The positive view comes after PB Fintech shares suffered a sharp 39% decline over two trading sessions following the Insurance Regulatory and Development Authority of India’s (IRDAI) proposal to ban ‘dark patterns’ on insurance websites. The proposed rules include practices that require customers to share personal details before they can access product features and pricing information.

The brokerage said the proposed framework could result in a 40% reduction in insurance take rates for PB Fintech, translating into a potential 36% cut in FY28E consolidated revenue, with Paisabazaar cushioning some of the impact. A shift in term plans towards a trail-based structure could also defer cash flows, creating an initial working-capital drag.

Management indicated scope to rationalise growth-linked costs in FY28, particularly call centre hiring, variable payouts and performance-marketing spends. Under its scenario analysis, Bernstein assumes organic premium growth for PB Fintech, currently estimated at 35-40%, will reset to a lower level in FY28E, with lower customer pricing partly offsetting the impact through higher volumes.

The brokerage has also factored in a potential 4% cut in FY28E premium growth, although it noted that the range could be wide, alongside the 40% reduction in take rates. As a result, its scenario analysis points to a potential 36% reduction in FY28E revenue growth compared with its previous estimates.

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Bernstein expects core-business direct costs to be reduced meaningfully in FY28E as the focus on growth moderates, before normalising from FY29E as growth-related spending resumes. It has also factored in a phased rationalisation of indirect costs across FY28E and FY29E.
Taken together, the scenario analysis points to a potential 34% cut in FY28E PAT compared with the brokerage’s previous estimate. Bernstein now sees FY28E profit at Rs 1,100 crore, below its FY27E PAT estimate of Rs 1,250 crore despite the cost-control measures. Earnings are expected to recover to Rs 2,000 crore by FY30E, compared with the earlier estimate of Rs 3,200 crore.

What did IRDAI say?

The regulator proposed replacing the existing complex and fragmented distribution structure with three broad categories of entities: Insurance Distribution Entities (IDEs), Insurance Distribution Persons (IDPs) and Market Infrastructure Institutions (MIIs).

It proposed a set of structural reforms aimed at lowering insurance costs, expanding coverage among underserved sections and putting the sector on a sustainable growth path. The draft paper focuses on several key areas, including rationalising Expenses of Management (EoM), reintroducing segmental commission limits and prohibiting “dark patterns”.

Under the proposed framework, insurers would have to disclose product and pricing information without requiring customers to share personal details. The paper also proposes disclosing commission rates on policy documents and streamlining motor insurance.

Other distribution-related proposals cover the types of policies banks can sell, a ban on incentives to agents, enabling insurers to use Market Infrastructure Institutions (MIIs) for insurance sales, and prohibiting compulsory bundling of insurance products, such as credit life insurance.

At present, the public can access product features and pricing information only after providing personal details. IRDAI said this is one of the ‘dark patterns’ frequently seen on insurer and distributor websites and is also against guidelines issued by the Central Consumer Protection Authority under the Consumer Protection Act, 2019.

The regulator defines dark patterns as practices or deceptive design patterns using user interface or user experience interactions on any platform that are designed to mislead or trick users into doing something they did not originally intend or want to do.

IRDAI has proposed recalibrating the commission framework alongside these changes. Rather than applying a uniform approach, commission limits would factor in the segment, line of business, distribution channel, product complexity and the effort involved in selling and servicing the product.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

The tech firm has received the investment from Growth Capital Ventures

A County Durham tech firm focused on acquisitions is set for growth after sealing a six-figure investment. Newton Aycliffe based Valius has secured the significant sum from Growth Capital Ventures (GCV), an investment and venture-building business with a portfolio spanning sectors including banking, fintech, software and technology.

Valius – established by business acquisition specialists Paul Griffiths and Andrew Botham – is an online marketplace designed to make buying and selling SMEs easier and more efficient. It simplifies the SME acquisition process which can often involve searching across multiple brokers, listing platforms and other fragmented sources, and the platform already features hundreds of UK businesses for sale.

The investment will support the continued development of the Valius platform, which gives business buyers access to a marketplace of UK businesses for sale, alongside enhanced search tools, more detailed business information and functionality designed to make engagement between buyers, sellers and intermediaries easier. Business opportunities on the platform are sourced through established intermediary relationships, allowing buyers to identify businesses that more closely match their acquisition criteria.

