It has also been confirmed today that Ivan Martin will take up the role of executive chairman of the new Sesame Bankhall Group, with Sesame's sales and marketing director Stephen Young becoming chief operating officer. Further details of the new group's structure and services will be announced over the coming weeks.

Ivan Martin, executive chairman, Sesame Bankhall Group, said the deal to create the UK's largest appointed representative network and directly regulated services business gives the new group the ideal platform to deliver even greater levels of adviser support.

Martin commented: “Sesame, Bankhall and PMS are quality brands and this acquisition puts us in the strongest possible position to make the significant investments necessary in new services to help advisers meet the challenges of the RDR and Mortgage Market Review.

“More and more advisers are looking for the support of a strong business partner who can offer the right blend of expert guidance and value for money services for their individual needs, and we will be there to support them. We will retain and build on these strong brands in order to deliver the adviser services of the future.

“At a time when uncertainty permeates our profession, this deal demonstrates our commitment in professional financial advice and our willingness to invest in its future. Our profession delivers a valuable service to the British public, and we look forward to working closely with our adviser customers as we face those future challenges and opportunities together.”

Commenting on the sale, Michelle Cracknell, strategy director, Skandia UK, said: “We believe that the sale of Bankhall to Sesame is in the best interests of its customers and staff. Sesame and Bankhall combined creates a broad business, well able to meet the opportunities of the RDR, and therefore helping to underpin a vibrant and successful advice sector in the UK. The sale of Bankhall enables Skandia to focus solely on leading the growth of the UK platform market.”

David Golder, managing director, IFA services, Bankhall, said: “The importance of scale and financial strength in our industry should not be underestimated and I believe this deal gives Bankhall the opportunity to boost its highly respected support programme for directly regulated IFAs. The combined business will enable us to deliver the widest choice of propositions and develop valuable new services for IFAs to assist them on their journey towards the new post-2012 environment.”