for a regulatory fine took its toll.
The Financial Conduct Authority (FCA) fined Sesame £6m in June over its failure to ensure that investment advice given to its clients in relation to Keydata was suitable.
Sesame’s losses – up from a £2.4m loss in 2011 – include a provision for this fine.
Turnover for Sesame increased by £9.8m in 2012 to £180.2m, up from £170.3m in 2011.
