Money Marketing’s Weekly Must-Reads: Top 10 Stories
This week’s top 10 stories from the financial services landscape feature the intensifying legal battle involving FNZ over shareholder rights, and speculation on whether Rysaffe planning could make a comeback amid rising IHT receipts.
FNZ legal battle intensifies over shareholder rights
A shareholder dispute at global fintech FNZ escalated as employee shareholders accused the company of using legal threats to silence dissent ahead of a planned class action.
Class B shareholders planned to file a High Court claim in New Zealand by the end of May, alleging unfair treatment and \$4.5bn in dilution. They claimed FNZ altered governance protections, issued \$1.5bn in preference shares and suppressed critical voices through legal intimidation.
Could Rysaffe planning be back on the agenda after IHT tax take?
Julia Peake highlighted how rising IHT receipts and proposed relief changes might make it worthwhile to revisit Rysaffe planning.
Once limited by 2014 legislation, the principle could still offer benefits through lifetime trust planning. Peake explained how splitting investments across multiple discretionary loan trusts may maximise nil-rate bands and reduce tax liabilities.
She also noted the potential effectiveness of multiple pilot trusts holding life assurance policies, despite added complexity and costs.
Schroders’ promotes Jamie Fowler to head of UK wealth
Schroders appointed Jamie Fowler as head of UK wealth within its asset management division.
Fowler, who joined Schroders in 2002, had most recently served as head of regional and advisory sales. In his new role, he oversaw services for financial advisers, wealth managers and other intermediaries.
Reporting to Phil Middleton, Fowler brought over two decades of experience and helped drive initiatives like Schroders Investment Solutions and its first UK wealth-focused LTAF.
David Ferguson steps up as Seccl eyes major growth phase
Seccl entered a major growth phase following further Octopus investment and leadership changes.
David Ferguson transitioned to the new full-time role of executive chairman, focusing on long-term strategy and international expansion. A new UK-based CEO was being recruited to manage daily operations. Ferguson remained acting CEO until the new hire’s regulatory approval.
With over £3bn in assets and 250,000 customers, Seccl aimed to triple its assets under administration within 12 months.
Ian McKenna: When insurers pull the rug on benefits
Legal & General removed fracture cover from new and existing policies without prominently disclosing the change, following a similar quiet withdrawal of private diagnosis cover months earlier.
Ian McKenna criticised the insurer’s lack of transparency, arguing it undermined Consumer Duty obligations. While praising the introduction of annual policyholder statements, McKenna warned these may reveal unexpected benefit losses.
He urged better communication with advisers and called for regulatory scrutiny on mid-term benefit removals.
Jon Cunliffe: The bond market’s balancing act begins
Jon Cunliffe highlighted the bond market’s precarious state due to the Trump administration’s growth-negative policies, which increased costs and inflation.
The Fed faced a dilemma between inflation control and employment, likely favouring rate cuts. Meanwhile, US fiscal expansion threatened long-term Treasury yields.
In the UK, subdued growth and inflation supported short- and medium-term Gilts. However, high long-term yields and increased issuance created opportunities in longer-dated Gilts for investors with long horizons.
Standard Life experiences ‘rampant growth’ in digital engagement
Standard Life saw “rampant growth” in digital engagement in 2024, recording over 25 million logins, 66% via its fully functional app.
Andy Young credited app features like Face ID and consolidation tools. The firm made over 260 digital updates and launched the Dash adviser platform to streamline access and support.
Standard Life also trialled more than 24 AI applications to enhance communication, education and support for staff, advisers and vulnerable customers.
Evelyn Partners launches low-cost index MPS to UK adviser market
Evelyn Partners launched its low-cost Index Managed Portfolio Service (MPS) to the UK adviser market in 2025, previously available only to direct clients.
The range included five risk-profiled portfolios using passive strategies alongside active asset allocation. Priced at 0.15% annually, with additional fund charges of 0.10%, the portfolios offered diversification with minimum investments of £20,000.
The service aimed to meet growing adviser demand for cost-effective, accessible portfolio management solutions.
Royal London broadens private asset capabilities with latest acquisition
Royal London agreed to acquire UK-based infrastructure asset manager Dalmore Capital in 2025, aiming to expand its private assets capabilities and enhance retirement investment options.
Dalmore, managing around £6bn in assets, focused on long-term infrastructure investments, including UK wind farms and the Thames Tideway Tunnel. Royal London committed up to £500m to future Dalmore funds.
Dalmore was set to operate as a standalone capability within Royal London Asset Management, pending regulatory approval.
Sustainability focus label defies adviser expectations
Financial advisers had expected the FCA’s Sustainability Mixed Goals label to be the most adopted under the SDR regime, but the Sustainability Focus label became the most widely used instead.
As of May 2025, 63 funds had adopted the Focus label, while only four chose Mixed Goals. Despite initial adviser predictions, both mixed asset and multi-thematic funds leaned towards Focus.
Overall, SDR label adoption remained modest but showed promise in reducing greenwashing.
