Sesame Ltd and Project Minerva

Mr_Independent_adviser

mgdavid wrote: »

Several hundreds of small FAs (not IFAs as far as I can tell) are members of the Sesame network, apparently using their systems and recommended products and providers. Is your 'adviser' one of them?

I was recently approached by one, who had taken over a database containing my details when another adviser retired. I did some research similar to you and asked to be removed from their lists.


Hopefully one of the industry insiders can confirm.

I was until recently an appointed representative of the network but decided to leave because of primarily the networks decision to operate a restricted advice model. However, during the period under review all Sesame advisers would have been independent financial advisers. The restricted model was not in place during the time frame that Minerva covers.

Mr_Independent_adviser

The letters sent to people affected are indeed genuine and are giving you the opportunity to have the advice reviewed. However, as a former Sesame adviser who is affected by the review I would make the following point:


The FCA issues that led to Sesame being fined were with the network and not any specific advisers. The letters may lead clients to think it was their adviser that the FCA were unhappy with and this is not the case.


The bulk of the fine levied against Sesame was for failings in their systems and controls. You can access the full and final FCA report by logging onto he FCA website.


If you are happy with the advice you do not need to worry but if you have any concerns about the advice the review gives you the opportunity to have the advice reviewed.

Mr_Independent_adviser

mgdavid wrote: »

Dunstonh - genuine question - did you mean to suggest that it is commonplace and not much to worry about for such a firm to be fined 6- and 7-figure fines regularly, i.e. four times in 10 years?

It is most certainly not commonplace or acceptable and demonstrates serious failings in the systems and controls with the network. This failure was not a one off it was over an extended number of years and AFTER the regulator had warned the network on several occasions previously.


network members paid considerable fees to Sesame and relied on them to check the standard of business they wrote was compliant. there is a gathering storm here with many advisers, most of whom have left the network, getting together to challenge Sesame in the courts for negligence and a failure of duty of care to it's appointed representatives.


concerns voiced to the network by members about the quality of the network file checks were completely ignored. What is little known is that files were not checked in their entirety just by looking at one aspect of the advice, the suitability report. In addition these we checked in India by file checkers and it is very unclear what training these people received or if they were actually equipped with the knowledge to conduct reviews at all! draw your own conclusions.

Mr_Independent_adviser

The key data issues is completely separate from project Minerva. Could I suggest you look at the FCA final decision report regarding this matter available via a general internet search or the FCA website

TopLoser

Well after almost a year I finally got a letter back confirming that they have decided I was given incorrect advice concerning my pension. Thay have offered me over £8,000 in compensation, which they want to make as a 3rd party contribution to my pension.