Ivan Martin, the executive chairman of Sesame Bankhall, has hit out at the “intrusive” Financial Services Authority (FSA), saying it failed in its duties “when needed most”.
Speaking at the Sesame Symposium in London this morning, Martin was critical of the way the FSA has regulated the industry.
He said: “We have an intrusive regulator that has been criticised, broken up and rebadged; a regulator accused of failing in its duties when needed most.”
He said Sesame would challenge the new regulator in future, but that advisers need to face up to regulatory challenges.
He said: “That does not mean we will not challenge the regulator where it is warranted, but neither can we bury our heads in the sand. The bottom line is we have to face up to the challenge and accept we have to manage our risks in new and better ways than ever before.”
Martin also confirmed that Sesame Bankhall is launching an investment platform called Sesame One. (article continues below)
He said: “As a businessman involved in technology for the last 33 years, I am convinced that wrap platforms are the key to driving greater operational efficiency. The customer of the future will be more demanding and only those businesses that meet those demands in a profitable way will survive.”
Martin said full details will be announced at 3pm today.
In September, Money Marketing, Fund Strategy’s sister publication, revealed that Sesame Bankhall Group had recruited Intrinsic and Positive Solutions directors as part of a senior management reshuffle aimed at setting up an investment platform.
The group created a new unit, headed by Stephen Young, chief operating officer of Sesame Bankhall, to deliver the platform, and appointed George Higginson, founding director of Intrinsic Financial Services, to take over as chief operating officer from Young. Keith Gilmour, marketing director at Positive Solutions, joined Sesame Bankhall in October as business development director.