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FCA review finds ‘vast majority’ of ongoing suitability reviews delivered


By Michael Griffiths

The Financial Conduct Authority (FCA) has found that financial advisers are delivering suitability reviews in “the vast majority of cases” included in its review of ongoing advice.

Financial advisers can charge their clients for ongoing advice and related services, such as arranging transactions or managing a relationship between a retail client and discretionary investment manager


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Bridging loan books pass £10bn for the first time

Bridging lending has surpassed £10bn in a year for the first time, with increases in applications, completions and loan book value, the Bridging & Development Lenders Association (BDLA) has revealed

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Enra Specialist Finance completes £320m securitisation

Enra Specialist Finance, the parent company of specialist lender West One Loans, has completed a £320m securitisation comprising of first charge and buy-to-let (BTL) mortgages

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Four banks fined over £100m in Govt bonds competition case

Four banks have agreed a settlement with the Competition and Markets Authority (CMA) to pay fines in cases related to UK Government bonds.

Citi, HSBC, Morgan Stanley and Royal Bank of Canada will pay fines totalling £104.5m

Darlington Building Society extends contract with finova

Darlington Building Society (DBS) has agreed to extend its contract with finova until 2030 to use the MSO loan origination platform

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Second charge mortgage new business up in 2024

A total £130m worth of new business was agreed in the second charge mortgage market during December, new figures from the Finance & Leasing Association (FLA) have shown
IHT receipts jump £700m year-on-year in January

Inheritance tax (IHT) receipts reached £7bn in the period between April last year and January, a £700m year-on-year increase, HMRC has revealed

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Boys’ Brigade pension scheme secures £4.5m buy-in with Just Group

The 1973 Pension & Assurance Scheme of The Boys’ Brigade has secured a £4.5m full scheme buy-in with Just Group, insuring the benefits of 49 members, comprising 15 deferred members and 34 pensioner members

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IHT receipts jump £700m year-on-year in January

Inheritance tax (IHT) receipts reached £7bn in the period between April last year and January, a £700m year-on-year increase, HMRC has revealed

Govt could raise extra £1.1bn per year from stamp duty changes

The upcoming stamp duty changes could raise an additional £1.1bn a year for the Government, according to new estimates from Zoopla

Majority of UK adults to adjust estate planning ahead of IHT rule change

More than half (54%) of UK adults are planning to adjust their retirement or estate planning in response to the Government’s inheritance tax (IHT) changes on pensions

IFA concern growing around tax changes

Independent financial advisers (IFAs) are increasingly concerned about tax changes, according to Opinium’s latest IFA Barometer

FCA review finds ‘vast majority’ of ongoing suitability reviews delivered

The Financial Conduct Authority (FCA) has found that financial advisers are delivering suitability reviews in “the vast majority of cases” included in its review of ongoing advice. Financial advisers can charge their clients for ongoing advice and related services, such as arranging transactions or managing a relationship between a retail client and discretionary investment manager

FCA faces continued backlash over ‘name and shame’ proposals

The Financial Conduct Authority (FCA) has continued to face a backlash over its plans to ‘name and shame’ firms, under which the regulator would change its approach to publicising enforcement action

Four banks fined over £100m in Govt bonds competition case

Four banks have agreed a settlement with the Competition and Markets Authority (CMA) to pay fines in cases related to UK Government bonds. Citi, HSBC, Morgan Stanley and Royal Bank of Canada will pay fines totalling £104.5m

FCA fines Mako £1.7m for cum-ex trading failings

The Financial Conduct Authority (FCA) has fined Mako Financial Markets Partnership £1.7m for failing to have effective controls that guard against financial crime

Stocks & shares ISA growth significantly outpaces cash ISA

The average stocks & shares ISA fund has recorded a growth of 11.9% over the last 12 months, according to new analysis from Moneyfacts

Lloyds ‘capped off’ strong year despite drops in Q4 results

Lloyds has "capped off a strong year", analysts have stated, as the firm’s net income reached £4.4bn in the final quarter, beating expectations by £100m

UK has lost 10,000 finance businesses since 2020, report shows

There are now almost 10,000 fewer finance businesses in the UK compared to 2020, a new report from the Payments Group has revealed

