Sesame Bankhall has barred its advisers from recommending non-mainstream products under the firm’s new restricted proposition.
The company has given members six months to switch their restricted offering, become directly authorised under its Bankhall brand or leave the network altogether.
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Commenting on the move, the firm’s managing director Stephen Gazard, said: "We have concluded that supporting non-mainstream investment areas, such as agricultural property investments, traded life policies and experienced investor schemes, is unsustainable for us. It carries too much risk and we firmly believe others will conclude the same in time."
The move means there will no longer be any Sesame-authorised advisers offering independent advice.
Following the move, the new restricted offering will be known as Sesame’s ‘Universal’ proposition, which is essentially the same as its previous offering, minus the access to non-mainstream products.
The new proposition will sit alongside Bankhall’s DA advisers and its current restricted proposition, according to Fundweb.
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