Money Marketing’s must-reads: Top 10 stories of the week
Mounting regulatory friction and the celebration of a distinguished professional legacy have taken centre stage in the wealth management sector this week, emphasising both the operational hurdles and the human impact driving the industry forward.
HMRC found itself under intense pressure over pension IHT guidance delays, while the industry paid moving tributes to the FCA’s ‘well-respected’ Mark Goold.
Below is our summary of the most influential developments from the past week:
HMRC under pressure over pension IHT guidance delays
HMRC faces mounting pressure to deliver clear instructions on bringing pensions into the inheritance tax net by April 2027.
A fresh technical note reveals that personal representatives will calculate liabilities using a new online tool, while schemes can withhold half of the benefits during probate.
However, consultancy LCP warns that delaying final guidance until spring 2027 leaves providers with dangerously little time to update crucial systems and communications.
Industry pays tribute to FCA’s ‘well-respected’ Mark Goold
The financial advice profession paid moving tributes to former FCA technical specialist Mark Goold following his death.
Over a distinguished 37-year career, Goold held senior roles at Standard Life and St James’s Place before spending 16 years at the regulator. He proved instrumental in shaping the Retail Distribution Review and championed fair customer treatment.
Remembered for his warmth, knowledge and generosity, he was a highly respected bridge between regulators and advisers.
12.2 million people set for less than minimum retirement lifestyle
Scottish Widows reveals that over 12 million UK adults still face a retirement below the minimum lifestyle standard.
While this marks a cheerful improvement from the previous year — thanks to lower energy costs and savvier outside savings — nearly a third of the nation remains off track.
The report urges a boost to auto-enrolment contribution rates from 8% to 12%, proving that pensions can no longer be viewed in isolation.
Phil Wickenden: Britain’s five-party fiscal trap
Adviser fined £755,000 over pension advice without PI cover
The Financial Conduct Authority banned and fined former adviser Frank Breuer £755,000 for advising on defined benefit pension transfers without professional indemnity insurance.
Breuer, the sole director of Bluesky Wealth Management, deliberately misled the regulator while stripping assets from his firm via dividends and personal loans.
The business subsequently collapsed into insolvency, leaving the Financial Services Compensation Scheme to pick up the pieces for his mistreated clients.
MM Meets: Justine Randall: ‘I feed off human energy’
Justine Randall, managing director of Tatton Investment Management, detailed her accidental but successful journey from a university dropout to a dedicated “champion of the IFA”.
Having gained vital grounding at Allied Dunbar, she later joined Tatton following its IPO. Randall champions an “adviser first” philosophy, helping professionals navigate complex regulations via revolutionary model portfolio pricing.
Driven by human energy, she is now focused on mentoring the next generation and embracing tech innovation.
Behind the headline: CGT surge exposes platform reporting gaps
A dramatic surge in capital gains tax receipts exposes glaring weaknesses in platform data reporting, leaving financial advisers rather frustrated.
As threshold cuts drag thousands into the tax net, routine planning increasingly suffers from a lack of reliable data, especially during portfolio transfers.
Experts warn that legacy technology and inconsistent book costs create operational risks, forcing advisers to perform manual verifications while urging platforms to deliver far more transparent tax insights.
Millions turn to AI for mortgage advice despite concerns
Research commissioned by Barratt Homes reveals that nearly a quarter of Britons turn to AI tools for mortgage guidance, despite harbouring serious doubts about data accuracy.
While bots help simplify complex financial jargon, different models notoriously dish out conflicting recommendations on identical scenarios.
Mortgage experts warn that automated calculators lack human nuance, urging optimistic house hunters to treat AI as a basic guide rather than a replacement for professional, tailored advice.
SS&C tests AI internally before client rollout, says founder
SS&C Technologies founder Bill Stone reveals that the firm routinely tests artificial intelligence internally before releasing it to clients.
By deploying AI across its own trade and dividend processing infrastructure, the giant safely assesses operational resilience. Stone compares investment workflows to a continuous river, warning that unmonitored bots can cause bad surprises.
He concludes that while AI boosts adviser productivity, it can never fully replace human trust.
Legacy systems slowing AI transformation across wealth sector
Executives at SS&C Technologies, speaking at the SS&C Deliver EMEA conference, revealed that outdated technology infrastructure heavily slows down the wealth sector’s artificial intelligence transformation.
While firms rapidly shift from minor experimentation to real-world deployment, decades of legacy systems leave valuable data hopelessly trapped. The panel explained that smart businesses are now cleverly layering AI orchestration over existing tools rather than rebuilding architecture.
They concluded that unlocking these siloed data applications will ultimately separate the digital winners from the losers.
