Money Marketing’s Weekly Must-Reads: Top 10 Stories
Stay up to date with the key moments shaping financial services this week. From the departure of FNZ’s chief risk officer Amy Cooper to the Bank of England governor pushing back on government pension plans, here are the top 10 headlines you shouldn’t miss.
Exclusive: FNZ chief risk officer Amy Cooper departs after 2 years
Amy Cooper stepped down as chief risk officer at FNZ after two years, with staff informed of her departure last Friday.
She was appointed in 2023 during a leadership reshuffle and had joined from Vanguard. FNZ confirmed Maarten Rosenberg as interim replacement, citing his extensive risk leadership experience.
Cooper’s exit follows other senior changes at FNZ, including the departure of founder and CEO Adrian Durham. No official reason was given.
BoE governor opposes pension investment mandate in blow to government plans
Bank of England governor Andrew Bailey opposed government plans to mandate how defined contribution pension schemes invest, challenging a key clause in the new Pension Schemes Bill. The clause aimed to push schemes toward UK-focused assets. Bailey argued reforms should be natural, not forced.
His comments dealt a significant blow to the policy, with former pensions minister Steve Webb calling the intervention “nuclear” and warning it may not withstand parliamentary scrutiny.
Aberdeen launches platform transfer service for advisers
Aberdeen Adviser launched a new platform transfer service to help advisers move client assets more efficiently and securely.
The end-to-end solution managed discovery, analysis, regulatory checks and documentation, while providing real-time updates. Each adviser was assigned an onboarding manager to ensure smooth communication.
Aimed at reducing administrative burden, the service supported firms consolidating platforms or transitioning clients at scale, especially amid rising regulatory scrutiny and growing demand for seamless client service.
Ex-Janus Henderson analyst and sister jailed for £1m insider trading
Former Janus Henderson analyst Redinel Korfuzi was jailed for six years for insider dealing and money laundering, while his sister Oerta received five years.
Between 2019 and 2021, they used confidential information to trade in 13 companies, profiting over £960,000. The FCA uncovered the scheme through trading data analysis and found links to international money laundering.
Both were convicted in June 2025 after an 18-week trial at Southwark Crown Court.
FCA fines Monzo £21m over anti-financial crime failings
The FCA fined Monzo Bank £21.1m for serious anti-financial crime failings between 2018 and 2022.
Monzo lacked adequate systems for onboarding, risk assessment and transaction monitoring, leaving it exposed to financial crime. Despite restrictions, it onboarded over 34,000 high-risk customers. The FCA said Monzo’s controls did not keep pace with rapid growth.
The bank has since completed a change programme to address the issues following an independent review in 2020.
IHT confusion driving costly inaction among families
Confusion around inheritance tax (IHT) led many families to delay wealth transfer, causing costly inaction, according to M\&G research.
Nearly a third expecting to inherit £300,000 or more admitted not understanding IHT rules. Rising IHT receipts and looming policy changes added pressure, yet only 20% planned early transfers. Barriers included care cost concerns and discomfort discussing inheritance.
Advised women were more likely to adopt tax-efficient strategies, highlighting advice’s transformative role.
Ian McKenna: Unlocking the £500 advice allowance
Ian McKenna welcomed the FCA’s proposals on simplified advice but stressed their success hinged on support from HMRC and the Financial Ombudsman Service.
He highlighted the underused £500 tax exemption for employer-funded advice, introduced in 2017, as a powerful tool to boost access. FCA research showed regulated advice could increase wealth by up to 10.2% in two years.
McKenna urged collaboration to unlock the exemption’s potential and bridge the UK’s advice gap.
FCA shuts 1,600 sites in financial crime crackdown
In 2024, the FCA shut down over 1,600 websites and removed 50+ apps in a major crackdown on online fraud and unauthorised financial services.
It issued 2,240 alerts, fined two banks over £45.5m and cancelled permissions for more than 1,500 firms. Nearly 20,000 misleading promotions were withdrawn.
The FCA used data and digital tools to step up enforcement, marking a sharp rise in tech-driven action under its 2022–2025 strategy.
Nucleus: 75% of advisers say rules are stifling growth
Nucleus found 75% of advisers believed regulatory change was stifling business growth, with compliance demands, shifting policy and rising costs limiting innovation.
The Voice of the Adviser Survey revealed stretched resources and reduced capacity across firms. Despite pressures, advisers invested in talent, tech and process improvements. Many struggled to engage younger clients and flagged concerns about misleading ‘finfluencers’.
Still, firms remained committed to adapting and leading change in a rapidly evolving landscape.
OAP, senior citizen and pensioner seen as negative terms
M\&G research revealed that terms like OAP, senior citizen and pensioner were viewed negatively by the public, prompting the launch of its Reframing Retirement campaign.
Most people delayed retirement planning until after 40, risking under-saving. Positive phrases like “freedom” and “new adventure” resonated more. M\&G advocated for regular pension check-ups to boost engagement.
The findings came as economic confidence declined and M\&G partnered with FNZ to expand access to its PruFund range.
