Sesame Bankhall, a UK-based advisory network, is set to close its Financial Adviser School (FAS), as part of a broader strategy to boost the company’s profitability.

The move follows the firm’s decision in March to shut down the Sesame network for investment and pension advisers.

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Sesame Bankhall managing director Stephen Gazard said, "Along with staff directly affected by our decision to no longer offer an appointed representative (AR) network option for wealth firms, we propose to wind down the Financial Adviser School.

"We will continue to support existing students, but we will no longer recruit new people into the school as we will not be able to offer them a prospective home in wealth firms within our appointed representative network."

The school, which was opened in November 2010 for graduates seeking a career in financial services, will support its existing 50 students until February 2016. However, it will not recruit any new students.

The firm has also started a series of consultation meetings with staff impacted by the move to shut down the school.

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The firm said that the move could lead to lead to job cuts, depending on how many firms became directly authorised with Bankhall.

Separately, moneymarketing.co.uk has reported that Towry intends to enter discussions with other advice firms on how to save the adviser school of Sesame.

Towry head of private client Andy Cowan said, "We are totally committed to training and education, both for Towry and for the wider sector. We are about to embark on our own significant integration programme which entails training around 230 advisers towards improved skills and qualifications."