In a strategic review update released today, Executive Chairman John Cowan announced that SBG plans to focus on its mortgage businesses part of a group re-structure.
He also confirmed that Sesame will continue to operate its PMS mortgage club and appointed representative network for mortgage firms, together representing around 25% of all UK intermediated mortgage lending.
Cowan added:
“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.
“We wish to emphasise this is an update on our ongoing strategic review and we will be sharing further details with advisers in the coming weeks.”
Andy Briggs, Group Chief Executive of Friends Life, commented:
“The SBG leadership team is well-placed to continue to deliver improvements to the business and further strengthen it for the future. By building on the work already done to put the business on a strong footing, I am confident that these further initiatives will contribute to developing a successful, profitable and attractive business building on the established strengths in the mortgage business and Bankhall.”
