A restructure has led to expanded roles for chairman John Cowan and managing director Stephen Gazard.
Reflecting on the last three years, George Higginson, said: “I am proud to have contributed to SBG’s successful transformation into a broad based financial services group and I feel it is now the right time for me to seek a new challenge. SBG has a range of exciting new propositions for advisers and a strong team in place to help drive the business forward.”
John Cupis managing director of mortgages and deputy chairman of AMI and Pan Andreas wealth management director will report into Cowan and continue to work alongside Gazard to lead their sectors within the group.
SBG has bolstered its senior team with the appointment of Jim Kelly as finance director. Jim has 30 years industry experience and has held senior roles with Lloyds Abbey Life, RBS and Aviva.
Chairman John Cowan will continue to lead the SBG Board after his appointment last year. He previously held senior roles at Prudential, Scottish Amicable and National Australia Bank.
Stephen Gazard joined SBG 12 months ago as distribution director and became managing director in June 2013. Stephen will now report into John Cowan and will take on a wider remit, with responsibility for leading the executive team.
Chairman Cowan said: “On behalf of the group I would like to thank George and Paul for their valuable contribution to the business and we wish them well for the future.”
In August 2013 Sesame reported a loss of £9.3m for 2012, four times its losses in 2011 as provision for a regulatory fine took its toll.
The Financial Conduct Authority (FCA) fined Sesame £6m in June for failings over unsuitable investment advice on Keydata.
However, the distributor saw a 27% rise in mortgage business at Sesame Bankhall Group, with £14.9bn of mortgage applications in H1 2013.
This was a £3.2bn increase on the previous year and Cupis attributed the record growth to more exclusives, a stronger protection and general insurance proposition and great adviser support.
