Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week, all eyes were on the Treasury as the upcoming Budget dominated headlines. The chancellor’s pre-Budget speech, which appeared to ‘lay the groundwork’ for tax rises, confirmed the industry’s fears and became our most-read story.
Elsewhere, the developing $4.6bn shareholder action against FNZ also captured significant reader attention. Both stories led a busy news week — here is the full rundown of our top ten.
Chancellor’s pre-Budget speech ‘lays groundwork’ for tax rises
Chancellor Rachel Reeves has officially started the pre-Budget guessing game. In a speech today, she strongly hinted at tax rises, warning, “We all have to contribute” to fixing the £22bn “black hole”.
While not confirming which taxes (CGT? IHT? Income tax?), experts view this as ‘choreography’ to soften the blow. Advisers are warning clients to “get ready” for some likely “tax by stealth” via frozen thresholds.
Shareholders press on with $4.6bn action against FNZ
The $4.6bn legal spat against FNZ is heating up. Employee shareholders, claiming their 23% equity was unfairly diluted, have added a third plaintiff.
They accuse FNZ of using “legal manoeuvres” to stall the class action, which alleges the board improperly transferred value to institutional investors. Despite this, the shareholders insist the new addition ensures the case will now proceed to a hearing.
Benchmark Capital appoints head of wealth management
Benchmark Capital is snapping up top talent, appointing Karan Sejpal as its new Head of Wealth Management.
In this newly created role, the 20-year industry veteran (ex-Credit Suisse, UBS) will oversee growth and advice activities. Sejpal, who joins the Board, moves internally from Cazenove Capital.
CEO Ed Dymott is delighted, calling Sejpal key to Benchmark’s ambitious growth plans as they continue to build out their leadership team.
Tax hike fears drive clients to Isas and pensions
Chancellor Reeves hinting at a tough Budget has investors scrambling, as tax rises seem “inevitable”. Hargreaves Lansdown research shows many are wisely topping up Isas and pensions — a “no-regrets move” for higher-rate taxpayers.
However, experts warn some are making “dangerous” knee-jerk reactions, like taking tax-free cash early or rushing IHT gifts. These fear-driven moves, advisers caution, could have a “sting in the tail”.
FCA warns firms on Consumer Duty ‘understanding gap’
The FCA has put firms on notice: simply providing access to products isn’t enough. Chief Nikhil Rathi warned of an “understanding gap”, noting that many consumers still can’t navigate finance confidently (like 67% of renters lacking insurance).
Under Consumer Duty, the regulator wants “capability by design”, meaning firms must prove customers understand their choices, not just that they have access. It’s time to close the gap.
Quilter appoints Sam Christopher as proposition director
Quilter has appointed industry veteran Sam Christopher as its new proposition director. She joins from 7IM, where she was head of platform, bringing further experience from Fidelity and M&G.
Christopher is now responsible for Quilter’s platform, investment and advice propositions. She’s “excited” to build on Quilter’s success, while CDO Steve Gazard calls her a “valuable addition” with “deep industry insight” for advisers.
InvestAcc finalises deal for AJ Bell’s Sipp and SSAS business
It’s official: InvestAcc Group has completed its acquisition of AJ Bell’s Platinum Sipp and SSAS business. The deal boosts InvestAcc’s AUA to £9bn and adds 3,400 new customers.
While the business rebrands to ‘InvestAcc Platinum’, clients can relax. Their schemes, fees and dedicated admin teams remain the same. They also gain new benefits, like access to commercial property and an online portal.
Ex-SJP leaders launch independent succession service
Two former SJP heavyweights, Claire Blackwell and John Owen, have launched “The NexStage”, a new succession service. Aimed at advice firms feeling the squeeze from rising regulation and consolidation, it offers unconflicted counsel.
The service helps owners scale their business, strengthen governance and, most importantly, create a clear exit plan. They argue many owners feel “trapped” and The NexStage provides clarity.
Fidelity launches first crypto asset for advised clients
Crypto is no longer off-limits at Fidelity. The asset manager has launched its Physical Bitcoin ETP for UK advised clients, thanks to the FCA relaxing its rules.
Fidelity says this provides “institutional-grade” access, a safer bet than unregulated channels. More products are set to follow. While advised clients get access first, direct investors on its consumer platform will have to wait for now.
M&G sees £1.5bn inflow surge amid rising adviser confidence
M&G is enjoying a strong Q3, boasting £1.5bn in external net inflows to its asset management arm. This signals renewed adviser confidence.
Total AUMA climbed 3% to £365bn. Even the Life business got in on the action, with the £68bn PruFund returning to net inflows (£0.2bn) after a slow start to the year. CEO Andrea Rossi says momentum is growing and the strategy is working.
