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FCA Financial Lives Survey

The Financial Conduct Authority (FCA) has found that one in ten people have no cash savings at all, and another 21% have less than £1,000 to draw on in an emergency. The regulator’s research also shows that one in four people in the UK have low financial resilience, meaning that they have missed payments, are struggling to keep up with commitments, or don’t have savings to help them through difficulties.
Posted on Friday May 16

Charting the course for open finance

The FCA reflect on their recent Open Finance Sprint and map a future of financial services led by adaptability, inclusivity and a user–driven approach.
Posted on Friday May 16

Aviva complete bulk annuity deal with Andrew Limited Pension

XPS Group, a leading UK consulting and administration business specialising in the pensions and insurance sectors, today announces that it has worked with the Trustees of the Andrew Limited Pension and Life Assurance Plan to secure a bulk annuity policy for the pensions of all 570 members.
Posted on Thursday May 15

FCA confiscates over GBP300k from convicted fraudsters

The Financial Conduct Authority (FCA) has secured confiscation orders of £305,284 against Raheel Mirza, Cameron Vickers and Opeyemi Solaja for their roles in an investment fraud. This amounts to all their remaining assets. The confiscation proceedings for Reuben Akpojaro have been adjourned to a later date.
Posted on Wednesday May 14

Bank of England announce first base rate cut since February

Hymans Robertson, XPS Group, Standard Life and Mercer comment on the first rate cut, down 0.25% to 4.25% since February as Bank of England balances caution with growth push. Mortgage holders will welcome the relief, decisions lie ahead for savers

Posted on Thursday May 8

Standard Life complete buyin with Cancer Research Pension

Standard Life, part of Phoenix Group, has successfully concluded a £280m Bulk Purchase Annuity transaction with the Cancer Research UK Pension Scheme, which is sponsored by Cancer Research UK - the world’s leading cancer charity, dedicated to saving and improving lives through research, influence and information. This buy-in transaction covers c. 2,800 members.
Posted on Thursday May 8

Comment ahead of Bank of England base rate update

Commenting ahead of tomorrows Bank of England base rate update, Chris Arcari, Head of Capital Markets, Hymans Robertson says: “Markets are expecting a 0.25% pa rate cut tomorrow, followed by between two and three more in 2025.
Posted on Wednesday May 7

Average household disposable incomes stagnant since 2008

Despite significant increases in the average household disposable income up to FY 2008 reaching £44,518, the latest ONS data uncovers the lack of growth since with average household disposable income now below that level at £42,684 in FY 2024 after suffering two successive annual declines.
Posted on Friday May 2

Nefarious finfluencers on the rise and using new techniques

16% of 18-34-year old investors get investment ideas from X and 16% from Tik Tok. 18% of investors in this age group get investment ideas from Reddit and 19% from Facebook. 22% get investment ideas from Instagram. A Treasury Committee session heard yesterday that scammers using finfluencing techniques were targeting this younger demographic and raising the risk of fraud among those aged 19-40.
Posted on Thursday May 1

Credit Union loans to members rise by nearly GBP150m in 2024

The latest data on Credit Unions released by the Bank of England this morning found that there are now 2,152,812 members of Credit Unions as of the end of 2024 – an increase of 58,295 through the year (2,094,517 as of the end of 2024).

Posted on Wednesday Apr 30

Richie Rich as 400 children have over GBP100k in Junior ISA

Standard Life’s Freedom of Information request reveals the number of JISAs with £100k+ held. Longer-term option: parents could provide their children with an extra £205k for later life by investing in a child pension.
Posted on Wednesday Apr 30

Top annuity misconceptions dispelled

49% of over 50s recognise that annuities provide income certainty – up from 39% a year ago. Income certainty in retirement remains a key consideration for 98% of people. However, 48% of over 50s still aren’t familiar with lifetime annuities and how they work.
Posted on Tuesday Apr 29

