Good morning and welcome to your Morning Briefing for Monday 13 October 2025. To get this in your inbox every morning click here.
IFAs biggest challenge
Over two-thirds (68%) of independent financial advisers (IFAs) have said clients wanting to make changes ahead of the Budget is their biggest challenge.
This is according to research from Rathbones, which also showed 91% of advisers have experienced an increase in client queries ahead of the Budget.
Pensions and Protection Podcast
In this episode, we tackle the monumental shifts in UK inheritance tax (IHT) rules. Joining us from Royal London’s technical marketing team is Justin Corliss, who breaks down the impact of the October 2024 budget announcement on pensions.
L&G appoints new chair
Legal & General Group has appointed Scott Wheway to succeed Sir John Kingman as chair.
Wheway will join L&G’s Board on 2 January 2026 as an independent non-executive director and chair designate and will take over as chair with effect from the conclusion of the company’s annual general meeting on 21 May 2026.
Quote Of The Day
Just when you think it’s safe to go back in the water, Donald Trump threatens to hit China with 100% tariffs
– Hargreaves Lansdown head of equity research Derren Nathan on the FTSE 100 smaller reaction to Trump’s tariff threats
Stat Attack
Research from Wealthify reveals that women start contributing to pensions earlier than men, but feel less confident and informed about their retirement planning.
42%
of women start contributing to their pension before age 24 vs 33% of men.
24%
of women do not understand any pension terms, compared with 12% of men.
9%
of women understand “volatility” compared with 21% of men.
10%
of women understand “triple lock” compared with 21% of men.
12%
of women say lack of knowledge has delayed pension contributions vs 8% of men.
Source: Wealthify
In Other News
Clifton Asset Management has expanded its senior leadership and compliance team with the appointment of Christian Markwick to the newly created role of senior manager for adviser development and T&C supervision.
Markwick has over 20 years of industry experience and joins from Verve Group where he was head of adviser support, working closely with firms on future acquisitions and due diligence while developing new training programmes to support advisers’ compliance and growth.
Prior to joining Verve Group, Markwick also cultivated experience in senior compliance roles with chartered financial planners, Kellands Gloucester, and Apricity Compliance.
Markwick closely follows Clifton’s appointment of Jo Swain, who joined the board as chief risk officer (CRO) from Succession Wealth during the summer.
Farming community responds to rumours of an inheritance tax U-turn (Sky News)
Oil recoups some losses as investors focus on US-China trade talks (Reuters)
Lloyds Bank to take extra £800mn charge over car finance mis-selling (Financial Times)
Did You See?
The triple lock has become a flashpoint for a deepening generational divide, with new research revealing a stark contrast in attitudes towards the policy’s future.
The findings from PensionBee highlight a growing challenge for the government as it grapples with strained public finances ahead of its Autumn Budget.
Despite repeated assurances that the triple lock will be maintained, the survey exposes a significant age-related chasm in support.
While a substantial 82% of those over 65 back the continuation of the policy, only 21% of 18-24 year olds share this view.