Valius is also developing relationships with business sale intermediaries across the UK, bringing buyers, sellers and advisers together, and further enhancements to the platform are also planned, including functionality designed to improve opportunity matching, automate elements of the acquisition process and provide buyers with greater insight into available businesses.

Mr Griffiths, founder of Valius, said: “Buying a business remains one of the most effective routes into entrepreneurship and business ownership, yet the process has changed very little over the years. We have seen first-hand how difficult it can be for buyers to identify suitable opportunities, while sellers and intermediaries continue to rely on fragmented channels and manual processes.

“Our aim with Valius is to make it easier for serious buyers to discover quality opportunities and engage with the market more efficiently. This investment represents an important step in the development and growth of the business.”

The investment was facilitated through GCV Invest, GCV’s private investor network, which provides experienced investors with access to carefully selected private market investment opportunities. Valius is the latest addition to the growing portfolio at GCV, which was founded in 2015 by brothers Craig and Norm Peterson. The GCV Invest Private Investor Network has previously backed businesses including Atom Bank, QikServe, Intelligence Fusion and n-gage.io.

“One of the strengths of the Growth Capital Ventures model is our ability to support founders throughout their growth journey, and Valius is a strong example of that approach in action,” said Norm Peterson, co-founder and CEO of Growth Capital Ventures.

“The company is addressing a genuine market need and has a clear vision for how technology can improve the SME acquisitions landscape. We are delighted to have supported the fundraising through our private investor network and to be working alongside the founders as the business continues to develop and scale.”

Craig Peterson, co-founder and chief operating officer of Growth Capital Ventures, said: “The SME acquisitions market is large, fragmented and still heavily reliant on manual processes. We believe there is a significant opportunity to use technology to connect the market more effectively and improve the experience for buyers, sellers and intermediaries. We see significant potential in Valius and are pleased to be supporting the team through both GCV Invest and GCV Labs.”

Mr Botham, director of Valius, added: “We are building the infrastructure required to support the future of SME acquisitions. The opportunity to improve the experience for buyers, sellers, brokers and advisers is significant, and technology can play an important role in making the process more efficient. Our focus now is on continuing to develop the platform, grow our network and build the tools that will make SME acquisitions more accessible and easier to navigate.”

Like this story? For more news from the tech sector, visit our dedicated page for the latest news and analysis here.

UNITED NATIONS – Finland is looking to capitalize on the global artificial intelligence boom after Google announced plans to invest at least $15.2 billion in digital infrastructure across the Nordic nation over the next two years, marking one of the largest technology investments in the country’s history.

In an exclusive interview with Fox News Digital, Finnish President Alexander Stubb said the investment reflects a combination of abundant clean energy, a secure operating environment and an expanding technology sector that has made Finland an increasingly attractive destination for AI infrastructure.

“Companies make their own decisions on where to invest in their data centers, and we’re of course happy that Google has invested,” Stubb told Fox News Digital.

“They do it because we’re able to provide clean energy, 95% of our electricity is clean. It’s because we have a system of security, and we are able to fend [off] any types of cyberattacks and, of course, because we are in a rather cold climate.”

MASSIVE AI BOOM PUTS ONE OF AMERICA’S OLDEST MANUFACTURERS ON PATH TO DOUBLE IN SIZE, CEO SAYS

Finnish President Alexander Stubb speaks during an exclusive interview with Fox News Digital on the sidelines of the 81st United Nations General Assembly in New York City, Sept. 2026.  (Brooke Curto/Fox News Digital / Fox News)

The investment comes as governments and technology companies pour billions into the data centers needed to support artificial intelligence, with reliable electricity and resilient infrastructure becoming increasingly important in deciding where those facilities are built.

A drone view of a data center campus of the AI infrastructure firm Nebius and Finnish developer Polarnode, ahead of the start of its construction, in a forest area in Pajarila, Lappeenranta, Finland May 26, 2025. (Polarnode/Handout via REUTERS / Reuters)

Asked how Finland is adapting as Russia continues to employ cyberattacks and other forms of hybrid activity against neighboring countries, Stubb said security has become another factor companies weigh when choosing where to invest.

EXCLUSIVE: FINLAND’S STUBB CREDITS TRUMP FOR PUSHING UKRAINE PEACE TALKS WHILE DISMISSING RUSSIAN INVASION FEARS

He said Finland has developed an environment where businesses can confidently build critical digital infrastructure while the country continues strengthening its cyber defenses.

Stubb said Google is unlikely to be the last major technology company to expand in Finland.