Royal London complete buyin with The College of Law Pension

The latest transaction is between Royal London and The College of Law Pension and Assurance Scheme. Hymans Robertson and Linklaters advised the Trustees on the £85m buy-in. It is the ninth buy-in secured by Royal London’s BPA business to date with three further pension schemes in exclusive contract negotiations
Posted on Monday Apr 28

Savings rates set to fall with quarter of savers in the dark

The Bank of England is expected to cut rates next week, and the market is pricing in around three more cuts in 2025. In the past 18 months, savings rates have already fallen. The average easy access rate fell from 3.18% to 2.77% and the average 1 year rate from 5.36% to 4.12%. 28% of people have no idea what interest they’re making on any of their savings. That rises to 34% among women and 31% of the squeezed middle (aged 35-54).
23% of people have never switched their savings for a better rate.
Posted on Monday Apr 28

PIMFA Women's Symposium tackles pivotal issues

Focusing on inclusion and the future of the industry, 500+ delegates heard from 80 expert speakers, including the Economic Secretary to the Treasury & City Minister, on an array of topics, including the role of culture, open conversations around life events, and AI in driving progress
Posted on Friday Apr 25

Rates set for May cut and more pruning later

Rates are widely expected to be cut in May. The markets are also pricing in around three more cuts for the rest of 2025. What it would mean for savings, annuities and mortgages.
Posted on Thursday Apr 24

70 percent cut in capital rules red tape

The Financial Conduct Authority (FCA) is proposing streamlining the rules on the types of funds investment firms must hold to absorb losses and maintain financial resilience during periods of stress.
Posted on Thursday Apr 24

Inheritance Tax pulls in over GBP8bn in record tax haul

Utmost Wealth Solutions and Just Group comment on latest tax receipts update from HMRC showing that Inheritance Tax (IHT) receipts registered a record high total of £8.2 billion in 2024/25. It surpasses last year’s tax take of £7.5 billion (itself a record tax haul at the time) by £750 million (10%) and marks the 4th consecutive year in a row that has seen record totals.
Posted on Wednesday Apr 23

Key findings and insights from Fiduciary Manager review 2025

XPS’s latest Fiduciary Manager Review for 2025 provides an in-depth analysis of 17 UK fiduciary management growth portfolios and key insights into the performance of fiduciary managers (FMs) throughout 2024.

Posted on Tuesday Apr 22

FCA on working together to deliver enforcement priorities

Speech by Therese Chambers, joint executive director of enforcement and market oversight, delivered at the Spring Conference of NYU’s Program on Corporate Compliance and Enforcement.
Posted on Thursday Apr 17

Response to FCA Consumer Composite Investments consultation

The FCA has published further proposals to support the new regime for Consumer Composite Investments (CCIs), following an initial consultation at the end of 2024.
Posted on Wednesday Apr 16

Inflation hits the brakes but the rough ride is not over yet

CPI inflation fell to 2.6% in March – down from 2.8% in February and 3% in January. This is what the markets had been expecting. On a monthly basis it was 0.3% (compared with 0.6% a year earlier). Core CPI (excluding energy, food, alcohol and tobacco) was 3.4% (down slightly from 3.5% in February) and services inflation was down at 4.7% (5% in February). What it means for rates, savings, annuities and mortgages.
Posted on Wednesday Apr 16

Comments as inflation cools to 2.6 percent

Standard Life, My Pension Expert and Wealth Club comment as last month’s welcome fall continues but ‘Awful April’ price rises impact still to be felt. May rate cut by Bank of England looks likely, but cautious approach will be taken with inflation holding way above the 2% target
Posted on Wednesday Apr 16

Scottish Friendly appoint Schroders as investment partner

Schroders have announced it has been appointed by Scottish Friendly as its new investment management partner for a £2.1 billion multi-asset and insurance mandate.
Posted on Tuesday Apr 15

Frozen thresholds will drag 18m into paying income tax

New freedom of information data from HM Revenue and Customs (HMRC), obtained by Quilter, the financial adviser and wealth manager, reveals the freeze on income tax thresholds will result in 17.9 million Brits being dragged into paying the basic rate of income tax by 2027/28.
Posted on Tuesday Apr 15