FCA and PRA Ease SMCR Rules to Cut Burden and Support Growth
UK regulators FCA and PRA announced the first phase of SMCR reforms aimed at cutting compliance costs while preserving senior‑manager accountability. The changes extend deadlines for senior‑manager applications, simplify annual fit‑and‑proper assessments and allow longer updates to the certified‑staff directory. Certification roles overlapping across functions will be reduced by about 15%, and the threshold for enhanced‑SMCR firms rises 30%, sparing many smaller firms. Officials say the measures balance consumer protection with a more proportionate regulatory burden to support industry growth.
The Morning Briefing: Industry Giants Back Investing Campaign; IHT Receipts Hit £8.5bn
Inheritance tax receipts reached a record £8.5bn (≈$10.8bn) for the 2025‑26 year, up £200m from the prior year, as frozen thresholds pull more estates into the net. AJ Bell added 50,000 net new clients in Q1, taking its total to 723,000,...
The Advice Shift | Episode 3: Mechanisms to Protect Investors
In the third episode of The Advice Shift, hosts Mark Baldwin and Andy Brown examine how smoothed‑fund products serve as a form of behavioural insurance for retirement investors. AKG research cited in the podcast shows that 80 % of advisers observe...
Amo Sokhi: Why Financial Advisers Should Take SEO Seriously
Financial advisers are witnessing a fundamental shift as prospective clients increasingly turn to search engines for guidance, with 45% choosing advisers based on digital marketing versus 29% relying on referrals. The rise of AI‑driven search and digitally native consumers makes...
Royal London Launches Targeted Isa Support
Royal London has introduced a targeted support ISA service, accessible today via its mobile app, that guides first‑time investors through a suitability assessment and provides free, peer‑based investment recommendations. The firm secured the first FCA permission for such a service...
The Morning Briefing: FCA Approves Vanguard’s Targeted Support Push
Vanguard has secured FCA approval to roll out a targeted‑support service for first‑time investors on its UK Personal Investor platform, slated for launch in summer 2026. The regulator’s green light reflects a broader push to enhance retail investor protection in...
FCA Approves Vanguard’s Targeted Support Push
Vanguard has secured FCA approval to launch a targeted‑support service on its UK Personal Investor platform, slated for summer 2026. The offering aims to convert the roughly £200 bn (about $254 bn) of cash savers keep beyond daily needs into market investments....
Chris Davies: AR Regime Consultation Signals Stronger Accountability Ahead
The UK Treasury’s consultation on the Appointed Representative (AR) regime builds on the FCA’s PS22/11 reforms, probing whether the current framework adequately curtails consumer harm. It signals a possible legislative overhaul if enhanced reporting, due‑diligence and governance standards prove insufficient....
Wiltshire Friendly and Holloway Friendly Announce Merger Proposal
UK mutuals Wiltshire Friendly and Holloway Friendly announced a merger proposal set for 1 October 2026, pending regulator sign‑off. Holloway Friendly will become the surviving legal entity, while Wiltshire’s leadership will step down and Holloway’s team remains. The combined organization aims to...
The Week in Brief – 13 Apr to 17 Apr
Standard Life agreed to buy Aegon UK for about £2 bn (≈$2.5 bn), merging 16 million customers and roughly £480 bn (≈$610 bn) of assets. One Four Nine expanded its footprint, pushing assets under administration above £2 bn (≈$2.8 bn) after acquiring York‑based Mowatt Financial Planning. The...
Matt Storey: The SME Funding Solution That’s Hiding in Plain Sight
UK small‑and‑medium enterprises own a majority of their premises, yet only a tiny fraction use a Self‑Invested Personal Pension (SIPP) or Small‑Scheme Auto‑Enrolment (SSAS) to unlock that asset. With commercial loan rates climbing above 5%, many owners are seeking alternatives...
Damian Stancombe: Why IFAs Need a New Framework for Retirement Advice
Defined‑contribution pensions in the UK have reached a tipping point, with nearly half of 55‑64‑year‑olds holding only a DC pot built for accumulation rather than drawdown. The 2015 Pension Freedoms amplified the mismatch, leaving retirees uncertain about how long their...
