View more on these topics

Sesame forces members to drop ‘independent’ tag post-MCD

Danger-Stop-Warning-Sign-700x450.jpg

Members of Sesame network will no longer be able to call themselves ‘independent’ from next month.

As part of the MCD, which comes into effect on 21 March, the second charge market will become regulated.

For firms to be described as independent from that date, they must advise on both first and second charge loans.

But today Sesame notified brokers that they must refer second charge cases to its panel of master brokers instead of providing the advice themselves, thereby effectively banning them from calling themselves independent.

It says: “Network members refer to our panel of master brokers for second charge mortgages (and advice is provided by the master brokers on this panel). This means that from 21 March 2016, you will be unable to use the word ‘independent’ in any promotional material including your firm website, your stationery or verbally when discussing your services with customers.”

However, it says it is working on an alternative for brokers with ‘independent’ in their names.

In March 2015, Sesame revealed it would no longer operate as a network for investment advisers, concentrating solely on mortgages.

Sesame has been approached for comment.

Recommended

Bricks building housing construction

Sesame and PMS launch 3.79% 2-year fix

Sesame Bankhall Group and PMS have secured an exclusive two-year fixed rate 3.79 per cent product up to 95 per cent LTV. On offer from Leeds Building Society, the product comes with a free standard valuation for customers for properties worth up to £2m. This product has no up-front booking fee and a £199 arrangement […]

Sesame poaches third senior manager from rival network

Sesame Bankhall has poached a third senior member of rival network The Right Mortgage and Protection Network’s management team in less than two months. Jane Benjamin has left TRMP for Sesame five months after joining from Pink. She has been made Sesame’s head of lender relationships. In her new role, Benjamin will be responsible for […]

boardroom

Sesame delays decision on packaging arm

Sesame has delayed making a decision on the future of its packaging arm. Board members met last week to discuss options for Sesame Bankhall Mortgage Processing, which has not accepted new enquiries since 6 November, although they decided against making a firm decision on its future at the meeting. The network is keen to get […]

Mortgage Mole

Mortgage Mole: I’m not drunk, it’s just my sciatica

What a nerve Over the years, Mole has come across a lot of poor excuses for someone being unexpectedly inebriated, many sourced by digging around in the mortgage industry. From ‘I haven’t had any dinner’ to ‘I had a dodgy pint’ to ‘I’m actually taking antibiotics’, your brave correspondent thought he’d heard it all. But […]

Pension - thumbnail

David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.

Comments
  • Post a comment
  • Paul McGonigle 23rd February 2016 at 3:37 pm

    That is hardly down to the networks rules – they have to create a suitable panel to reflect the whole market but the second mortgage market is not available to them as lenders are not yet making these products available to networks. We are a network supporting master broker so we understand their challenges. If the regulator then states that they can no longer call themselves independent without a reflective panel then they have no choice but to take the action they have taken. The question has to be can the network ever get a full and representative panel as many niche lenders will not offer their services direct to brokers.