Good morning and welcome to your Morning Briefing for Wednesday 12 November 2025. To get this in your inbox every morning click here.
UK retirement confidence falls to lowest level yet
Retirement confidence in the UK has dropped to its lowest level since tracking began, according to new research from Nucleus.
The third annual Nucleus UK Retirement Confidence Index finds that only one in four adults (26%) are confident they will have enough money to live comfortably for the rest of their lives, down from 34% last year.
The overall confidence score has fallen to 4.2 out of 10, compared with 4.6 in 2024 and 6.9 in 2023.
NFU Mutual adopts Focus platform to modernise advice
NFU Mutual has gone live with Focus Advice Technology’s new advice platform, rolling it out across its 280 agency offices nationwide.
The system is designed to streamline operations and enhance financial planning delivery by integrating introducers, advisers, operations and compliance teams within a single environment.
It connects document management, policy data, valuations, workflow and advice processes, and is built to handle more than 170,000 clients and 15 million documents.
Fortunes favour the forgotten in underappreciated EMs
Investing in emerging markets (EMs) is rarely straightforward, with the asset class often swinging between exuberance and doubt, hype and indifference, writes Ernest Yeung, portfolio manager of T Rowe Price’s Emerging Markets Discovery Equity strategy.
Yet one constant remains: these diverse and dynamic regions consistently offer opportunities in overlooked areas.
The EM environment frequently shifts politically and economically, which impacts investor perception.
Quote Of The Day
Attacking tax-free cash at the Budget would have been a massive own goal from the chancellor, raising little money and causing uproar from young and old alike
– Tom Selby, AJ Bell director of public policy, comments on reports that chancellor Rachel Reeves is not planning to change tax-free cash entitlements at this month’s Budget
Stat Attack
As speculation grows that the chancellor could cut Cash Isa limits in the Autumn Budget, new research from Moneybox shows savers see the product as essential to their financial security and a stepping stone into investing. Key findings:
87%
of Cash Isa savers say they need a significant cash buffer before investing. Average cash buffer required: £27,617
44%
say building cash savings increases their motivation to invest.
48%
began investing only after opening a Cash Isa.
65%
moved into investing within two years of opening a Cash Isa.
Average Cash Isa balances:
£26,897 for ages 18–34
£29,996 for ages 35–64
88%
want the Government to protect the Cash Isa allowance in the Budget.
80%
say cutting the allowance would undermine financial confidence.
Only 9%
say reducing the allowance would encourage them to invest more.
Source: Moneybox
In Other News
The British Insurance Brokers’ Association (BIBA) has welcomed the Government’s Financial Inclusion Strategy, which introduces “total signposting” to help consumers who struggle to find suitable insurance.
BIBA will create a voluntary commitment so customers are directed to relevant firms or services, including the BIBA Find Insurance Service.
The move expands on existing signposting agreements for age, flood risk, medical conditions and protection, which have already helped more than 1.7 million people access insurance.
BIBA will work with the Association of British Insurers on the project.
BIBA chief executive Graeme Trudgill said the plan will make it easier for consumers with specialist or non-standard needs to secure cover.
BIBA’s Access to Insurance Committee will oversee delivery.
Financial Solutions has appointed Leanne Williams as managing director, subject to FCA approval.
Williams will lead the firm’s 2026 growth strategy, focused on supporting disenfranchised advisers seeking greater independence.
Founded in 2017 by James Priday, CEO of P1 Investment Services, Financial Solutions helps advisers reduce administrative burdens and access operational support so they can focus on clients.
Priday said Williams brings “extensive leadership experience and a proven record of building adviser networks”, including 14 years as operations and finance director at Sense Network.
Williams said her mission is to “empower advisers to break away from restrictive structures and build long-term value” through flexible models, strong compliance and access to market-leading technology.
Why is Rachel Reeves facing such a big fiscal hole in the Budget? (Financial Times)
Fed’s Barr calls for guardrails as financial sector adopts AI (Bloomberg)
Asian markets advance as US shutdown set to end (Reuters)
Did You See?
When Britain’s largest wealth manager, with £190bn in client assets, shifts towards evidence-based portfolios, it’s time to take notice, writes Robin Powell, journalist and founder of The Evidence-Based Investor.
I reported in Money Marketing two years ago that St James’s Place was heading in this direction. It had recently recruited two index-fund enthusiasts to senior positions: Justin Onuekwusi as chief investment officer and Joe Wiggins as director of research.
The question was whether they could redirect a ship built on decades of active orthodoxy.
Read the full article here.