CEO of Brooks Macdonald Joins PIMFA Board of Directors
Andrea Montague, CEO of Brooks Macdonald since October 2024, has been appointed to the board of directors of the Personal Investment Management & Financial Advice Association (PIMFA). Her career spans senior finance, risk and audit roles at Aviva, Royal London and Standard...
The Big Picture: Startups – When You Don’t Have a Legacy to Stand On
The article examines how startups operating without an established legacy must build credibility from scratch, relying on speed, innovation, and strategic partnerships to compete with entrenched players. It highlights the challenges of attracting talent, securing funding, and gaining market trust...
The Morning Briefing: Schroders Hit by Outflows as Turmoil Bites; UK GDP Rises but Iran War Darkens Outlook
Schroders recorded net outflows of £2.2 billion (≈ $2.8 billion) in Q1 2026 as market volatility prompted investors to pull money from equity and multi‑asset funds. The United Kingdom’s economy showed a modest GDP rise of about 0.3 percent year‑on‑year, offering a brief respite from...
UK GDP Grows 0.5% but Iran War Darkens Outlook
The UK economy expanded 0.5% in the three months to February 2026, accelerating from a 0.3% rise in the prior quarter and ending a period of flat growth. Gains were broad‑based, with services up 0.5% and production output climbing 1.2%,...
Finli Completes Six Acquisitions Adding £252m in AUM
Finli Group completed six acquisitions in Q1 2026, adding roughly £252 million (about $322 million) in assets under management. The deals bring Finli’s total AUM to over £7.5 billion (approximately $9.6 billion) and expand its footprint across Lancashire, Wrexham, Birmingham, Cobham, Basingstoke and Great Missenden....
Targeting ‘Attitudes’ Key to Closing Advice Gap
Research by TISA and the University of Nottingham, in partnership with Barclays, Lloyds Banking Group and Vanguard, shows the newly launched Targeted Support framework boosts investment by at least 30% when it tailors advice to consumer attitudes rather than demographics....
Robin Powell: Governance Still Lags Behind AI Usage
Advisers are rapidly embracing generative AI, with the latest State of The Advice Nation report showing 60% now using tools like ChatGPT—double the figure a year earlier. However, most are doing so on consumer‑grade tiers that lack data‑processing agreements, UK...
Zurich Insurance Offers ‘Best of Both Worlds’ with Human-Led Digital Loss Support Service
Zurich Insurance has partnered with Empathy to launch a human‑led digital bereavement support service for its UK policyholders, offering personalized care plans, dedicated care managers and secure tools to handle the emotional and administrative burdens after a loss. The service,...
Firms Deliver Consistent Retirement Advice without Formal CRP, Research Finds
A recent NextWealth study, sponsored by Brooks Macdonald, found that while only 56% of advisory firms have a formal Centralised Retirement Proposition (CRP), a majority already employ its core elements. Over 80% assess retirement risk consistently, 79% maintain a regular review...
FCA Sets Out Open Finance Vision to Boost Consumer Choice
Britain’s Financial Conduct Authority has unveiled a comprehensive open‑finance roadmap aimed at giving consumers and businesses greater control over their financial data across mortgages, investments, savings and pensions. The regulator will initially focus on using data sharing to improve credit...
The Morning Briefing: MPs Demand FCA Inquiry; One Four Nine Hits £2.2bn with York Deal
UK MPs are urging a judge‑led inquiry into the FCA’s handling of alleged hidden credit liabilities, arguing the regulator missed a major scandal affecting businesses. The motion will be debated in Westminster Hall on 14 April. Meanwhile, One Four Nine Group...
Charlotte Davey: Planning in the Age of the ‘Great Wealth Transfer’
The UK‑centric "great wealth transfer" will move roughly £5.5 trn (about $7 trn) of assets between generations by 2050. Younger investors are already active – over 90% use paid advice and nearly half of Gen Z and Millennials invested in the past year....
