Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week’s top 10 must-reads from the world of financial services include FNZ facing scrutiny as investors take profits from recent capital raises, and fresh data revealing that many people are still sleepwalking into retirement.
FNZ under pressure after investors cash in on recent capital raises
FNZ came under pressure after investors CDPQ and Temasek exercised warrants linked to recent capital raises, triggering what employees called “unfair” share dilution.
The investors reportedly paid $7,000 for shares now worth $3.6bn. Issued as part of three FIAT deals, the warrants and preference shares heavily favoured institutional backers.
Discontented employee shareholders accused FNZ of self-dealing and prepared to launch a major class action in New Zealand’s High Court.
Retail investor says he has ‘zero faith’ in FCA following B&G decision
A retail investor who lost £120,000 in Basset & Gold said he had “zero faith” in the FCA after being offered just £200 in compensation.
The FCA admitted to some supervisory failings but denied full responsibility, prompting outrage. The investor, Mr N, called the offer “insulting” and accused the regulator of being misleading.
The Complaints Commissioner expected numerous objections, while the FOS awarded Mr N full compensation and £750 for distress.
Latest figures show people are still ‘sleepwalking into retirement’
Despite auto-enrolment successes, many people continued to sleepwalk into retirement, according to new PLSA figures.
While the cost of a minimum standard of retirement fell to £13,400 annually, moderate and comfortable standards rose to £31,700 and £43,900. Experts warned that most savers underestimated the size of pension pots needed — up to £800,000.
Without increased contributions, millions risked falling short, facing either financial hardship or extending their working lives.
20 million UK workers to benefit from new pension rules
The UK government introduced the Pension Schemes Bill, aiming to simplify saving and improve retirement outcomes for 20 million workers.
The Bill included automatic consolidation of small pension pots, default income pathways and requirements for defined contribution schemes to prove value for money. It enabled multi-employer megafunds, released surplus DB funds and introduced new performance metrics.
Industry leaders welcomed the reforms as a major step towards better saver outcomes and economic growth.
Aviva and FNZ roll out new adviser data tools
Aviva, in partnership with FNZ, launched new adviser tools to enhance its platform experience.
The update included Aviva Analytics, a management information tool allowing advisers to create custom data reports via a redesigned Adviser Hub. Other upgrades improved ISA tracking and fee transparency. Rolled out to select firms, the tools aimed to streamline data access and support better client conversations.
The launch followed Aviva’s recent integration of Unipass Letter of Authority technology.
Vertical integration ramping up in the advice space
Vertical integration increased in the wealth management sector as platforms began acquiring discretionary fund managers (DFMs) and advice firms, according to Lincoln International’s Antoine Dupont-Madinier.
He noted a shift from traditional separation between platforms and advisers. Recent deals, including Wealthtime’s rebrand to Quanta Group and Titan Wealth’s acquisition of IWP, reflected this trend.
Dupont-Madinier also predicted more consolidation among private equity-backed consolidators, though warned of cultural and technology integration challenges.
William Burrows: Why retirement needs a midlife MOT
William Burrows argued that retirement should be treated as an evolving journey, not a one-off event.
He highlighted the need for a mid-retirement MOT to reassess plans and manage risks. Burrows stressed the importance of rebalancing portfolios, reintroducing annuities and helping clients de-risk over time. He warned that failing to act, especially amid market volatility, could reduce income potential.
He urged advisers to provide proactive, structured reviews and consider enhanced annuity options.
FCA revises ‘name and shame’ plan following industry pushback
The FCA revised its proposed ‘name and shame’ policy after industry backlash, opting for a more limited approach.
It retained the current rule of naming firms only in “exceptional circumstances” but introduced three exceptions: unauthorised activity, public confirmation and anonymised disclosures. The changes applied to investigations opened from 3 June 2025.
Legal experts welcomed the shift, viewing it as a retreat from broader transparency plans and a return to a more proportionate policy.
UK’s inheritance tax bill could reach £9bn by 2027: Report
A report predicted UK inheritance tax (IHT) could reach nearly £9bn by 2027, with over 37,000 estates liable.
Changes from the 2024 Budget, including a threshold freeze until 2030 and reforms to Business and Agricultural Property Reliefs, were factored in. Greater London’s IHT was forecast to rise 54% to £2.6bn.
Experts urged families to seek advice amid these changes, highlighting new relief caps and the inclusion of inherited pensions from 2027.
Steven Levin: Strengthening support for pension freedoms
Recent research from the Pensions Policy Institute revealed many accessed pensions unsustainably or without planning, risking long-term security.
Quilter CEO Steven Levin highlighted that 70% withdrew savings without advice, ignoring risks like inflation and longevity. While pension freedoms since 2015 offered flexibility and control, many lacked confidence to make informed choices.
Levin argued for earlier, targeted support and improved retirement income solutions to ensure secure, flexible retirements without losing freedoms’ benefits.
