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Openwork Partnership confirms £120m investment from Bain Capital


By Michael Griffiths

Financial advice network, the Openwork Partnership, has secured a £120m investment from private investment firm, Bain Capital.

The Financial Conduct Authority (FCA) has approved the investment and following board approval, Openwork will welcome Bain Capital into the business with up to 30% ownership


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Starling Bank profits slide after setting aside cash for legacy costs

Starling Bank has reported a 26% fall in pre-tax profit to £223m in its latest annual results, after revealing it had set aside cash to cover issues relating to COVID loan repayments

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Over half of DIY investors increase exposure to cash

More than half (56%) of DIY investors increased their exposure to cash in the three-month period between February to April, Charles Stanley Direct has revealed

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Agreed house sales reach four-year high in May

The number of house sales agreed in May reached a four-year high, as the figure increased by 6% year-on-year, Zoopla has found

Two thirds of 2024 mortgage customers were first-time buyers

Two thirds (67%) of borrowers who purchased a property in 2024 were first-time buyers, research by Mortgage Advice Bureau (MAB) has found

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Intermediary confidence at near ‘historic levels’ – IMLA

Intermediary confidence neared "historic levels" in the first quarter, the Intermediary Mortgage Lenders Association (IMLA) has revealed
Majority of savers retain balances from pandemic, study shows

More than half (51%) of active savers increased their overall balance during the COVID pandemic, new analysis by Paragon Bank has highlighted

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Saltus acquires Delta Financial Management

Wealth management and financial planning firm, Saltus, has announced the acquisition of Delta Financial Management, for an undisclosed amount

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Categories

IHT receipts hit second highest ever total in April

Inheritance tax (IHT) receipts reached the second highest monthly total ever recorded, totalling £780m in April, HMRC data has revealed

Two thirds of platforms not providing holistic CGT support

Over two thirds of platforms are not providing advisers with holistic capital gains tax (CGT) planning support, despite it being an "issue they’re grappling with daily", FSL has found

Seven in 10 people don’t understand how IHT works – Schroders Personal Wealth

Seventy-one percent of people have admitted to not knowing how inheritance tax (IHT) works or what their beneficiaries may have to pay, Schroders Personal Wealth (SPW) has found

Advisers turn to gifting, trusts, and annuities in preparation for IHT changes

Advice professionals are switching strategies in preparation for the changes announced in the Autumn Budget, turning to pension gifting, trusts, annuities, and onshore bonds, according to a report from The Lang Cat

FCA streamlines complaints data reporting requirements

The Financial Conduct Authority (FCA) has streamlined the way in which firms submit data on the complaints they receive

FSCS reduces levy burden by £38m

The Financial Services Compensation Scheme (FSCS) has announced a £38m reduction in the total levy payable by firms for the 2025/26 financial year

Half of UK adults have at least one vulnerability characteristic

Almost half (49%) of UK adults have at least one characteristic of vulnerability, research by MorganAsh has found

Trio of associations outline reforms to unlock UK’s economic growth

Three associations from the financial services have come together to launch a new report that outlines four key pillars to reform the UK’s private banking and wealth management (PBWM) sector

Starling Bank profits slide after setting aside cash for legacy costs

Starling Bank has reported a 26% fall in pre-tax profit to £223m in its latest annual results, after revealing it had set aside cash to cover issues relating to COVID loan repayments

Third of adults don’t know interest rate on current or savings account

Over a third (35%) of British adults have admitted to not knowing how much interest their current or savings account earns, Spring has found

Chancellor confirms £20k ISA allowance to remain but reforms not ruled out

The Chancellor has confirmed that the £20,000 ISA allowance will remain in place amid speculation that the Government could reform the way ISAs work

Savings product choice down as average rates fall

The number of savings products including ISAs that are available on the market has fallen to 2,188 deals in May, new data from Moneyfacts has shown

More than half of savers ‘don’t know’ their pension is invested

Six in 10 people "don’t know" their pension is invested, according to a survey by Opinium, on behalf of Hargreaves Lansdown

CommScope Connectivity pension scheme agrees £63m buy-in with Aviva

The trustees of the Andrew Limited Pension and Life Assurance Plan have secured a £63m bulk annuity policy with Aviva, securing the pensions of all 570 scheme members

AQA Pension Scheme agrees £120m buy-in with Rothesay

The AQA Pension Scheme has completed a £120m full scheme buy-in with Rothesay, covering the benefits of all 869 scheme members, including 471 pensioners and dependants as well as 398 deferred members

Cancer Research UK Pension Scheme agrees £280m buy-in with Standard Life

The Cancer Research UK Pension Scheme has agreed a £280m buy-in with Standard Life, covering the benefits of 2,800 members

Openwork Partnership confirms £120m investment from Bain Capital

Financial advice network, the Openwork Partnership, has secured a £120m investment from private investment firm, Bain Capital. The Financial Conduct Authority (FCA) has approved the investment and following board approval, Openwork will welcome Bain Capital into the business with up to 30% ownership

Over half of DIY investors increase exposure to cash

More than half (56%) of DIY investors increased their exposure to cash in the three-month period between February to April, Charles Stanley Direct has revealed

AJ Bell enjoys 12% profit bump in H1

AJ Bell has posted a 12% jump in pre-tax profit to £68.8m in the first half of its financial year

Saltus acquires Delta Financial Management

Wealth management and financial planning firm, Saltus, has announced the acquisition of Delta Financial Management, for an undisclosed amount

Afin Bank partners with Nivo

Afin Bank has launched a new partnership with Nivo to implement its technology solution to handle all broker interactions

Hinckley & Rugby Building Society partners with SBS to launch mobile app

Hinckley & Rugby Building Society has partnered with software provider SBS to launch a fully integrated mobile app

Finova and Aldermore renew partnership

Aldermore has extended its partnership with cloud-based mortgage and savings software provider, Finova

Lendlord launches new range of AI tools

Lendlord has launched a new suite of artificial intelligence tools, named LendlordAI, that is designed to support landlords and property investors

News in brief - 28 May 2025

Today's round up of developments coming out of the consumer finance space, featuring Conveyancing Alliance, Skipton Building Society and Precise

News in brief - 27 May 2025

Today's round up of developments coming out of the consumer finance space, featuring Offa, MPowered Mortgages and The Cumberland Building Society

TWM Solicitors joins the BDLA

The Bridging & Development Lenders Association (BDLA) has appointed TWM Solicitors as its latest associate member

Just Mortgages partners with April Mortgages on 100% LTV product

Just Mortgages has partnered with April Mortgages to become the first national high street agency linked broker to access April’s new 100% LTV mortgage product

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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