The Morning Briefing: Savers miss £1.9tn backing cash; FCA urges tokenisation

Good morning and welcome to your Morning Briefing for Wednesday 26 November 2025. To get this in your inbox every morning click here.

Savers miss out on £1.9tn by backing cash over stocks

UK savers have collectively missed out on an estimated £1.9tn in potential returns by avoiding stocks & shares, according to new analysis from Chelsea Financial Services.

As of 2024, £856bn has been contributed to cash Isas compared to £453bn in stocks & shares.

In that 25-year period, global equities delivered six times the return of cash (+474% vs +80%), based on the MSCI World Index and Bank of England base rate.

FCA urges advisers to embrace tokenisation and private markets

The FCA wants asset managers, platforms and advisers to view risk as a driver of innovation, growth and investment access, rather than something to simply minimise.

Speaking at the Investment Association Annual Conference on Tuesday (25 November), FCA chair Ashley Alder said advisers will need to help clients understand and manage new forms of risk as retail access to private markets, tokenised funds, AI and personalised guidance models expands.

“Risk is essential for fostering investment and innovation. It is not just something to be avoided,” he said, referring to the regulator’s focus on “rebalancing risk” in its 2025 to 2030 strategy.

Behind the Headlines: Unlimited contactless is convenient – but at what cost?

The suggestion by the Financial Conduct Authority that banks should set their own contactless limit, potentially opening the door to unlimited tap-to-pay, sounds like the next logical step in a world that prizes speed above all else.

But removing the last bit of friction from everyday spending raises awkward questions: about budgeting, debt and the slow erosion of financial awareness. For advisers, it could mean even more awkward client conversations.

One big concern is how unlimited contactless could fast-track the disconnect between people and their money, writes Tom Browne, editor of Money Marketing. 

Quote Of The Day

There’s no doubt that investors are feeling downbeat. Many believe the UK is no longer a great place to start a business or invest

-Wealth Club founder and chief executive Alex Davies comments on a new survey showing that wealthy investors are losing faith in the UK government, saying it does little to support wealth creation and the entrepreneurs who drive it.

A nationally representative poll of 2,000 UK adults by The Harris Poll UK shows that nearly two thirds expect the Chancellor’s Budget to negatively affect their household finances, reflecting concern over rising prices and scepticism that government policy matches financial realities. Key findings

In Other News

Boutique wealth and fund manager Tyndall Investment Management has appointed Oliver Pile as investment director within its private client practice.

Pile has over 20 years’ investment experience focused on managing private client portfolios and his appointment brings Tyndall’s dedicated Private Clients team to 30.

He joins Tyndall from Ruffer LLP where he was a director in the firm’s private wealth division managing portfolios on behalf of private clients, charities, trusts and family offices, having joined the firm in 2009 as an investment manager. Prior to this, he gained three years’ experience as an investment manager at Gillespie Macandrew.

The Women in Protection Network has appointed a new executive team as it enters its next phase of growth, aiming to further champion diversity, inclusion and equity across the protection sector.

Founding executives Catherine Trimble of Scottish Widows, Shelli Bentley and Stephanie Hydon are stepping down after helping shape the network since its launch in 2017. They will continue to support the group informally.

Chair and founder Emma Thomson said the appointment of a larger executive team marks a key step in expanding the network’s capacity and impact.

The 10 new members are Claire Nolan (Swiss Re), Caroline Payne (Shepherds Friendly), Emma Holmes (Aviva), Georgia Perkins (Legal & General), Hanna McKallip (Beagle Street), Joanne Legg (Royal London), Jordan Clark (Legal & General), Rachel Eason-Whale (London & Country), Rupinder Bahra (MetLife) and Shelley Walker (The Exeter).

ebi Portfolios’ performance, asset allocation and risk data is now live on Mabel Insights, allowing advisers to compare its portfolios alongside more than 80 other discretionary managers.

Mabel has also produced tailored risk ratings, giving advisers greater transparency on portfolio positioning, risk metrics and performance.

ebi’s head of business development Ashley Owen said the integration supports advisers’ due diligence and comparison needs.

The launch follows ebi reaching £5bn in assets under management and winning Best Outsourced Investment Manager at the Money Marketing Awards for the second year running.

From Elsewhere

Britons brace for highly uneven impact of Rachel Reeves’ ‘stealth tax’ (Financial Times)

Rachel Reeves has many problems. She’s realising that her Brexit bind may be the biggest of all (The Guardian)

Trump says no firm deadline for Ukraine, Russia to reach peace deal (Reuters)

Did You See?

The word ‘Budget’ is occupying a large and generally unsettling space in our national conversation and collective imaginations, writes Colin Williams, CEO of pensions & savings at Standard Life.

We’re nearing the crescendo of many months of speculation and soon we will have some certainty regarding the chancellor’s plans to address the challenges facing the nation’s finances.

For financial advisers and the industry at large there’s a sense of trepidation, in part because we are still in the midst of the fallout of last year’s Budget and plans to include pensions within IHT.

Read the full article here.