Good morning and welcome to your Morning Briefing for Tuesday 19 August 2025. To get this in your inbox every morning click here.
Pension fraud victims recover £81.5m with further payments to come
More than 2,000 victims of pension scams have received compensation worth £81.5m, in what regulators have described as a “life-changing” step to help savers rebuild their futures.
The Pensions Regulator (TPR), the Fraud Compensation Fund (FCF), The Pensions Ombudsman (TPO) and Dalriada Trustees confirmed today (19 August) that 2,016 members of 58 defrauded pension schemes have been compensated over the past year, with further payments expected.
Chris Budd: What advice would you give to Ted?
Back when I was active as a financial planner, I met someone who presented me with a conundrum. In fact, it’s one I am still struggling to answer. I wonder what your solution would be?
Meet Ted. Ted had founded his business some 20 years earlier. When I met him, he had recently sold his business to a large corporate for a lot of money.
There was an initial payment of £9m. A further payment of £3m would follow after two years, during which he needed to work for the business. A typical ‘earn out’.
Quote Of The Day
Accelerate domestic production, reduce dependence on Asia and position Intel at the centre of the AI and national security landscape
– Dan Sheehan from Telos Wealth Advisors outlines the US Government’s agenda for protecting the supply chain for computer chips
Stat Attack
A new study of 2,000 UK adults from Creditspring reveals the extent of overspending in the summer, with younger adults and men leading the charge. Key statistics:
53%
of Brits spend more in summer, rising to 69% among 25–34-year-olds.
62%
of people in Greater London, 58% in Scotland and 57% in Wales overspend in summer.
37%
say higher grocery/utility bills are the main cause of overspending.
27%
cite holidays and weekends away as a key factor.
27%
overspend on eating and drinking.
27%
overspend by going out more.
42%
admit to using credit to fund summer spending.
48%
feel pressure to say yes to social plans they cannot afford.
Source: Creditspring
In Other News
Moore Kingston Smith has appointed Melanie Reed as head of advisory and a member of its Senior Leadership Team.
Reed will oversee the integration of the firm’s broad advisory services, including corporate finance, legal, restructuring and insolvency, wealth management, forensics, valuations, HR consultancy, business growth and cyber security.
She will continue to specialise in M&A tax advice, particularly for media clients.
With more than 20 years’ experience, Reed began her career in tax at 18, spent 12 years at Grant Thornton and later led the national corporate tax practice at RSM before joining Moore Kingston Smith in 2021.
Managing partner Matt Meadows said Reed’s leadership will “formalise our cohesive advisory approach, ensuring we continue delivering exceptional value and innovative solutions to our clients as their needs evolve”.
Her appointment supports the firm’s strategy to deliver joined-up advice while fostering a collaborative and inclusive culture.
Parmenion has appointed Chris Larkin as chief transformation officer, joining the group’s executive team subject to regulatory approval.
Larkin is founder and managing director of Bigrock People Performance Solutions, the consultancy acquired by Parmenion in 2023 as part of its growth strategy.
The firm, which has worked with adviser businesses and blue-chip organisations including AXA, Aviva and Barclays, specialises in people development and change management.
In his new role, Larkin will lead transformation and scaling initiatives across the group.
He brings over 20 years’ experience in organisational effectiveness, leadership development and strategic execution.
He will report to chief executive Martin Jennings, who said Larkin would help unlock “the full potential of our component parts to deliver maximum customer benefit”.
Parmenion reported strong 2024 results, with assets up £2bn alongside higher revenue and operating profit, and continues to invest in technology and service improvements for advisers and clients.
AJ Bell has appointed Jeremy Mugridge as marketing director within its advised senior leadership team, with the role formally starting in October.
Mugridge will lead the development and management of marketing strategy for AJ Bell’s advised products, including AJ Bell Investcentre, AJ Bell Custody Solutions and the recently launched AJ Bell Touch.
He will also support the AJ Bell Investments team in promoting its investment solutions to advisers and clients.
He brings more than 25 years of financial services experience, having held senior roles at Quilter, Cofunds and Aegon.
Mugridge said he was attracted by AJ Bell’s culture and growth ambitions and looked forward to strengthening its market presence.
Billy Mackay, managing director of AJ Bell’s advised business, welcomed the appointment, saying Mugridge’s expertise would help expand the firm’s marketing strategy and support advisers using its platform and investment solutions.
UK economy was a bit bigger than thought at end of 2023, ONS says (Reuters)
Labour review could put state pension age on course to hit 70 (The Telegraph)
Trump’s trade war puts US love for Scottish goods to the test (BBC News)
Did You See?
Thousands of A-level students received their results last week. Some will be heading off for university, while others will be trying to get their feet on the career ladder through an apprenticeship or an entry-level job.
There is a wealth of opportunity in the financial advice sector for school leavers – but it can take time to find the right role.
So, asks Amanda Newman Smith, how can new entrants cope with the challenges of looking for their first break?
It is not unusual for new entrants to send off hundreds of applications before being successful. They may get no response. They may reach the interview stage but not get the job. These things may seem personal, but they are not.
“Rejection, especially early in your career, can feel incredibly personal, but it is not a reflection of your worth or potential,” says CommsRebel founder Advita Patel, a certified confidence and leadership coach.
“It’s not easy to deal with, but confidence is like a muscle: the more you work it, the stronger it becomes.”
Read Amanda’s full article here.