“Right now we have about 50 data centers, we have 25 more in the pipeline,” he said. “And we expect there to be more because we have a really strong infrastructure when it comes to artificial intelligence.”

CRUZ WARNS ANTI-AI WAVE IS A ‘DELIBERATE, ORGANIZED’ INFLUENCE PUSH

Beyond data centers, Stubb said Finland has built an ecosystem around emerging technologies, citing IQM Quantum Computers, satellite firms ReOrbit and Kuva Space, and telecommunications company Nokia.

“And we have, of course, Nokia,” he said. “Right now when Americans are looking at their phones, it’s very probable that it’s a Nokia network that they’re following.”

A general view of the Nokia headquarters, showing the new logo, in Espoo, Finland, as seen in an image released February 26, 2023. (Reuters / Reuters Photos)

Google said its investment will expand digital infrastructure supporting AI and cloud services while creating jobs and strengthening Finland’s role as a technology hub.

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Stubb said Finland intends to keep building on that momentum.

“We have the infrastructure,” he said. “The basic message is Finland is open for investment. We’ve got this.”

The financial giant is looking to expand its Chaseside campus

JP Morgan is seeking to add a terrace, outdoor gym, and table tennis area at its Bournemouth campus. The financial giant has submitted the proposals as part of ongoing efforts to upgrade facilities for the thousands of employees and visitors at the site.

The plans centre on three distinct zones within the bank’s Chaseside campus. A formal outdoor terrace is earmarked for the area next to Littledown House, a Grade II-listed former farmhouse.

An outdoor gym is planned close to the Satellite 1 building, while a separate table tennis area is set to be installed near the campus’s existing tennis courts.

Planning documents describe the intended improvements as “modest but important enhancements,” with the aim of boosting staff wellbeing, promoting outdoor activity, and strengthening the use of Littledown House as a corporate hospitality venue.

The proposals involve no new buildings and encompass only approximately 190 sq m of additional hard surfacing across the three sites.

The proposed terrace is anticipated to occupy roughly 80sqm of existing lawn, connected to the building via a new footpath.

The 90 sq m outdoor gym is to be established on grassland near Satellite 1, while a 20 sq m table tennis zone is planned alongside the campus’s current sporting facilities.

Those behind the proposals have emphasised the designs have been developed with careful consideration of the historic setting of Littledown House, which sits at the heart of the campus.

The terrace, they note, will not alter the listed building’s fabric and will be constructed using materials designed to blend with its surroundings.

The Chaseside campus, housing approximately 5,000 members of staff, is one of the largest employment centres in Bournemouth.

The site comprises office buildings, woodland, sports facilities, walking trails, and landscaped grounds.

The company reflects on the expansion of its local workforce, which began with roughly 650 employees when it was established in 1986.

All three proposed facilities will be made accessible via existing pedestrian routes, providing step-free access throughout, according to the application.

Applicants conclude that the planned amenities will enhance the provisions available to both staff and visitors while sitting comfortably within the campus’s landscape and character.

Ofcom has today directed Openreach to withdraw a wholesale offer that would have given internet service providers a discount of up to £9.50 per customer per month, for up to 30 months, for bringing new full-fibre customers onto its network.

The final decision confirms the regulator’s provisional position from July and marks the first time Ofcom has stepped in to block a commercial offer from BT’s network business. Ofcom cleared the other offers Openreach notified in June, including a separate discount in Virgin Media areas and an Ethernet offer aimed at business connections.

The Incremental New to Openreach Customer Offer applied only to new customers above an ISP’s normal number of sign-ups. Retail providers that sell over Openreach’s lines, including BT, EE and TalkTalk, will not now receive the discount.

In a statement reported by the Press Association, Ofcom said: “We have determined that the large discount involved, up to £9.50 per customer for up to 30 months, may mean that other reasonably efficient operators couldn’t match it while also recovering their costs.

“In addition, the offer is aimed exclusively at new customers, so could stymie alt nets’ ability to scale up their customer base at a time when around half of households that have access to full-fibre broadband are yet to sign up.”

The regulator added: “For these reasons, we consider the offer would be unfair and could harm sustainable competition, which is essential for low prices and better services in the long run, as well as helping to power the UK’s growth and productivity.”

In its published decision, Ofcom said that because of Openreach’s significant market power, the company was uniquely able to make such a targeted low-price offer, while leaving prices for other customers unchanged.

