What are we to make of the news the Financial Conduct Authority is to review consolidation in the advice market?

The regulator has written to advice and investment firm bosses noting an increase in the acquisition of firms or their assets over the past two years.

It warned that, while industry consolidation can provide benefits, various types of harm can occur where this is not done in a ‘prudent manner’ with effective controls to promote good outcomes.

The FCA says: “Where we receive notifications from individuals or firms to acquire or increase control in regulated firms, we will assess and challenge their suitability and the financial soundness of the acquisition.”

For the FCA to step in now seems a spectacular example of shutting the stable door after multiple horses have bolted

I think it’s a case of too little too late.

Back in November 2021, Money Marketing’s Lois Vallely penned a useful guide to consolidation in which she noted how its origins date back to the 1980s and 1990s heyday of DBS and M&E Network, which then bought Interdependence in 1999 to bring it under the Tenet umbrella.

In the early noughties, we also had Millfield, Berkeley Berry Birch and Inter-Alliance, several of them engaging in failed mergers with each other. None of these firms now exist in their present form, with shareholders – both individual and corporate – having taken a massive loss on their investments.

Undeterred by these exercises in value destruction, in 2005 Standard Life bought a 20% stake in the Tenet Group network. Tenet’s other shareholders – Norwich Union, Friends Provident and Aegon – each increased their stakes to around 20% in light of the deal.

Quite how anyone could have been remotely surprised by what had been screamingly obvious for years is anyone’s guess. Hundreds of ARs had exited Tenet in the years before it went under

As we know, earlier this year, Tenet went into administration. Its remaining 170-odd advice firms, numbering barely 350 authorised representatives (ARs), were offered the option of transferring to Openwork.

News that Tenet had called in the administrators was described in one story I read at the time as “shocking” – although quite how anyone could have been remotely surprised by what had been screamingly obvious for years is anyone’s guess. Hundreds of ARs had exited Tenet in the five years before it went under.

Even Tenet’s own review found the AR sector was subject to “significant change” from “external forces such as consolidation, increased regulation, digitisation, new technology expense and the broader inflationary environment”.

ARs themselves, meanwhile, will continue to be treated as disposable pawns on the financial advice chessboard

What these stories tell us is that providers and consolidators will always seek to buy or control product distribution or assets under management. Providers will repeatedly invest in the endlessly-failing dreams of senior executives at consolidators who tell them, yet again, things will be different this time round.

ARs themselves, meanwhile, will continue to be treated as disposable pawns on the financial advice chessboard. They either survive yet another round of takeovers or drop out, missed by no one but their clients – who receive a letter to say the business name has changed, or their adviser has left, or both.

We’re then offered an appointment with someone we didn’t choose to go to in the first place, providing a different service we didn’t ask for.

We put up with it because that’s just how it works

It happened to me 20 years ago. It’s happened to several of my friends, who are among many hundreds of thousands of clients with the same experience. And we put up with it because that’s just how it works.

For the FCA to step in now seems a spectacular example of shutting the stable door after multiple horses have bolted.

At this rate, I’m expecting the regulator to send out stern letters to chief executives saying it is determined to stamp out misselling of mortgage endowments and personal pensions. I can’t wait.

Nic Cicutti can be contacted at nic@inspiredmoney.co.uk

HOUSE raffles have boomed in popularity – and they could be the key to you becoming the owner of your dream home for just a few quid.

These property competitions are prize draws, which you can enter for free, or by buying at least one ticket.

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The winner is then drawn at random on a specified date and is given the advertised home as a prize.

Of course, the chances of winning are slim, but if you’re one of the lucky ones, scooping your dream home can be life-changing.

Simon Williams, 41, scooped the picturesque cottage in Devon and £100,000 cash to spend after entering the Omaze Million Pound House Draw.

While Rose Doyle, 73, and husband Tony were able to move out of their three-bed council house in Birmingham after winning a £3million mansion in Cornwall.

But before you buy a ticket to win your dream home, it’s important to bear in mind the pros and cons.

Consumer expert Martyn James said: “There’s nothing wrong with having big dreams or fantasising about getting a brand new house of a big cash payout. But bear in mind that lotteries are a form of gambling and as such, can be addictive to many people.

“So set yourself a maximum spend and never go over it – and be realistic. Whenever you gamble, the house always wins.”

We round-up all the current house raffles – and how you can win a property worth up to £4million with just a £2 ticket.

£2million home in Devon – Omaze

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A stunning three-bedroom coastal home in Devon worth over £2million could be yours in Omaze’s million pound house draw.

One lucky winner will get the keys to a beautiful contemporary home and entries start from as little as £10.

This two-tiered West Country residence comes complete with countryside views, a guest annex and a heated pool.

In addition to the property itself, the Omaze winner will receive £250,000 in cash to help them settle in.

The winner has the option to move straight into the property, or they can rent it out, or even put it back on to the market.

An estimated monthly rental income is around £4,000, according to Omaze.

Additional costs including stamp duty, mortgage fees and conveyancing costs are also covered.

The house also comes fully furnished.

