Money Marketing’s Weekly Must-Reads: Top 10 Stories
Speculation surrounding the upcoming Budget is intensifying this week. The Chancellor’s proposals face mounting criticism, particularly a rumoured 20% ‘exit tax’ which the wealth industry has slammed as ‘reckless’.
Consequently, HNWIs are taking pre-emptive action, adjusting investments and accessing tax-free pension cash to protect their assets.
Here is the full rundown of our top ten:
Wealth industry slams ‘reckless’ 20% ‘exit tax’ proposal
Chancellor Reeves is considering a 20% ‘exit tax’ to plug budget holes, but the wealth industry is certainly not amused. The plan has been slammed as “reckless.”
Critics, including business leaders and Conservative MPs, warn this “crazy” idea won’t trap wealth; it’ll just show entrepreneurs the door faster. They argue it will accelerate the exodus, damage UK competitiveness and ultimately lower the overall tax take.
HNWIs taking tax-free pension cash and changing investments due to upcoming Budget
Budget rumours have spurred high-net-worth individuals into action. Wealth Club research found many are taking their 25% tax-free pension cash, fearing the chancellor may curb the perk.
They are also maximising ISAs and VCTs, while 25% are considering selling assets to beat potential capital gains tax hikes. This pre-Budget scramble shows how speculation is driving significant financial moves, as investors race to protect their wealth.
Waspi women ‘must get justice’ after government review
The Government is performing a surprise U-turn on compensating Waspi women. After refusing a payout last December, new evidence has forced a major rethink.
The Work and Pensions Secretary has confirmed a review, pulling out of an upcoming judicial review. This follows an ombudsman’s report finding “maladministration” by the DWP for poorly communicating pension age changes.
GMB Union welcomes the move, insisting the 3.6 million women “must get justice”.
UK retirement confidence falls to lowest level yet
UK retirement confidence has hit rock bottom, dropping to its lowest level. A Nucleus report shows only 26% feel confident about their funds, down from 34% last year. The overall score is a gloomy 4.2/10.
Culprits include cost-of-living pressures, policy fears and worries the state pension will disappear. The gender gap is also widening. One bright spot: those using financial advisers are feeling much more optimistic, scoring 5.5/10.
Shareholders press on with $4.6bn action against FNZ
The $4.6bn lawsuit against FNZ is pushing forward, as employee shareholders add a third plaintiff. They allege FNZ tried stalling the case with legal manoeuvres after their 23% equity was unfairly diluted.
The group claims directors transferred value to institutional investors and say they are determined to hold the board accountable, stating they “will do whatever it takes” despite facing powerful institutions.
Quilter strengthens leadership team with two new hires
Quilter is bolstering its leadership team, announcing two major new hires for 2026.
Jo Harris is joining as chief customer officer from Lloyds, tasked with enhancing the brand and customer experience. Margaret Ammon is also coming aboard as group chief risk officer from L&G, set to manage the risk framework. She replaces interim CRO Nick Sacre-Hardy.
CEO Steven Levin is “delighted” to welcome the new appointments.
‘Incredibly bad idea’ to lower Cash Isa limit
Rumours of a Cash Isa allowance cut are causing a stir. The chancellor is reportedly eying a chop from £20k to £10k, but critics are lining up.
Shadow economic secretary Mark Garnier called it an “incredibly bad idea”, warning it will hurt savers and building societies. The Treasury Committee and TISA agree, arguing it risks undermining confidence and won’t boost UK investment. Research suggests savers would just use regular accounts.
Robin Powell: When SJP shifts, the industry takes notice
When the UK’s largest wealth manager, SJP, pivots, everyone watches. SJP is finally moving towards evidence-based portfolios, a shift Robin Powell calls “long overdue”.
New hires are launching the low-cost Polaris Multi-Index range, which avoids tactical market-timing and embeds behavioural finance. Powell notes this significant move legitimises passive investing and puts pressure on the entire industry to adapt its model.
Mattioli founder steps back as Mann becomes CEO
A changing of the guard is underway at Mattioli Woods. Founder Ian Mattioli has stepped back after 30+ years to become founding president, where he’ll focus on clients and brand. Peter Mann, a wealth sector veteran, is stepping up as the new CEO.
This leadership shuffle follows its recent merger with Kingswood and marks a “new chapter” focused on growth, innovation and client value.
FNZ raises $650m to fund long-term growth
FNZ has successfully raised $650m (£530m) from its own shareholders and clients, including Aviva and Abrdn.
This cash injection is all about funding long-term growth and global expansion. It shows strong backing for FNZ’s strategy, reflecting “continued confidence” as it puts a UK regulatory review behind it, even as an employee lawsuit continues in the background.