MPs Demand FCA Inquiry over Hidden Credit Liabilities Claims
British MPs are urging a judge‑led, statutory inquiry into the Financial Conduct Authority’s handling of alleged hidden credit‑line liabilities tied to complex derivative products sold to small‑and‑medium enterprises. The All‑Party Parliamentary Group claims thousands of SMEs were mis‑sold interest‑rate swaps...
T Rowe Price: How Investors Can Capitalise on China’s Next Expansion
T Rowe Price argues that despite recent sell‑offs in large‑cap Chinese tech stocks, the medium‑ to long‑term investment case for China remains intact. The firm highlights a projected 5% annual GDP growth by 2025, renewed policy support for infrastructure, and consumer demand...
Men in UK Financial Services Earn £40,000 More than Female Colleagues
A new eFinancialCareers report shows UK men in financial services earn about $164,000 annually, roughly $51,200 more than women’s average $127,000 base pay – a 30% gender gap. Men also work slightly longer hours, translating to $88 per hour versus...
Absolute Adds Three Advice Firms in Growth Push
Absolute Financial Group has added three independent advisory firms—Padstone Financial Management, Campton Financial Services, and Iceni Financial Advisers—to its UK network, boosting its footprint in the independent financial planning sector. The three firms bring a combined £255 million (≈$319 million) in assets...
The Morning Briefing: Royal London Broadens Income Protection Reach; Is Megafund Reform a New Dawn?
Royal London has updated its Income Protection occupation classes to include freelancers, gig workers and people with multiple jobs, reflecting the shift toward non‑linear careers. The Pension Schemes Bill’s megafund reforms are under scrutiny, with the Pensions Policy Institute questioning...
Royal London Broadens Income Protection Reach
Royal London has overhauled its Income Protection (IP) occupation classes to mirror the rise of freelancing, gig work and multi‑job careers. The refresh adds 545 new roles, cuts pricing for 162 occupations and tightens definitions for total permanent disability in...
Weekend Essay: Saving for a Future We Might Never See
The essay argues that the chronic shortfall in UK retirement savings stems more from a cultural mindset than from purely financial mechanics. It highlights how pervasive “live‑now” attitudes, amplified by social media, clash with the long‑term discipline required for pension...
The Morning Briefing: MM Meets… Roman Regelman: ‘Scale Comes with Responsibility’
FNZ group president Roman Regelman, fresh from New York, outlined a multi‑pronged plan to steady the wealth‑management giant as it grapples with the responsibilities of rapid scale. Broadstone’s Sirius Index showed UK defined‑benefit pension schemes slipping below funding targets as Middle‑East...
Geopolitical Volatility Hits DB Pension Scheme Funding Levels
Broadstone’s Sirius Index indicates that geopolitical turmoil in the Middle East has pushed defined benefit pension scheme funding levels lower in March. The growth‑focused model slipped from 90.8% to 89%, while the more conservative matching‑focused approach fell 1.7 points to...
MM Meets… Roman Regelman: ‘Scale Comes with Responsibility’
Roman Regelman, chief executive of a fast‑growing fintech platform, emphasizes that scaling a financial services business brings heightened responsibility. He argues that rapid user growth must be matched with stronger compliance frameworks, data‑security investments, and a continued focus on client...
Exclusive: FNZ Legal Claim to Be Heard in May After Cayman Ruling
FNZ will face a legal claim in New Zealand's High Court in May after a Cayman Islands ruling cleared procedural hurdles. Employee shareholders, represented by Kiwi GP, have been allowed to proceed with the lawsuit that had been stalled since July 2025. Four...
Martin O’Connell: FCA Continues to Waste Opportunities to Reform the Protection Market
The Financial Conduct Authority published an interim report on the UK’s pure protection market, highlighting persistent consumer confusion and governance gaps. The paper received a muted response from insurers and advisers, with industry stakeholders showing little enthusiasm for change. Martin...