The cost of entries starts at £10 for 15 entries and goes up to a costly £150 for 320 entries. The full details are below:

• £10 – 15 entries
• £25 – 40 entries
• £50 – 85 entries
• £150 entries – 320 entries

Omaze has guaranteed a minimum donation of £1,000,000 from the draw for suicide prevention charity Campaign Against Living Miserably (CALM).

The Draw closes on Sunday, October 27 for online entries and Tuesday, October 29 for postal entries.

£4million home in Surrey – Raffle House

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Raffle House allows people the chance to win either their multi-million pound dream home.

You may have heard about Raffle House, which was established in 2017, but might not know what it entails, or how to get started.

The company operates by selling raffle tickets for a small fee and then selecting a winner randomly.

The current Raffle House prize is a £4million property in Surrey, complete with £200,000 of furnishings.

The kitchen and family room overlook and have access to a garden terrace, perfect for alfresco summer mornings.

The dining room and living room both have huge glazed sliding doors, perfect for taking in the sun while keeping warm.

There are five bedrooms in total, with the principle featuring its own private bathroom.

If all this wasn’t enough, there’s also a private gym.

As with the Omaze draw, there’s no Stamp Duty or fees to pay for the winner.

If you want to be in with a chance to win, the draw closes at midnight on Thursday, October 31 and it costs the following to enter:

• £10 – 15 tickets
• £25 – 50 tickets
• £50 – 150 tickets
• £100 – 500 tickets

£450,000 apartment in London – Raffall

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Homeowners and organisations can pay to host their own raffle on a portal such as Raffall.com.

Users have a web page which advertises their property, the maximum tickets they will sell, the price and the closing date.

Raffall draws the winner at random.

If the owner doesn’t sell enough tickets to make the raffle a success, the platform gives 75% of the money as compensation to the winner and keeps 25% for commission and costs.

The two-bedroom apartment in Catford, south east London is valued at over £450,000 and is being raffled by Kerb Appeal Raffle through Raffall.

Once a neglected and rundown property, the apartment has undergone a dramatic transformation.

A brand-new kitchen and bathroom has been installed, plus it has a striking glass banister in the entrance hallway, and stylish, trendy interiors ready for immediate occupancy.

Entries cost £2 and the raffle draw will take place on Friday, November 8 at 12pm or when the last ticket is sold – whichever comes sooner.

£1.2million Town House in Somerset – Raffall

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This seven bedroom property in Frome, Somerset, is also being raffled off by Raffall.

There’s no stamp duty, mortgage or conveyancing fees to pay and you chose to rent it out, sell it on or move in.

You could earn £3,500 per month by renting the property out, according to the raffle’s host Taylormade.

The property measures 3,000 square and has oak wood flooring, bespoke lighting, high-end fittings, premium wool carpets and encaustic tiling.

It is set in a generous plot with a the stone walled garden, which is perfect for entertaining.

It can be accessed directly from the main dining kitchen area through two sets of glass doors.

There is also road parking, with space for four cars.

Entries cost £5 and the draw will close on Saturday, December 7 at 11pm, or when the last ticket is sold – whenever is sooner.

In addition, 10% of the host’s revenue goes directly to the charity Busoga Trust, which brings clean and safe water to rural communities in Uganda.

£850,000 home in East Sussex – Raffall

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This Idyllic Country House in Sedlescombe, East Sussex, is set within large gardens close to the historic town of Battle.

It has its own heated swimming pool and is close to beaches in Hastings, Bexhill-On-Sea and Camber Sands.

Plus, there’s no stamp duty, mortgage or conveyancing fees to pay.

Tickets for this raffle cost £5 and 5% of the host’s revenue goes directly to Alzheimer’s Research UK.

The draw ends on Friday, 10 2025 at 5.30pm or when the last ticket is sold.

£25,000 narrowboat – Raffall

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It’s not just houses that pop on these rafffles, you could even be in with the chance to set up home on a narrowboat.

The boat, called Sloe Patrol, has been restored over a four-year period with a new fully fitted kitchen, a bathroom with a shower and a bedroom with an extending king size bed and storage space.

The raffle’s host – James Posner – said that while the boat is currently worth around £25,000, he expects its value to increase to £40,000 over the next few years.

The raffle ends on October 16, or when the last ticket is sold.

Tickets for this raffle also cost £5.

Houseboats are exempt from stamp duty, and if you have a residential mooring and you fill fall into the lowest council tax band.

What should you check before entering?

National Trading Standards Estate and Letting Agency Team advises entrants to make sure they are aware of the terms of the raffle before entering.

The advert should explain what happens if not all tickets are sold. It should spell out if a lesser cash prize is offered, when the raffle closes and when the draw will take place. 

If the date of the draw keeps changing the organiser is struggling to sell tickets.

Check the odds of winning. Competitions that specify the number of tickets they need to sell give you a chance of working out the odds.

Look for hidden bills. Lots of adverts state that stamp duty and legal fees will be paid for. If they don’t you need to foot the bill.

Check you can afford the maintenance and council tax for the house too.  

