Money Marketing’s Weekly Must-Reads: Top 10 Stories
Catch up on the most important developments in financial services this week. From advice firms being granted the ability to offer targeted support from 2026, to the unveiling of a new apprenticeship standard for financial planning and paraplanning, here are the headlines you need to know.
Advice firms will be able to offer targeted support from 2026
From early 2026, directly authorised advice firms were set to offer “targeted support”, the FCA confirmed.
These reforms aimed to help consumers lacking access to full advice by allowing firms to make suggestions to groups with shared characteristics. Firms could offer the service free or charge for it, with clear disclosure required.
The FCA excluded appointed representatives and proposed changes to review requirements, aiming to close the advice gap and increase financial confidence.
New apprenticeship standard unveiled for financial planning and paraplanning
The revised Level 4 Apprenticeship Standard in financial planning and paraplanning launched in England on 26 June 2025.
It replaced separate pathways with a unified core-and-options model, following industry-wide consultation. The update aimed to strengthen foundational skills before specialisation. Key changes included higher funding, modernised content, updated qualifications and a reformed end-point assessment.
The New Talent Alliance welcomed it as a major step in developing a sustainable talent pipeline for the advice sector.
Simon Collins: Firms face rising risk as focus sharpens on conflicts of interest
The Hopcraft case, heard by the Supreme Court in April 2025, examined the legality of undisclosed commissions paid by lenders to car dealers.
Though centred on motor finance, the case raised wider concerns about transparency and intermediary duties across financial services. Simon Collins warned the outcome could prompt regulatory action, including redress schemes.
The FCA’s focus on conflicts of interest and poor disclosure under the Consumer Duty remained central to maintaining client trust and sector integrity.
L&G strengthens DC team with senior appointments
Legal & General strengthened its Defined Contribution (DC) pensions leadership with two senior appointments.
Jayesh Patel became head of UK DC Distribution, expanding his role since joining in January. Louise Whyte joined as head of DC Sales & Strategy from Scottish Widows. Both brought extensive industry experience.
The hires supported L&G’s growth in workplace savings, alongside recent product expansions and digital tools aimed at improving member outcomes and client engagement.
Leader: The two AI developments set to transform financial advice
Dan Cooper highlighted two emerging AI developments — Model Context Protocol (MCP) and Agentic Model Design (AMD) — that had the potential to transform financial advice.
MCP allowed AI to access structured client data in real time, enabling tailored recommendations and automation of routine tasks. AMD enabled AI agents to perform multi-step processes
Though still in early stages, both technologies promised to improve efficiency, service quality and scalability within advice firms.
Stephen Lowe: Why buying an annuity is a bet you can’t lose
Stephen Lowe argued that buying an annuity was not a gamble but a way to gain financial certainty in retirement.
He compared annuities to a “bet you can’t lose”, especially with options like Value Protection, which guaranteed at least return of capital.
Lowe highlighted the stability annuities provided compared to income drawdown, noting that guaranteed lifetime income offered peace of mind in a world full of financial unpredictability and risk.
Reaction as regulator announces ‘once-in-a-generation’ targeted support plan
The FCA unveiled proposals for “once-in-a-generation” targeted support reforms, allowing firms to make suggestions to consumer groups using reasonable assumptions.
Industry leaders hailed the move as a “game-changer” for bridging the advice gap, helping millions unable to access full financial advice.
Firms welcomed the potential to offer more personalised guidance, viewing the plan as a vital stepping stone towards improved outcomes and broader access to regulated financial support.
Brooks Macdonald renames its financial planning business
Brooks Macdonald rebranded its financial planning division as Brooks Financial, uniting acquisitions including LIFT-Financial, Lucas Fettes and CST under one name.
The move reflected the firm’s expanded scale and ambition to become a top-five UK wealth manager. CEOs Andrea Montague and Mike Holden highlighted the significant market opportunity and reaffirmed their commitment to delivering trusted, whole-of-market advice while focusing on organic growth and client outcomes.
Fairstone CEO Lee Hartley to step down after 18 years
Fairstone Group announced that founder and CEO Lee Hartley would step down on 1 October 2025 to become deputy chair after 18 years in the role.
The firm, which recently passed £20bn in assets and completed its 100th acquisition, is entering a more mature growth phase. A new CEO with national and international experience was appointed and will be announced in September.
Hartley called the timing right for the leadership transition.
FCA extends bullying and harassment rules to financial advice firms
The FCA announced on 2 July 2025 that bullying, harassment and violence would be classified as misconduct under conduct rules for financial advice firms from 1 September 2026.
This extended rules to around 37,000 regulated firms. Serious misconduct must be shared in regulatory references, preventing offenders from moving firms unnoticed. The FCA emphasised that addressing poor behaviour improves firm culture and trust.
Consultation on further guidance will run until 10 September 2025.
