Good morning and welcome to your Morning Briefing for Friday 26 September 2025. To get this in your inbox every morning click here.
Adviser consolidation continues as firms disappear from FCA register
Almost 8,000 firms have been deauthorised by the Financial Conduct Authority (FCA) in the last eight months, according to new research, with many smaller firms consolidating into larger entities.
Data from ISS Market Intelligence (ISS MI) reveals that 7,860 firms were removed from the FCA Register between January and August 2025, leading to a 2.8 per cent decline in the total number of financial services firms to 70,131. The number of registered individuals also fell, by 1.4 per cent to 220,679.
The ISS MI Landscape Report, powered by newly-acquired data solutions business Autus, shows that while credit brokers made up the majority of those deauthorised, 521 investment advice firms and 285 mortgage advice firms also departed the register.
Will Bartleet: The hidden story behind passive success
It seems impossible to believe that 25 years ago, passive investing was considered a niche investment strategy. Only around 15% of fund assets were allocated to passive funds, including the household name UK tracker fund that charged an eye-watering 1%.
In 2000, David Swensen, Yale University’s CIO wrote his brilliant book on investing for endowments, including allocating to highly active strategies such as hedge funds and private equity. This quote stuck with me when I read it at the time:
Quote Of The Day
Europe’s mindset has changed. Rather than being characterised as slow to innovate, it is aiming to reposition itself as a diversified and policy-supported investment destination
– Vincenzo Vedda, CIO at DWS Group, discusses Europe’s investment renaissance
Stat Attack
Research has been conducted into the relationship between women and financial advice, building a profile of the average woman likely to seek financial support with her money. The study explores a number of key markers, and the stats show:
70%
of women value clear communication when seeking advice.
61%
of men value clear communication when seeking advice.
21.6%
of female advice seekers live in London.
43.2%
of female advice seekers are married.
45%
of female advice seekers are single, divorced, or widowed.
66.3%
of male advice seekers are married.
22.5%
of male advice seekers are single, divorced, or widowed.
Source: Unbiased
In Other News
Raw Knowledge has launched a Managed Smart Data (MSD) platform for the wealth and investment management sector.
The platform extracts complex structured, semi-structured and unstructured data formats, such as harder-to-read PDFs and scanned documents, using Generative AI and large language models.
It then enhances the quality and usability of the extracted data sources before blending it into a single source of truth.
In an internal pilot, Raw Knowledge said it has seen its data extraction times drop by 70% for one of its key propositions: the delivery of Excess Reportable Income (ERI) data to support investors in submitting accurate tax returns to HMRC.
The MSD Platform has been developed to support firms with processing and verifying difficult-to-reconcile data into a single source.
For wealth managers or investment platforms, this might include fund, market, performance and client data, received in different formats from disparate sources.
Raw Knowledge is a specialist data provider and data management firm under the Industrial Thought group of companies.
Global thematic investment manager Sarasin & Partners is set to move its London headquarters to 50 George Street, Marylebone, in early 2026, marking an end to its more than two-decade tenancy at Juxon House.
The £17bn firm has chosen the new location to accommodate future growth and provide a high-calibre client experience, occupying the entire 33,000 sq ft building. The newly refurbished Grade A office space will also feature 6,900 sq ft of outdoor terraces and collaborative work areas.
Managing partner Guy Matthews said the business had “outgrown” its current office. The move represents a key milestone for the firm, allowing it to invest in a space tailored to the evolving needs of its clients and staff.
The announcement follows a period of momentum for Sarasin & Partners, including the promotion of Tom Vernon to head of private clients and the launch of its new multi-asset solutions, Sarasin Managed Funds.
From Elsewhere
The Bond Market Will Be Looming Large Over Labour’s Party Conference (Bloomberg)
Nearly half of US companies in Europe expect declining economic ties, survey shows (Reuters)
HMRC rakes in record £107m in landlord crackdown (The Telegraph)
Did You See?
In this edition of The Big Picture, editor Tom Browne explores the human side of financial advice. Forget the spreadsheets and technical jargon; this is an exploration of the life-changing moments that truly shape a good adviser.
He highlights how setbacks, hardships, and a willingness to be vulnerable are not weaknesses, but powerful assets that build trust and make advice truly meaningful.
