Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week in financial services, key announcements include FNZ’s robust response to a $4.6bn lawsuit, which they describe as ‘entirely without merit’, and St James’s Place securing £85m in ongoing advice compensation following a comprehensive review. Here are the top 10 headlines shaping the industry:
FNZ rejects $4.6bn lawsuit as ‘entirely without merit’
FNZ dismissed a $4.6bn lawsuit filed in New Zealand by Kiwi CayLP on behalf of class B employee shareholders, calling the claims “entirely without merit”.
The suit alleged share issuances in 2024 and 2025 unfairly diluted employee equity, transferring $1.5bn to institutional investors. FNZ defended its directors’ actions as aligned with stakeholder interests.
The dispute involved 16 alleged breaches of corporate law and raised concerns over director conflicts of interest.
SJP claws back £85m after reviewing ongoing advice compensation
St James’s Place reduced its compensation provision for historic ongoing advice charges by £85m, revising the total from £426m to £320m after new FCA guidance. The after-tax savings of £63.4m were allocated to a share buy-back.
SJP also confirmed progress on its cost-saving plan and charging overhaul, while reporting strong financial results: £3.8bn net inflows, £198.5bn in funds under management and a £2bn rise in gross inflows compared to 2024.
Andy Bell: The 67% tax car crash nobody ordered
Andy Bell criticised the Labour government’s plan to include unspent pensions in inheritance tax from 2027, calling it a chaotic, poorly thought-out policy driven by political pride.
He argued the move unfairly burdens grieving families and financial advisers, with effective tax rates reaching up to 67%. Bell highlighted the lack of consultation, impractical implementation and ignored industry alternatives, labelling the reform a damaging, unnecessary mess rooted in fear of appearing indecisive.
BWS to acquire Just Group in £2.4bn deal
Brookfield Wealth Solutions agreed to acquire Just Group for £2.4bn through an all-cash offer via Bidco, valuing shares at 220p — a 75% premium to the prior day’s price.
The deal aimed to merge Just with Blumont to enhance BWS’s UK presence in annuities and retirement solutions. Just’s board unanimously supported the offer, citing strategic benefits and long-term growth prospects.
Completion remained subject to shareholder approval, regulatory consent and court sanction.
Andrew Tully: IHT reform brings more frustration than fairness
Andrew Tully expressed concern over the Government’s decision to include unused pensions in inheritance tax from April 2027, saying it added complexity and placed extra pressure on grieving families.
While some exclusions, like joint life annuities, provided clarity, the revised process still required personal representatives to manage extensive reporting.
Tully noted the system’s many pitfalls and argued that simpler, fairer alternatives existed, but the Government appeared intent on pursuing a difficult path.
FNZ and Microsoft announce five-year partnership
FNZ and Microsoft announced a five-year partnership to accelerate digital transformation in wealth management.
The collaboration aimed to enhance FNZ’s global platform with AI, automation and cloud capabilities via Microsoft Azure AI Foundry. FNZ expected to improve adviser productivity, client outcomes and speed to market.
With $2trn in assets under administration, FNZ brought scale, while Microsoft gained access to vast industry data, advancing both firms’ innovation and personalisation goals.
John Moret: Income drawdown is still causing problems 30 years on
John Moret reflected on 30 years since income drawdown was introduced, arguing it continued to create problems due to limited innovation and poor customer support.
He criticised providers for focusing on investment solutions while neglecting broader retirement needs. Despite some progress, he noted that many pensioners still lacked advice and tools to make informed decisions.
Moret highlighted the potential of technology to offer practical solutions without waiting for regulatory change.
Titan Wealth acquires two more firms as AUMA grows to £37bn
Titan Wealth acquired Finance Shop Limited and FS Wealth Management Limited, increasing its total assets under management and advice to £37bn.
The East Anglia-based firms brought a combined £1.1bn in assets and strengthened Titan’s regional footprint. The acquisitions, subject to regulatory approval, followed previous deals including Loveday and Partners.
Titan said the move enhanced its vertically integrated client offering, while the acquired firms welcomed the support to improve client outcomes and services.
Ruth Handcock: Is it time for financial advice to go leapfrogging?
Ruth Handcock explored the concept of “leapfrogging” in financial advice, advocating that the industry bypass outdated models. She argued that truly personalised advice, historically reserved for the wealthy, should now be accessible to all.
Handcock emphasised leveraging AI, data analytics and Open Banking to deliver mass-scale, bespoke financial recommendations, moving beyond interim solutions and broad assumptions, to truly understand individuals’ lives.
Exclusive: Andy Curran on pensions, progress and the value of time
Andy Curran, CEO of Standard Life, announced his retirement after 36 years in financial services, prioritising time with family.
He identified RDR, pension freedoms and auto-enrolment as key industry changes, but expressed disappointment regarding pension terminology. Curran hoped for headlines reflecting increased pension engagement and contributions, advocating for long-term vision and industry-government collaboration.
He also reflected on courage, authenticity and communication as vital leadership traits.