HSBC profits up as bank outlines cost-cutting drive

HSBC has announced a rise in pre-tax profit to $2.3bn in Q4 as the bank also detailed plans to cut an estimated $1.5bn from its cost base before the end of next year

Boys’ Brigade pension scheme secures £4.5m buy-in with Just Group

The 1973 Pension & Assurance Scheme of The Boys’ Brigade has secured a £4.5m full scheme buy-in with Just Group, insuring the benefits of 49 members, comprising 15 deferred members and 34 pensioner members

Retirees could deplete pension pots due to ‘lottery effect’, L&G states

Retirees could be at risk of spending their pension pots by their late 70s, as a result of the 'lottery effect', Legal & General (L&G) has stated

Deutz Retirement Benefits Plan completes £16m buy-in with Just

The Deutz Retirement Benefits Plan has completed a £16m buy-in with Just, securing the benefits of 181 scheme members, including 70 deferred members and 111 pensioners

Finning Pension Scheme completes £250m buy-in with Standard Life

The Finning Pension Scheme has secured a £250m buy-in with Standard Life, covering the benefits of all 2,170 scheme members

Bridging loan books pass £10bn for the first time

Bridging lending has surpassed £10bn in a year for the first time, with increases in applications, completions and loan book value, the Bridging & Development Lenders Association (BDLA) has revealed

Enra Specialist Finance completes £320m securitisation

Enra Specialist Finance, the parent company of specialist lender West One Loans, has completed a £320m securitisation comprising of first charge and buy-to-let (BTL) mortgages

Benchmark Capital acquires Robertson Baxter

Benchmark Capital has reached an agreement to acquire Robertson Baxter for an undisclosed amount

Lumin Wealth acquires Professional Financial Centre

Lumin Wealth has announced the acquisition of Professional Financial Centre (PFC), a Berkhsire-based financial advice firm, for an undisclosed sum

Darlington Building Society extends contract with finova

Darlington Building Society (DBS) has agreed to extend its contract with finova until 2030 to use the MSO loan origination platform

Gatehouse Bank to adopt One Mortgage System’s platform

Gatehouse Bank has launched a new partnership with One Mortgage System (OMS) that will see the Shariah-compliant ethical bank adopt the OMS processing platform

Consumer Duty influencing advice practice, data suggests

Consumer Duty is having a major influence on advice practice, according to data published by the lang cat

One in four IFAs looking to introduce AI in 2025, study finds

Twenty-three per cent of independent financial advisers (IFAs) are planning to introduce AI tools into their services to clients within the next 12 months, according to a new survey from Opinium

News in brief - 24 February 2025

Today's round up of developments coming out of the consumer finance space, featuring HouzeCheck, Selina Finance and Arc & Co.

PensionBee partners with ClearScore

PensionBee has announced a new partnership with ClearScore to create a financial marketplace to improve users’ financial wellbeing

News in brief - 21 February 2025

Today's round up of developments coming out of the consumer finance space, featuring Rosemount Financial Solutions (IFA), Nationwide and Interbay

Smoove partners with Nottingham BS for panel management services

Nottingham Building Society has partnered with conveyancing software provider and PEXA Group business, Smoove, to "drive efficiency" for its panel management services

BLOG: Expand the holistic solutions you can offer with Royal London Equity Release

Royal London Equity Release discusses the importance of holistic support for clients when it comes to later life lending

BLOG: The younger generation have spotted an alternative route into the housing market – and we should embrace it

Head of business development at Saffron for Intermediaries, Tony Hall, discusses how the younger generation can find their way onto the housing ladder

BLOG: Introducing eConveyancer+ | Raising the bar on communication

The latest MoneyAge blog explores eConveyancer+, a new standard in conveyancing designed to support brokers in delivering exceptional service with complete confidence

BLOG: What You Need to Know About Portfolio Landlords in 2024

Portfolio landlords – those with four or more properties - are the backbone of the private rented sector. Our latest report, Portfolio Landlord 2024, looked into who these landlords are, how they feel about their property business and their plans for expansion

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