Aviva: Sesame would be bust without Friends' money

Restricted adviser network Sesame would be broke and unable to trade without the continued financial support of its parent company Friends Life, Aviva has said in a note to shareholders ahead of its planned acquisition of the provider.

Aviva made clear it is not part of its strategy to provide the same "open-ended" financial support to Sesame. "Unless the directors of Sesame are able to reach a solution that does not require continued reliance on the financial support of the Friends Life Group, or following completion of the Proposed Acquisition, the Enlarged Aviva Group, it is likely that the Sesame business will no longer be viable and will not be able to continue to trade,"the note said. The damning appraisal puts the future of the 2,000 advisers who make up the largest advice network in the UK in doubt. Aviva...