Sesame Bankhall Group (SBG) is set to scrap its network for investment and pension advisers as part of a strategic overhaul of the business.
However, the group will retain its mortgage unit, including the PMS mortgage club and a network for mortgage firms.
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Following the restructure, the network for investment advisers will be closed and appointed representative members will have to select from going directly authorised as part of Bankhall, or moving to a new network partner.
SBG executive chairman John Cowan said, "Our future plans mean we will develop our growing Bankhall business and we will continue to grow our mortgage business, including our AR network option for mortgage firms.
"However, we will no longer offer an AR network option for wealth firms. Wealth firms currently in our network will be given time to become directly authorised with the support of Bankhall. Alternatively, as part of our commitment to offer choice, firms preferring to remain as ARs will be able to move to a new network partner. We are in talks with another advisory group to help facilitate a smooth transition for those firms who would prefer this route."
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