Behind the Headlines: Third Time Lucky for Simplified Advice?
The FCA has unveiled its third attempt to introduce simplified financial advice, pairing the concept with targeted support proposals slated for 2026. Earlier initiatives, such as the 2016 streamlined advice model, failed to gain traction because advisers feared regulatory risk...
The Morning Briefing: Ditch ‘Alarming’ Risk Warnings; Keep Pensions ‘Post-It’ Note on the Wall
The FCA is being pressed to replace the confusing “capital at risk” warning with clearer language after a government‑commissioned review warned it deters retail investors. Royal London’s Jamie Jenkins urged the government to leave pension reforms untouched, likening policy tweaks...
Söderberg-Backed Vintage Completes £400m Advice Firm Deal
Vintage, backed by Söderberg & Partners, completed the acquisition of FMIFA, adding roughly £400 million (about $508 million) of assets under advice and lifting the combined firm’s client assets to about £2.14 billion ($2.72 billion). The merger joins two independent, whole‑of‑market advisory firms and...
James Klempster: Using 3D Vision to Manage Clients’ Portfolios Through the Fog of War
James Klempster, deputy head of multi‑asset at Liontrust, argues that the Middle‑East conflict exemplifies a broader 3D challenge—disruption, dislocation and decoupling—requiring a new portfolio lens. He proposes a 3D approach: diversified, disciplined and differentiated investing to navigate heightened geopolitical risk,...
Platforum: Opportunities for Retirement Products and Strategies Set to Surge
Retirement advice in the UK is undergoing rapid transformation as pension assets move out ahead of upcoming inheritance tax (IHT) rule changes. Advisers are increasingly recommending natural income portfolios (now 43% of recommendations) and annuities, while lifetime gifting through onshore...
The Morning Briefing: Middle East Tensions Trigger £1.4bn Equity Fund Outflows; How Does HALO Hold up in a Volatile Market?
Middle East tensions sparked a sharp spike in equity fund outflows, with investors pulling £1.44 bn ($1.8 bn) in March – the worst month since November 2025 and the seventh‑worst on record. The sell‑off was broad‑based, but UK equity funds felt the brunt,...
Almost a Fifth of Employers Won’t Adjust Salary Sacrifice Post-2029
Research from Everywhen shows that 48% of UK employers currently offer salary‑sacrifice pension schemes, but 18% have no plans to adjust these arrangements when the government caps the National Insurance exemption at £2,000 a year from April 2029. The cap aims...
Royal London Wins Approval to Deliver Targeted Support
Royal London has secured FCA approval to offer targeted support, a newly regulated service that bridges the gap between basic guidance and full financial advice. The mutual helped design the regime through industry working groups and direct engagement with the...
Brian McLaughlin: The Annual Review Model Is No Longer Fit for Purpose
Brian McLaughlin argues the traditional annual review model is unsustainable under the FCA’s Consumer Duty. The regulator now demands identical evidence of good outcomes for every client, regardless of fee size, exposing the cost imbalance of servicing low‑value accounts. Advisers...
LTAFs Gain Isa Access as Retail Push Gathers Pace
Long‑term asset funds (LTAFs) became eligible for Stocks & Shares and Junior ISAs on 6 April, expanding retail access to private‑market investments. The UK LTAF market now holds about £7.3 bn in assets, up from £5 bn in June 2025, with an additional £3.1 bn of committed...
CII Reveals ‘Labelling Problem’ as Barrier to Effective Vulnerability Management
The Chartered Insurance Institute’s new Road to Consumer Trust report flags the industry’s “labelling problem” – advisers avoid recording client vulnerability because it triggers extra compliance steps. CII proposes a proportionate, practical approach that aligns FCA Consumer Duty expectations with...
Tom Nelson: What Advice Firms Need to Get Right About Targeted Support
Targeted support is a regulated middle‑ground service that bridges free guidance and full personalised advice, allowing firms to address groups of clients with similar financial needs. The FCA’s new gateway, launched in March, requires firms to document group definitions, demonstrate...