Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week’s top reads spotlight the key trends reshaping financial advice — from sharp criticism of the Chancellor’s pension proposals, branded ‘dangerous and misguided,’ to a troubling 49% surge in complaints reported by the Financial Ombudsman Service.
Chancellor’s pension plans are ‘dangerous and misguided’
Nigel Green, CEO of deVere Group, warned that UK plans to compel pension funds to allocate up to 10% of assets into domestic private markets were “dangerous and misguided”.
He argued the policy risked distorting portfolios, undermining fiduciary duty and eroding investor confidence. Green criticised the proposed legislation as political interference that could reduce long-term returns and damage trust in pensions, calling it a threat to retirement security and market integrity.
FOS reports 49% surge in complaints
The Financial Ombudsman Service reported a 49% year-on-year rise in complaints, handling 141,846 cases in the second half of 2024.
Banking and credit disputes drove the surge, with 109,155 complaints — up nearly 76%. Interim chief ombudsman James Dipple-Johnstone highlighted the need for reform. A new fee model was introduced in April 2025 to curb opportunistic claims.
Overall, 33% of complaints were upheld, down from 36% the previous year.
Millions reaching retirement age with private annual pension of just £3,650
A 2025 report by now:pensions and the Pensions Policy Institute revealed that millions in the UK reached retirement age with private annual pensions as low as £3,650.
Nearly nine million people were underpensioned, including carers, ethnic minorities, women and the self-employed. Despite auto enrolment progress, many remained ineligible. now:pensions proposed five key reforms to address the gap, warning that without action, millions would face financial insecurity in retirement.
Over 15m Brits face retirement poverty, Scottish Widows warns
Scottish Widows warned that over 15 million UK adults were at risk of retirement poverty as rising living costs outpaced pension savings.
Its 2025 Retirement Report showed 39% were not on track for even a minimum retirement lifestyle, up from 35% in 2023. Generation Z, low to middle earners and the self-employed were most vulnerable.
The report urged urgent action on auto-enrolment, self-employed contributions and housing to prevent long-term financial hardship.
Retirement planning driving demand for bespoke investment services
A 2025 study by Rathbones Group revealed that 97% of independent financial advisers expected rising demand for bespoke investment services, driven by complex retirement planning and inheritance issues.
Changes to tax relief and the 2023 Autumn Budget made managing large client portfolios more difficult. Advisers cited challenges in decumulation and estate planning, with 93% reporting increased interest in bespoke services.
Regulatory pressure also prompted advisers to reconsider their investment propositions for retirement clients.
‘You can serve someone profitably who has £50,000 to invest’
At NextWealth’s 2025 conference, Octopus Money CEO Ruth Handcock argued advisers could profitably serve clients with £50,000 to invest.
She criticised the industry’s stagnation on the advice gap, noting only 8% of the population accesses advice today. Handcock promoted using coaches and tech to reach the mass market.
Lifetime Financial Management’s COO added that even clients with £10,000 could be served profitably, urging the industry to expand access and collaboration.
Canaccord Wealth bolsters planning team with senior hire
Canaccord Wealth strengthened its planning division by appointing Gary Steel as senior wealth planner.
Steel, previously a divisional director at Brewin Dolphin, brought significant expertise in lifestyle financial planning for high-net-worth clients. Reporting to head of wealth planning David Goodfellow, Steel’s approach aligned with Canaccord’s client-focused strategy.
The hire followed Canaccord’s April 2025 rebrand, which included a new logo, colour palette and typeface to support its expanding UK wealth management proposition.
Quilter Cheviot Europe acquires Irish investment advisory firm
Quilter Cheviot Europe Limited acquired Dublin-based investment advisory firm GillenMarkets, which advised on over €600m for around 500 families.
The deal, pending regulatory approval, involved founder Rory Gillen, five advisers, and their support team joining QCE’s Dublin office. QCE aimed to strengthen its Irish presence and enhance its integrated investment and financial planning services.
Both firms highlighted their aligned philosophies and viewed the acquisition as a major growth milestone in Ireland.
Clifton Asset Management appoints Jo Swain as chief risk officer
Clifton Asset Management appointed Jo Swain as chief risk officer in May 2025 to support its ongoing growth strategy.
Swain, formerly compliance director at Succession Wealth, brought over 30 years of experience in financial services, including roles at Barclaycard, Aviva and Phoenix Group. She joined Clifton’s main board, aiming to enhance compliance and risk oversight.
CEO Neil Greenaway praised her expertise as vital to maintaining regulatory standards during expansion.
State pension moves ‘perilously close’ to personal allowance threshold
Experts warned that by 2027, around 12 million people could face income tax on their state pension as payments neared the frozen personal allowance threshold of £12,570.
The 2025/26 state pension rose to £12,014 and was projected to exceed the allowance by 2027/28. Concerns were raised about pensioners receiving unexpected tax bills. Calls were made for HMRC clarity or policy reform to prevent unnecessary anxiety among low-income retirees.
