Money Marketing’s Weekly Must-Reads: Top 10 Stories

Stay informed with our curated list of this week’s top 10 financial news stories, including Scottish Widows’ senior investment team appointments and a protest by victims outside the FCA headquarters.



Scottish Widows announces senior appointments to its investment team

Victims to stage protest outside FCA’s headquarters

Victims of financial misconduct and regulatory failures staged a protest on 26 September outside the Financial Conduct Authority (FCA) headquarters in London.

Organised by the Transparency Task Force, the “Rally for Better Financial Regulation” highlighted concerns about the FCA’s lack of accountability and transparency. Protesters called for reforms, including improved governance, a civil duty of care and the right to compensation for regulatory failures.

The rally coincided with the FCA’s Annual Public Meeting, where the regulator faced criticism over unresolved financial scandals.

FCA clears chair of whistleblowing misconduct following internal review

The FCA cleared its chair, Ashley Alder, of whistleblowing misconduct following an internal review.

Alder had faced criticism for revealing a whistleblower’s identity in emails to colleagues, breaching FCA policy. The whistleblower expressed outrage, calling it an “institutional betrayal.” The review, led by FCA director Richard Lloyd, acknowledged Alder did not fully follow protocol but acted reasonably by consulting senior staff.

Alder welcomed the findings, stating he aimed to address complex concerns raised by former employees appropriately.

Surge in people accessing pensions without advice

The number of pension plans accessed for the first time surged by 19.7% in 2023/24, reaching 885,455, according to FCA data.

However, only 30% of these were accessed with regulated advice, down from 32.9% the previous year. This decline raises concerns about people managing pension withdrawals without professional guidance, potentially affecting their long-term financial stability. Economic pressures, including the cost-of-living crisis, are driving more people to access their pensions.

The FCA and government aim to improve the pensions system through ongoing reviews and reforms.

Premier Miton hires ex-Quilter director as COO

Premier Miton has appointed Nicola Stronach as its new chief operating officer (COO). Stronach will oversee risk, operations, compliance, legal teams and regulatory relations.

She brings over 25 years of experience, having previously worked at Quilter, Credit Suisse, Old Mutual Global Investors and BNY Mellon. Stronach will play a key role in Premier Miton’s strategic direction, supporting UK distribution and international growth.

Premier Miton CEO Mike O’Shea praised her expertise, while Stronach expressed excitement about joining the firm during this pivotal period of expansion.

Annuity comparison quotes hit new highs in 2024

As government plans Budget tax raids, remember AIM is more than just an IHT play

Labour’s potential removal of inheritance tax (IHT) relief on AIM shares could raise £1.1bn this year, but it risks harming UK small and medium-sized companies that drive growth and innovation.

AIM has contributed over £135bn to the UK economy in 29 years, with notable companies like Jet2 and YouGov starting there. Removing IHT benefits may lead to declining share prices, hurting businesses and investors.

While AIM remains a strong long-term investment, careful planning is needed to mitigate potential tax impacts.

Firms need help to better identify vulnerable customers

Research by the Chartered Insurance Institute (CII) reveals many firms need help identifying vulnerable customers and complying with the FCA’s Consumer Duty reporting requirements.

The study, conducted with FWD Research, found that firms seek more guidance on vulnerability and reporting processes. The CII’s white paper offers recommendations, including integrating data into service improvements, fostering leadership interest in customer needs and enhancing understanding of vulnerability.

The CII aims to support firms in meeting regulatory standards and improving customer care.

Regulator keeps up momentum on ongoing advice services

The FCA is actively investigating ongoing advice services in financial firms. In February, the regulator contacted 20 major firms to express concerns over clients being charged for services after advice is provided.

FCA executive director Sarah Pritchard indicated that follow-up work is ongoing, but a timeline for conclusions remains unclear. Both St James’s Place and Quilter have reported setting aside funds for potential client refunds and remedial costs linked to these ongoing service evaluations.

The FCA will communicate its expectations once the review is complete.

Transact adopts electronic Cash Isa transfer service

The Financial Conduct Authority has said it will increase transparency on its enforcement work to build public confidence and “help consumers understand its actions”.

Speaking during a press conference following its annual public meeting yesterday (26 September), joint executive director of enforcement and market oversight Therese Chambers said: “Currently, we offer very little transparency in our enforcement work.

“If you attended the entire public meeting earlier, you may recall someone asking me about two firms.

“I was able to discuss one of them regarding our investigation, but I couldn’t confirm or deny whether the other firm was under investigation. Both cases involved consumer harm and concern.

“This highlights why we believe increasing transparency would help consumers understand the regulator’s actions.

“It would also build public confidence in our markets, as strong regulatory systems foster trust, which benefits investors, consumers and institutions. Effective enforcement is essential for maintaining high regulatory standards.”

At the conclusion of the regulator’s annual public meeting yesterday, victims of financial services misconduct and regulatory failure staged a protest.

‘The Rally for Better Financial Regulation’ protest was organised by campaign group Transparency Task Force and sought to highlight consumers’ concerns about “a lack of proactivity, transparency and accountability”.

