Money Marketing’s Weekly Must-Reads: Top 10 Stories
Another week brought another flurry of announcements, headlines and speculation in the financial services sector. From potential changes to lifetime gifting and to the affect of IHT on vulnerable customers.Here are the top 10 most-read stories on MM:
Reaction as chancellor considers cap on lifetime gifting
The Treasury is reportedly considering a lifetime cap on tax-free gifts before death, ahead of the Budget in October. Industry experts warned any changes could spark a political backlash, hit middle-class estates, and complicate HMRC administration, with some warning it could drive more high-net-worth individuals and non-doms out of the country.
Two industry heavyweights launch PE-backed consolidator firm
Former CMS Wealth CEO David Carter and Perspective Financial Group founder Paul Hogarth launched Absolute Financial Group, a new IFA consolidator backed by Inflexion Private Equity. The firm says it wants to unite high-quality advisory businesses under a national brand. It announced its first acquisition, of Absolute Financial Management, last week.
Ascot Lloyd hires former Wealthtime executive to new leadership role
Ascot Lloyd appointed Eden Scrivenger as chief technology and operations officer, to lead technology, client services and operations. She brings 20 years’ financial services experience, including senior roles at Wealthtime and Investec Wealth & Investment UK. CEO Francis Jackson said her leadership would “drive scalability and innovation”.
Caitlin Southall: Vulnerable customers have been forgotten in the IHT mess
Plans to include unused pensions under the scope of inheritance tax from April 2027 has faced strong industry opposition since the proposals were announced. In this article, Caitlin Southall claims the government has “forgotten” vulnerable customers, particularly bereaved relatives who are grieving. Southall criticised the government’s “unrealistic expectations”, arguing the IHT proposals contradicted Consumer Duty rules by increasing the likelihood of negative outcomes and failing to protect those in vulnerable circumstances.
Aviva closes gap as Quilter tops platform rankings
Quilter retained the top spot in Defaqto Engage’s H1 2025 adviser platform rankings, however Aviva narrowed the gap to just one percentage point. Aviva’s overall share rose from 24% to 26%, while AJ Bell overtook Transact into third place and Aegon fell to seventh. Defaqto’s Darren Winfield said platforms were adapting to FCA reforms, enhancing technology for targeted support and simplified advice, with most top platforms holding ‘Gold’ service ratings.
Simplybiz launches new ongoing advice consultancy service
Simplybiz launched a new ongoing advice consultancy service to help advisers create compliant annual review processes. Delivered through in-depth consultations, it assesses charging models, client agreements, disengagement policies, monitoring systems, and MI readiness. The service complements Simplybiz’s existing consultancy offerings on charging, investment and retirement propositions and Consumer Duty. Simplybiz says it provides hands-on guidance, enabling firms to meet FCA guidelines while freeing up more time for client engagement.
FCA receives record 315 whistleblowing reports in April–June
The FCA received a record 315 whistleblowing reports between April and June 2025, up 25% year-on-year and 12% from Q1. These contained 1,130 allegations, mainly on compliance, fitness and propriety, culture and Consumer Duty. Eight cases prompted preventative action to avoid significant harm, while 42% led to harm-reduction measures. RSM UK’s Erin Sims called for stronger speak-up cultures, while the regulator reaffirmed its commitment to confidentiality for whistleblowers.
Scottish Widows appoints Jenny Davidson as intermediary wealth director
Scottish Widows has appointed Jenny Davidson as intermediary wealth director, effective October 2025. Bringing over 30 years’ financial services experience, she joined from Quilter, where she was proposition and commercial director, leading platform, investment, and advice strategies for the affluent segment. Davidson previously held senior roles at Aberdeen and Standard Life, shaping platform propositions and wealth technology strategies. Scottish Widows said her expertise would support its growth plans and enhance solutions for advisers and clients.
The Openwork Partnership appoints former Aviva wealth boss as new CEO
The Openwork Partnership appointed Rob Barker as CEO, effective September 2025, succeeding interim chief Philip Howell. Barker brings 30 years’ experience in insurance, wealth management, and protection, most recently as head of insurance, wealth, and asset management EMEA at Alvarez & Marsal. He previously spent a decade at Aviva as CEO of Wealth and in senior health roles. The firm said his leadership would drive growth, adviser expansion, technology adoption and partner succession.
FSCS names five firms in default in June and July
Between 1 June and 31 July 2025, the FSCS declared five pensions and investment firms in default; PCM Asset Management, Apollo Pension & Investment Advisers, Facet Investment Management, Forthplus Pensions and Corporate & Professional Pensions. Being in default means they cannot meet customer claims, allowing eligible individuals, businesses and charities to seek compensation. The FSCS, which has declared 17 firms in default this year, urged affected customers to claim via its website.
