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Sesame reassures members on profitability plans
Sesame Bankhall Group (SBG) has reassured its members that it is focused on developing a profitable and restructured business which acts in the interests of its mortgage advisers and their customers.
Speaking at the group’s national mortgage conference in Burton-upon-Trent, executive chairman John Cowan said: “We have been working hard to develop a plan to build a profitable and sustainable business for the future, supporting our members to put customers at the heart of everything we do.”
In March, SBG announced it was closing its investment adviser network to focus on growing its mortgage business and Bankhall services.
“Our objective in the restructured SBG is to play to our strengths by continuing to invest in our mortgage business while also bolstering our support for wealth advisers through Bankhall,” added Cowan.
There has been uncertainty over Sesame’s future since February 2013 when it was put up for sale by its parent company Friends Life but no sale was agreed.
Aviva completed its takeover of Friends Life in April this year in a deal worth £5.6bn.
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In January, Aviva revealed in a note to its shareholders that it had concerns over the ‘open-ended’ nature of the financial support Sesame was receiving from Friends Life and the insurer said it would not do the same.