Ofcom said it was not intervening in Openreach’s other notified offers, which carry smaller discounts. According to the regulator’s consultation announcement in July, these include a one-off £50 discount on new full-fibre customers above an ISP’s usual sign-ups in areas where Virgin Media operates.

A Frontbook ARPU Share Offer caps what an ISP pays on average for new high-speed connections at £19.32 per month, Ofcom said. That offer, along with a Box Swap Offer, began on 1 July. Ofcom also cleared an Ethernet Net Demand Offer and an expansion of the area covered by Openreach’s existing Equinox discounts.

Ofcom opened its consultation on the offers on 28 July, and it closed on 27 August. The review sits under the rules set out in Ofcom’s Telecoms Access Review for 2026 to 2031, which retained restrictions on certain Openreach discounting practices and lengthened the notice period for its offers.

When the proposal was published in July, Natalie Black, Ofcom’s group director for infrastructure and connectivity, said: “Openreach must be able to compete, but they cannot use their significant market power to drive other networks out of the market.”

James Lowther, Openreach’s commercial managing director, said: “Ofcom’s decision not to approve our incremental FTTP new to Openreach offer is in line with their consultation position. We put this offer forward in good faith to help our customers compete and deliver better value for households.

“While we continue to believe the offer would have benefited customers and competition, we’ll review the decision carefully and continue to engage constructively with Ofcom and our customers.

“We’ll launch our other offers and continue to compete fairly, including our FTTP offer within the VMO2 footprint and an ethernet offer for businesses.”

The decision comes as full-fibre coverage expands across the UK, with competing networks building in the same towns alongside Openreach.

Alex Tofts, strategist at comparison site Broadband Genie, said: “While blocking Openreach’s wholesale discounts might seem counter-intuitive, denying major retail providers the opportunity to pass on immediate savings, it lowers the risk of squeezing out independent altnets that drive long-term competition.

“Consumers rely on real market choice. Independent providers operating outside the Openreach footprint frequently lead the way on speed, pricing, and customer service compared to well-known providers.”

He added: “The key challenge now, is ensuring this intervention doesn’t inadvertently drive up bills during a cost-of-living squeeze. History shows that Ofcom’s interventions can easily backfire on the very customers they’re meant to protect.”

About the author

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Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

Police Scotland has closed its handling of fraud allegations made by an Edinburgh businessman against Royal Bank of Scotland, telling his MP that the dispute is civil rather than criminal and that it will take no further action unless ordered to by a court.

The position was set out last month by Inspector Quentin Russell, deputy local area commander for North West Edinburgh, in correspondence with Tracy Gilbert, the Labour MP for Edinburgh North and Leith, who had raised the case of her constituent George Dosoo.

Mr Dosoo, a former hotel owner, alleges that money deducted from his business accounts by RBS was misappropriated. In a follow-up reply to Ms Gilbert, Inspector Russell said the matter “has been deemed a civil matter and is now closed in terms of any further investigation. This includes the money he alleges has been stolen.”

According to a Police Scotland Professional Standards Department letter to Mr Dosoo dated 27 March 2025, the case centres on his allegation that RBS failed to honour an agreement to provide a 13-month repayment holiday on a business loan to him and his then business partner.

The letter sets out a timeline based on Mr Dosoo’s statements. In June 2005 the partnership bought the County Hotel with RBS funding, after a valuer instructed by the bank put its value at £1.95m. The partnership went into provisional liquidation in August 2008, and the hotel was sold in July 2010 for £1.65m, a sale Mr Dosoo says went ahead without his consent.

Mr Dosoo alleges the sale was the result of a fraudulent scheme involving his former partner, bank officials and property consultants acting for the lender. The lender’s position, according to the letter, is that the disputed interest payments were authorised by a designated clause.

Inspector Russell said Mr Dosoo had reported the matter three times: once to local policing in Edinburgh and twice to the force’s national Economic Crime Unit. Two detectives visited him at home on 11 October 2016 and concluded the circumstances did not constitute criminality, the Professional Standards letter states.

Mr Dosoo complained about the police handling of his case on 4 October 2023. A sergeant reviewed the documents he supplied and consulted specialist financial investigators, and the crime registrar, who has final authority over whether a matter is recorded as a crime, agreed with the original assessment.

Detective Sergeant Fyall, a specialist economic crime investigator consulted during the review, wrote: “The actions of RBS to revalue the property (and then recall the loan) are entirely proportionate and within their right, especially given the financial climate at the time this happened.”

