Money Marketing’s Weekly Must-Reads: Top 10 Stories
Catch up on the key developments across financial services. St James’s Place prepares to roll out a new charging structure and the Chancellor calls for a review of the Consumer Duty to assess its impact on regulatory growth. Here are the top 10 headlines you need to know.
SJP to implement new charging structure next month
St James’s Place confirmed it would implement a new charging structure on 26 August 2025, removing exit fees for new investments.
The revised model separated advice, product and fund charges to improve transparency and comparability. Tiered advice and product charges were introduced, with most clients expected to benefit from lower overall costs.
The move followed regulatory pressure under the Consumer Duty, prompting SJP to simplify charges and align with fair value expectations.
Chancellor orders review of Consumer Duty to ensure regulators are ‘regulating for growth’
Chancellor Rachel Reeves announced a review of the Consumer Duty to assess whether it was restricting wholesale market activity.
Revealed in her Mansion House speech on 15 July, the move formed part of the broader “Leeds reforms” aimed at reducing regulatory burdens and fostering growth. The FCA was tasked with reporting by September.
While industry welcomed the review, consumer groups warned it could weaken protections and increase risks for retail customers.
Nucleus bolsters its board with two new NEDs
Nucleus Financial Platforms appointed Gail Bragg and Alastair Clarkson as new non-executive directors.
Bragg was named chair of a new transformation committee, while Clarkson took over as chair of the risk committee, replacing Clare Bousfield. Clarkson’s board appointment remained subject to regulatory approval.
The move came as Nucleus research revealed that 75% of advisers were struggling with regulatory changes, citing government policy and compliance demands as major operational pressures.
MPs slam Ombudsman leadership over CEO exit
MPs strongly criticised the Financial Ombudsman Service for its handling of former CEO Abby Thomas’s exit, citing a “collapse in confidence” due to strategic and operational disagreements.
A Treasury Select Committee report condemned FOS chair Baroness Manzoor for refusing to answer questions, calling her stance “unnecessary and disrespectful”.
The committee insisted public body leaders must accept parliamentary scrutiny and warned against future attempts to avoid accountability before the House of Commons.
Ten-year ‘long stop’ proposed as part of plan to modernise redress system
A ten-year ‘long stop’ on complaints was proposed to modernise the UK’s financial redress system.
The move, supported by industry, aimed to provide legal certainty and reduce pressure on the Financial Ombudsman Service. Other proposals included revising the ‘fair and reasonable’ test, improving FCA-FOS coordination and streamlining complaints handling.
Regulators argued the changes would boost efficiency, support fair outcomes and encourage innovation while maintaining strong consumer protections and quicker dispute resolution.
Evelyn Partners appoints new head of financial planning advice
Evelyn Partners appointed Philip Lewis as head of financial planning advice, a newly created role overseeing the development and delivery of the firm’s advice strategy.
Lewis previously served as vice president of UK advice and suitability at Fisher Investments UK. His remit included regulatory projects, strategic planning, training and client engagement.
Evelyn Partners praised his industry experience, expecting him to drive innovation and enhance client outcomes across its nationwide financial planning team.
James Marshall: What’s next for PE-backed consolidators?
James Marshall examined the future of private equity (PE)-backed consolidators in the UK wealth advice sector, highlighting a shift toward longer-term investment strategies.
While some PE firms prepared for exit via trade sales, secondary buyouts or IPOs, others pursued mergers to scale. Success depended on strong management, integration and regulatory readiness.
As the FCA’s consolidator review progressed, firms focused on client outcomes, cultural alignment and Consumer Duty compliance to ensure exit readiness.
Defaqto reveals top 10 adviser-recommended MPS platforms
Defaqto revealed the top 10 adviser-recommended managed portfolio solutions (MPS) platforms for H1 2025, with Tatton Investment Management taking six of the top spots and 62.12% of total new business among the leaders.
Tatton Core Balanced led the rankings, while Timeline’s Tracker-80 and Tracker-60 entered strongly. The data reflected broader adviser preferences, with growing competition and FCA scrutiny expected to boost transparency, due diligence and value-for-money assessments in the MPS space.
Chancellor to put financial services ‘at heart’ of growth agenda
Chancellor Rachel Reeves pledged to prioritise financial services in the government’s growth agenda during her Mansion House speech.
She confirmed the Pension Schemes Bill’s imminent passage and highlighted the Mansion House Accord, where pension funds committed to investing 10% in private assets, mostly UK-based. While she left Cash Isa limits unchanged, Reeves announced Long Term Asset Funds would be allowed in stocks and shares Isas from April.
The speech was welcomed but seen as lacking detail on broader pension reform.
Advisers double client onboarding as tech boosts efficiency, survey finds
Financial advisers more than doubled client onboarding, increasing 116% year-on-year to 13 new clients weekly, according to intelliflo’s 2025 Advice Efficiency Survey.
To handle the surge, firms digitised 43% of workflows, up 10 points, aiming for 77%. Onboarding still required 15 hours per client, with much spent on manual tasks.
Technology saved time on report writing and other processes, but only 1% of firms had fully digitised operations.