In a speech earlier this week, Chambers said the FCA is accelerating its investigations and adopting a “laser focus” on cases it pursues.

This, she said, has been “widely welcomed”.

“But the lightning rod has clearly been proposals for greater transparency on who we are investigating and why,” she added.

“While consumer groups, whistleblowers and some other regulators welcomed the prospect of greater transparency, the companies we regulate were overwhelmingly against.”

During the press conference, she said the regulator is considering relaxing restrictions on what it can disclose about its enforcement action “slightly”. “Not a drastic change, but a measured increase in transparency.”

She added that the proposal has generated “strong feedback”.

“We have reviewed over 130 written responses to our consultation paper, and it’s clear there are genuine concerns,” she said. “We need to continue refining our proposals and engage with stakeholders further.

“The main question is: how will this work in practice? That’s what our next round of engagement will focus on—understanding the practical implications if we choose to proceed with these changes.”

Vitality has launched a new digital health profile to help members better understand their overall health and the steps they can take to improve it.

The digital profile will replace Vitality’s current online Health Review. It has been built with an entirely new architecture, using a streamlined set of health questions.

Members will now be asked about their height, weight and waist measurements, and whether they smoke.

Other questions include long-term health conditions, current activity levels and mental wellbeing.

These questions have been designed and reviewed by Vitality’s clinical, behavioural and data-science experts.

Once a member has set up their profile and completed the new streamlined health questionnaire, they can see their risk profile and the steps they can take to improve or maintain their overall health.

The health profile also employs a traffic light system to visually showcase which areas of a member’s health they could focus on changing to have the biggest positive impact.

With the ability to click on these areas within the health profile, members can understand their personal health risks in more detail and read advice on what they can do going forward.

Katie Tryon, director of health strategy, Vitality said: “By better understanding the numbers and choices impacting our health and wellbeing, we can be in a far better position to understand the things we can do to positively impact it.

“Each of us is individual and by inputting into the Health Profile, we’re able to give each person recommendations on the changes that would be the most beneficial to their health.

“The updates we’ve made make it easier than ever before for our members to transform their health now and in the future.”

EXPERTS have warned lottery fans not to make one stupid mistake and lose out on a £1million cash prize.

On Tuesday, April 16, a lucky person hit the UK Millionaire Maker jackpot, scooping the life-changing sum.

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The victor nabbed the winning stub in Rhondda Cynon Taf in south-east Wales.

The winning code was XMXB32530, and they have until October 13 to cash their ticket.

“The big prizes below have either not been claimed, or have not yet been validated and paid,” the website warned.

“We hope a lucky player comes forward in time but if a valid claim is not received within 180 days (around 6 months) of the draw date, the prize and any interest earned on it will go to benefit National Lottery Projects across the UK.

“Any unclaimed prizes 6 months past the draw date will be automatically removed.”

UK Millionaire Maker is a draw-based game which is automatically included on all EuroMillions tickets purchased in the UK, at no extra cost.

It is supplementary to the EuroMillions game, which is played across Europe, the UK Millionaire Maker works like a raffle in order to guarantee a winner in the UK.

National Lottery players generate £30m every week for National Lottery-funded projects.

This money helps fund projects across the nation, with over 670,000 grants – supporting projects both big and small – having been made across the UK to date.

It comes after a mystery EuroMillions player known only as Mrs B pocketed a sizeable £1million win on the lottery game.

The lotto player, from Essex, has become a millionaire thanks to their big win on the EuroMillions Millionaire Maker draw on November 3.

Elsewhere, a grandad revealed how he was a lottery winner for a whole week before realising he’d actually landed a £76,000 jackpot.

Recently retired Colin, 59, says his cautious nature could have cost him the cash – but then he spotted a camera crew at his door.

The grandad is among 10 neighbours on his Tyne and Wear street that scooped part of £1million through the People’s Postcode Lottery.

But Colin and partner Gwen say they could have missed out on the sweet £76,923 for being too cautious.

Elsewhere, one lottery expert reveals six numbers to always avoid if you want to win big.

Lottery entrants may be surprised to hear that despite the numbers being picked at random, there are some which rank far lower than others.

Monisha and Shirley who run the account as well as the Make It Shine Money Podcast have suggested one strategy when deciding your numbers.

The self-proclaimed lottery expert then suggests people go and buy a ticket after watching the video.

Remember, you have to be in it to win it.

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Members must reside in the United States, and it is unfortunately not available to those outside the US.  

Is it trustworthy? 

When it comes to online survey platforms, the main question is whether it can be trusted. Inbox Dollars is Better Business Bureau Accredited with over 150,000 members logging in everyday to earn more. Since 2000, the platform has given out over $80 million in rewards to their members.  

How to get started 

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Once you have done this you will be rewarded with a $1 signup bonus and then you can begin taking surveys.  

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The average monthly earnings are reported at $50-300. Taking surveys online will not replace a reliable income but is a great way to earn some extra for those Christmas presents, saving for a new TV or having extra cash coming in. 

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Pros and Cons of Inbox Dollars 

Pros– 

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Cons– 

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