Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week’s highlights: Abrdn has announced it is changing its name back to Aberdeen to “remove distractions”, and Quilter sets aside £76m for ongoing advice charges. Stay up to date with the latest industry news:
Abrdn rebrands back to Aberdeen to ‘remove distractions’
Abrdn is reverting to its original name, Aberdeen, to eliminate distractions following its criticised 2021 rebrand. Announced in its annual results, the firm reported its first profit growth in three years, with adjusted operating profit rising to £255m in 2024. Assets under management increased by 3% to £511.4bn, with significantly reduced outflows.
However, despite improved financials, the company acknowledged disappointing net outflows and remains focused on restoring market-leading service levels. It aims to cut costs by at least £150m by the end of 2025 while continuing efficiency improvements.
Quilter sets aside £76m for ongoing advice charges
Quilter has set aside £76m for potential client remediation following regulatory scrutiny of past charging practices, though CEO Steven Levin insists most clients received the services they paid for.
Despite this, the company reported strong financial growth, with assets under management rising 12% to £119.4bn and adjusted profit before tax increasing 17% to £196m. Efficiency gains from its simplification programme have delivered £35m in savings, with a further £15m expected by 2025.
Levin highlighted Quilter’s market leadership, expansion into digital advice and resilience amid economic uncertainty, positioning it well for future growth.
Wren Sterling adds £300m AUM with trio of acquisitions
Wren Sterling has expanded its assets under management by £300m through the acquisition of three firms: JLS Associates in Perth, Investment Choices in Kent, and Broadway Financial Planning in the Cotswolds. These deals add around 520 clients and bring Wren Sterling’s total AUM to approximately £9bn.
CEO James Twining emphasised the firm’s commitment to growth through acquisition, enhancing client services and strengthening its adviser team. With a dedicated integration team in place, Wren Sterling plans to pursue further acquisitions throughout 2025 and beyond.
Origo launches Unipass Transfer Tracking for advisers
Origo has launched Unipass Transfer Tracking, a digital service that allows advisers to track pension transfers in real time. The tool provides instant updates from providers using the Origo Transfer Service, reducing time spent on calls and improving transparency for clients.
Covering around 80% of DC pension transfers, the service handled £66bn in assets last year. Initially available in Beta for free, CEO Anthony Rafferty says it fills a crucial gap by removing uncertainty and streamlining the transfer process for advisers and their clients.
Man jailed for four years over £2.5m crypto ATM network
A man has been jailed for four years for illegally operating a £2.5m crypto ATM network. Olumide Osunkoya, 46, was sentenced at Southwark Crown Court after pleading guilty to money laundering and other offences.
Despite being refused registration, he operated crypto ATMs across 28 locations via his company GidiPlus Ltd, later using false identities to evade detection. The FCA stated he failed to prevent criminal use of the machines.
His conviction marks the UK’s first prosecution for illegal crypto ATMs, with authorities now seeking to recover illicit gains under the Proceeds of Crime Act.
Accenture buys Altus Consulting to boost UK advisory offering
Accenture has acquired Altus Consulting to enhance its strategic advisory services for UK financial firms, including insurers and investment businesses. Altus Consulting’s team will join Accenture’s Insurance practice, bringing expertise in distribution, risk, regulation and digital transformation. The deal, made with Equisoft Inc., excludes Altus’s software business.
This acquisition strengthens Accenture’s ability to deliver large-scale transformation projects and builds on previous takeovers like BCS Consulting and Mudano. Both firms see the move as a way to drive innovation in financial services through technology and enhanced client solutions.
FCA scraps Consumer Duty champions mandate
The Financial Conduct Authority (FCA) has removed the requirement for firms to appoint a Consumer Duty board champion, effective 27 February. While firms can keep the role if desired, the FCA aims to provide greater governance flexibility, believing Consumer Duty should now be embedded in firms’ culture and processes.
This move aligns with the regulator’s efforts to remove unnecessary regulations and support economic growth. However, firms must still ensure consumer outcomes remain central to their strategy, governance and risk controls.
Treasury Committee demands full disclosure on FOS chief’s departure
The Treasury Committee has ordered the Financial Ombudsman Service (FOS) to submit key documents regarding the departure of former CEO Abby Thomas, including her severance agreement and financial package, by 4 March. The FOS must also provide minutes from relevant board meetings and communications with the FCA about her exit.
This follows an earlier request for information after outgoing FOS chair Baroness Manzoor refused to disclose details. The FCA has since responded to the Committee’s inquiries, though its response has not been published.
More women than men hold Isas, but gender Isa gap still stands at £6.6bn
Despite more women than men holding Isas, the gender Isa gap stands at £6.6bn due to men favoring stocks and shares Isas, which offer higher returns. AJ Bell’s Laura Suter highlighted at the AJ Bell Money Matters event that while over a million more women hold cash Isas, half a million more men have stocks and shares ISAs.
Men also contribute larger amounts, widening the gap, which starts at age 21 and peaks in people’s 30s. Barriers for women include lack of knowledge, fear of loss and distrust of the financial sector. Suter and Baroness Helena Morrissey advocate for Isa simplification to encourage more women to invest.
Abrdn poaches CFO from Coutts & Co
Abrdn has appointed Siobhan Boylan as its new chief financial officer (CFO), effective in the summer, subject to regulatory approval. Boylan, currently CFO of Coutts & Co, will succeed Ian Jenkins, who has served as interim CFO and will transition to CFO of Abrdn’s investment business.
With over 30 years of experience in financial services, Boylan has previously held senior roles at Brewin Dolphin, LGIM and Aviva. CEO Jason Windsor praised her skills and experience, confident she will make a significant impact at Abrdn. Boylan expressed excitement about strengthening the business for future success.