Inspector Russell told Ms Gilbert the review found insufficient evidence to support allegations of fraud or any other criminality, and no evidence of criminality in the conduct of Mr Dosoo’s former business partner that would justify police intervention.

The Professional Standards letter also said an accountancy opinion prepared on Mr Dosoo’s behalf and sent to his lender made no reference to any fraudulent activity.

Mr Dosoo then took his complaint to the Police Investigations and Review Commissioner (PIRC), which, according to Inspector Russell, did not uphold any of his allegations. The PIRC states that its complaint handling review decisions are final.

In an email to Ms Gilbert on 22 August, Mr Dosoo said the police summary had omitted a central point. “The crucial and important fact he did not say is the fact that funds deducted by RBS had gone missing/misappropriated and stolen,” he wrote.

He said detailed computations had been provided to Police Scotland by himself and a firm of independent experts, and that a judge at the Court of Session had agreed his claim had merit.

Inspector Russell said civil proceedings pursued through the Court of Session in Edinburgh had not produced any evidence of criminality, and that any further challenge would require a judicial review.

Police Scotland “will not be taking any further action in this matter unless instructed to by a court of law following any judicial review instigated by Mr Dosoo,” he wrote.

About the author

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

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It recognises people for their contribution to manufacturing in the UK

The co-founder of Dorset cosmetics giant Lush and a boss at Somerset’s Henry vacuum cleaner factory are among 14 West Country manufacturing professionals to be recognised in a new honours ranking.

Make UK’s list, to mark National Manufacturing Day, includes figures from industries including aerospace, consumer products, precision engineering and advanced industrial technologies.

Mo Constantine, co-founder of Lush, which is headquartered in Poole, was recognised for helping transform cosmetics manufacturing and having a strong focus on sustainable, handmade production.

Stuart Cochrane, manufacturing manager at Numatic International – the Chard-based maker of the famous Henry vacuum – was included for championing British manufacturing through innovation, automation and investment in people.

Numatic is one of the region’s best-known manufacturing success stories and marked National Manufacturing Day with the release of a limited-edition vacuum cleaner.

The honours also recognised Clive Higgins of Somerset engineering firm Leonardo and Richard Oldfield of Bristol’s National Composites Centre (NCC).

The initiative was launched on National Manufacturing Day, in partnership with Barclays, to mark Make UK’s 130th anniversary.

A total of 130 people across England and Wales were recognised on the honours list for 2026.

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Fiona McGarry, region director for the South of England at Make UK, said the people recognised showed “the talent, ideas and commitment” driving success in manufacturing.

“The South West is home to one of the UK’s most diverse and dynamic manufacturing economies, from world-leading aerospace and defence to household-name consumer brands,” she said.

“What better day to celebrate them than National Manufacturing Day, when manufacturers across the country are opening their doors to showcase the people, skills and innovation behind modern British industry.”

Business secretary Jonathan Reynolds added: “A stronger manufacturing base means more good jobs in every part of the country, which is why our Industrial Strategy is backing our world-class manufacturers.

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“I’d absolutely encourage young people, parents and teachers to visit a local manufacturer and see for themselves the rewarding opportunities available up and down the country.”

South West recipients of Make UK’s manufacturing honours

• Paul Wenham, Managing Director, Geometric Manufacturing (Tewkesbury, Gloucestershire)
• Karen Friendship, Managing Director, Aldermans (Plymouth, Devon)
• Nick Smith, Chief Executive Officer, Bott (Bude, Cornwall)
• Eric Nicholls, Chair, Cornwall Manufacturers Group (Truro, Cornwall)
• Maurice Porter, Head of Learning, Development & Apprenticeships, Hepco Motion (Tiverton, Devon)
• Tom McCurtie OBE, Managing Director, Hymid (Torquay, Devon)
• Lee Crocker, Managing Director, Kawasaki (Plymouth, Devon)
• Clive Higgins, UK Chair and CEO, Leonardo (Yeovil, Somerset)
• Mo Constantine, Founder, Lush (Poole, Dorset)
• Stuart Cochrane, Manufacturing Manager, Numatic International (Chard, Somerset)
• Brian Cutts, Managing Director, Temco Wire Products (Cinderford, Gloucestershire)
• Mark Bolton, CEO and Principal at Yeovil College (Yeovil, Somerset)
• Simon Martin, Head of Global Manufacturing, Yunex (Poole, Dorset)
• Richard Oldfield, Chief Executive, NCC (Bristol)