Before handing over your cash, read past reviews of the organiser’s raffles, look at how long they’ve been established and whether there have been previous winners. 

If it’s a homeowner hosting their first raffle, then it’s a case of buyer beware.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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NESTLE is making a huge change to Quality Street tubs and it will divide shoppers.

For the first time ever, the iconic chocolate brand will be launching paper tubs.

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Starting next Monday, customers can find Quality Street in the new packaging at 60 Tesco supermarkets.

Nestle claims the paper tub, adorned in the signature Quality Street purple, boasts a luxurious design and feel, further enhanced by gold foil embellishments.

The tubs feature a “re-close” mechanism that ensures the lid can be securely sealed even after opening.

Once shoppers have enjoyed the Quality Street chocolates inside, the tub can be conveniently disposed of in household recycling bins.

This introduction is part of a trial, and Nestlé will be gauging the product’s popularity among shopper.

Jemma Handley, Senior Brand Manager for Quality Street, said: “We’re looking forward to seeing what Quality Street fans make of the paper tub.

“A lot of care and hard work has gone into the trial and we’re proud to be the first major manufacturer to trial a paper tub at Christmas.”

This isn’t the first time Quality Street has introduced new packaging aimed at enhancing the product’s recyclability.

In October 2022, shoppers were left outraged when Nestle axed the iconic brightly coloured plastic and foil wrappers that had encased its famous chocolates for 86 years.

In an effort to become more environmentally friendly, Quality Street chocolates have since been wrapped in a more subdued form of waxed paper.

However, the introduction of new paper tubs does not signal the immediate discontinuation of plastic and metal Quality Street tins.

Shoppers can still buy 600g plastic tubs of Quality Street chocolates at most major supermarkets.

Tins containing over 800g of the festive chocolates continue to be available too.

NEW TINS FOR 2024

Nestlé, has already launched a new version of its 813g Quality Street tin for sweet-toothed customers this winter.

The £12 tub features all the usual classic flavours and plays on Quality Street’s Halifax heritage – where it was first manufactured in 1936 and still is.

The 813g Quality Street tin is available now across a host of retailers nationwide including Asda, Co-op, Morrisons, B&M and Sainsbury’s.

Shoppers can pick up the new 813g tin for £12, £1.48 per 100g, which can obviously be reused after all the chocolates have been eaten.

However, if you’re not fussed about the nostalgic tin, you’ll pay less going for a different tub or packet.

Shoppers can pick up a plastic 600g tub from Tesco for £6 – £1 per 100g.

You can also pick up a 357g sharing bag of Quality Street from B&M for just £4 – £1.12 per 100g.

Nestle has also brought back a Quality Street fan-favourite for the second Christmas in a row.

The coffee creme flavour chocolate was last seen in Quality Street tubs over 20 years ago, until the chocolatier reintroduced it last year.

Nestle has confirmed that the sweet treat will be available once again this Christmas.

However, fans won’t find the iconic flavour in the usual Quality Street tubs.

Instead, the coffee-flavour fondant wrapped in dark chocolate has joined the 11 other Quality Street sweets at pick and mix stations across selected John Lewis stores in the UK.

They are also available in a limited-edition cracker at Waitrose and John Lewis stores for £5.50.

Tesco shoppers have been rushing to get their hands on Celebration tubs with just one iconic flavour in recent weeks.

Meanwhile, customers have been left in shock after B&M launched its new Christmas range.

Scottish Widows has launched a flexible income protection product to help bridge the gender protection gap.

The product has been designed to be simple and easy to understand for established protection advisers, holistic advisers and those who may be new to advising in this area.

Research by Scottish Widows found that just 8% of people in the UK have cover in place if their income stopped suddenly.

Meanwhile, 42% of UK adults worry that their household wouldn’t cope if they were unable to work.

The data also revealed a gender protection gap with 29% of surveyed women saying they could not afford protection compared with 23% of men.

Over a quarter (29%) of women surveyed said they would expect to rely on a partner’s income if they could not work.

Scottish Widows’s intention with its new product is to build financial resilience for clients against financial shocks in their moment of need and enable a greater number of advisers to incorporate income protection into their recommendations.

The launch enhances the suite of products available through the recently digitised Scottish Widows Protect platform and via the UnderwriteMe Protection Platform portal; the product will be available on other protection portals in the coming weeks.

These latest developments provide advisers with a streamlined application process, an accelerated underwriting journey, and a better client experience.

As part of the launch, Scottish Widows has joined the Income Protection Task Force (IPTF), formalising its long-term commitment to open dialogue on ways to extend income protection across the country.

Scottish Widows protection director Rose St Louis said: “Life doesn’t always go in a straight line and an unexpected adverse health event can have a significant impact on our ability to remain financially stable.

“This is where products like income protection can come to the rescue and have a meaningful impact in reducing income ‘troughs’ if you’re unable to work due to illness or disability.

“Launching income protection is part of our effort to help customers feel prepared, no matter what life throws at them.

“Our research shows women are less likely to have protection, and we want to be part of the solution towards closing the gender protection gap while also making it easy for established protection writers, as well as those new to protection, to write this type of business.”