Money Marketing’s Weekly Must-Reads: Top 10 Stories
Another busy week for the financial services sector. Our top headlines cover a stark warning about a potential “Omnishambles” Budget and the FCA’s latest initiative to reduce data reporting for thousands of firms.
Here are the ten most-read stories on Money Marketing from the past week:
Chancellor risks ‘Omnishambles’ Budget if she raids pension tax relief, says LCP
Financial experts at LCP have warned that Rachel Reeves’s rumoured raid on pension tax relief might sound like an easy win, but it could end up costing her, politically and economically.
In a punchily titled report, How to Avoid an Omnishambles Budget, the firm sets out five reasons why this move could backfire. Chief among them: discouraging pension saving and hitting lower earners hardest.
The warning harks back to 2012’s “Omnishambles” Budget, which still looms large in Westminster memory.
FCA cuts data reporting to ease burden for 11,000 firms
The FCA has unveiled plans to dial down data reporting requirements for around 11,000 financial firms.
Under the proposals, parts of the Retail Mediation Activities Return (RMAR) — including sections on professional indemnity insurance and adviser training — would shift from quarterly or biannual submissions to just once a year.
It’s all part of the regulator’s broader Transforming Data Collection push, pitched as a way to lighten the load for firms and show it’s serious about becoming a “smarter regulator”, not just a stricter one.
David Brooks: It’s time to rethink the state pension
David Brooks, a seasoned voice on pensions policy, has argued that the state pension — a pillar of the UK welfare state — needs a serious rethink.
With an ageing population and rising care demands, the system is creaking under fiscal pressure. Brooks makes the case for a more joined-up approach: if we’re going to reform the state pension, we also need to tackle how we pay for later-life care.
Verve launches compliance switching service for advice firms
Verve has launched a new service to take the hassle out of switching compliance providers.
Borrowing inspiration from the world of utility switching, Verve promises to handle the heavy lifting: data transfers, policy updates and all the fiddly bits in between.
The aim? A smoother, more cost-effective move for advice firms ready to bring their compliance under the Verve umbrella.
MM Meets… Carla Brown: ‘We need to share more positive stories’
PFS President Carla Brown, firm founder and financial education advocate, opened up about her journey to the top of the profession.
In a candid conversation with Money Marketing editor Tom Browne, she reflected on why we need more women in financial advice and how powerful, positive storytelling can help shift perceptions.
She also spotlighted the PFS’s new “Pathway to the Profession” initiative: a £1m investment designed to open doors and make the industry more inclusive, from the ground up.
FCA jails 84-year-old trader for £1m investment fraud
The FCA has secured the conviction of 84-year-old John Burford, who was jailed for running a £1m investment scam that misled more than 100 investors.
Despite his age, Burford operated an unauthorised firm, concealed hefty losses and funnelled client money into his own pocket. The judge called it a “sustained” fraud and made clear that being in your eighties doesn’t buy you a free pass.
The FCA is now working to recover funds for those caught up in the scheme.
LifeSearch appoints new CIO to lead tech transformation
LifeSearch has named Chris Payne as its new chief information officer, handing him the reins for a major tech overhaul.
With close to 30 years in the insurance game, Payne’s remit is to sharpen the company’s digital edge, speeding up product launches and boosting customer outcomes.
The transformation will focus on modernising systems and embedding more agile, flexible ways of working across the business.
Ian McKenna: AdviceTech gears up for its biggest boom
AdviceTech is having a moment, according to Ian McKenna — and the mergers and acquisitions tell the story.
From Intelliflo to Iress, key players are making strategic moves that signal a sector gearing up for serious growth. McKenna believes we’re on the brink of an AdviceTech boom, fuelled by a buoyant advice market and rapid advances in AI.
His message to firms was clear: if your tech isn’t evolving, your competitiveness won’t be either.
Mike Barrett: The importance of humanising customer support
Mike Barrett of the lang cat shared a personal reminder of why empathy still matters in financial services.
After a recent bereavement, he experienced both ends of the customer support spectrum. One firm offered thoughtful, compassionate help; others, not so much. The contrast was stark. While regulation has a role to play, Barrett argued it’s training and culture that really move the needle.
If firms want to better serve vulnerable clients, human understanding — not just process — needs to lead the way.
Platforms Association tackles transfer delays
The Platforms Association has launched a new workstream to tackle one of the industry’s oldest headaches: slow, clunky investment transfers.
Spearheaded by David Ferguson and Lucy Bristow, the initiative brings together more than 20 firms to improve communication and standardise electronic processes.
The aim? To make asset transfers faster, simpler, and less frustrating for everyone involved — answering a long-standing FCA concern and, more importantly, improving outcomes for consumers.
