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


By Michael Griffiths

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.

PIMFA, UK Finance and KPMG UK said their new joint report comes at a “critical time” as the Chancellor prepares her growth and competitiveness strategy for financial services


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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

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Chetwood Bank hits £1bn in mortgage lending

Chetwood Bank has announced that it has reached the milestone of £1bn of mortgage lending in the 2024/25 financial year

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Foundation Home Loans secures £550m of funding

Foundation Home Loans has secured £550m in new funding after the successful completion of its Braccan Mortgage Funding 2025-1 deal

Ward Hadaway joins the BDLA

Ward Hadaway has joined the Bridging & Development Lenders Association (BDLA) as an associate member

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One in 10 adults have no cash savings, FCA finds

One in 10 people in the UK have no cash savings available, while a further 21% have less than £1,000 to draw on in an emergency, the Financial Conduct Authority (FCA) has found
Mortgages in arrears fall back in Q1 – UK Finance

The number of mortgages in arrears fell by 2% in Q1 2025 compared to the final quarter of last year, new UK Finance figures have shown

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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

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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

Three in five advisers report family disputes during IHT planning

Over three in five (63%) advisers have reported encountering family disputes while assisting with inheritance tax (IHT) planning, according to new research from Downing

‘Underutilised’ IHT mitigation rule set for sharp increase – Quilter

Less than 2% of estates paying inheritance tax (IHT) have used the gifts out of surplus income gifting rule in the last three years, new analysis from Quilter has shown

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. PIMFA, UK Finance and KPMG UK said their new joint report comes at a “critical time” as the Chancellor prepares her growth and competitiveness strategy for financial services

Advisers admit ‘room for improvement’ on Consumer Duty

Advisers believe there is room for improvement on meeting Consumer Duty obligations on the later life lending market, according to new research from Key Later Life Finance

Financial Ombudsman Service records 49% jump in complaints

The second half of 2024 saw a 49% annual increase in the number of complaints to the Financial Ombudsman Service (FOS)

FSCS launches investigation into Campbell & Associates

The Financial Services Compensation Scheme (FSCS) has confirmed that it is accepting claims against Campbell & Associates Independent Financial Advice, after placing restrictions on the firm

One in 10 adults have no cash savings, FCA finds

One in 10 people in the UK have no cash savings available, while a further 21% have less than £1,000 to draw on in an emergency, the Financial Conduct Authority (FCA) has found

Consumer spending jumps 4.5% in April – Barclays

Consumer card spending increased by 4.5% year-on-year in April, new figures published by Barclays have shown

Chetwood Bank hits £4bn in customer savings

Chetwood Bank has surpassed £4bn in total customer deposits across its savings products and flows from distribution partners, marking a milestone in its growth

Bank of England cuts interest rates to 4.25%

The Bank of England (BoE) has announced a 0.25% cut to interest rates to bring the central bank’s base rate down to 4.25%

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

OSG Ship Management pension scheme completes £16m buy-in with Aviva

The OSG Ship Management (UK) Limited Retirement Benefits Plan has completed a £16m full scheme buy-in with Aviva, covering the defined benefit (DB) liabilities for 53 members from OSG

Foundation Home Loans secures £550m of funding

Foundation Home Loans has secured £550m in new funding after the successful completion of its Braccan Mortgage Funding 2025-1 deal

Evelyn Partners’ AUMA falls to £62bn; net flows remain positive

Evelyn Partners’ assets under management and advice (AUMA) fell by £1.1bn to £61.9bn in the first quarter of 2025, its latest trading update has revealed

FRP Advisory completes One Advisory acquisition

FRP Advisory has announced the acquisition of One Advisory in a deal worth up to £8.1m

MWA Financial acquires Knighthood Financial Advice

MWA Financial has acquired Kent-based independent financial adviser, Knighthood Financial Advice (KFA)

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

Wealth managers and family offices raise ‘AI washing’ concerns

Wealth managers and family offices are concerned that companies are making false claims about the extent to which they use artificial intelligence (AI) and the positive impact it is having on their operations, research from Robocap has revealed

Air partners with Lead Tech

Air has announced a new partnership with lead generation provider, Lead Tech

News in brief - 20 May 2025

Today's round up of developments coming out of the consumer finance space, featuring Phoebus, Landbay and Buckinghamshire Building Society

News in brief - 19 May 2025

Today's round up of developments coming out of the consumer finance space, featuring SDKA, Skipton Building Society and Suffolk Building Society

Ward Hadaway joins the BDLA

Ward Hadaway has joined the Bridging & Development Lenders Association (BDLA) as an associate member

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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