The Financial Conduct Authority (FCA) is remaining tight-lipped over the timing of its recently announced review of consolidation in the advice sector.

On 7 October, the regulator unveiled plans to examine consolidation, emphasising the need for strict approval processes when firms acquire or increase control over regulated entities.

Despite speculation that the review may have been prompted by concerns over rushed deals ahead of potential capital gains tax (CGT) changes, the FCA declined to confirm or deny this.

When asked by Money Marketing if this was the reason, the FCA’s head of advisers, wealth and pensions, Nick Hulme, stated he would not “specifically answer the question”.

In an interview at the Consumer Duty Alliance conference in Birmingham today (11 October), Hulme added: “I think we wanted to really reiterate the point that you need to get FCA approval before a change of control.

“We wanted to make it as clear as we possibly could that this is our expectation and if we find out that it hasn’t been we will act.”

“The ‘why now’ comes out of a number of reasons.

“One is, it’s been a while – seven years – since we last ‘kicked the tyres’ and had a look at this.

“Consolidation comes up a lot, sometimes from the consolidators about what other consolidators are doing, so I think it’s important that we have a look at it.”

Earlier in the day, Hulme told delegates: “I really want to stress that we are agnostic to whether consolidation is a good or bad thing.”

In a letter to advice and investment firm bosses, the FCA said that while industry consolidation can provide benefits, various types of harm can occur where this is not done in a “prudent manner”.

“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,” it said.

It added that buyers must “notify us and get our approval to acquire or increase control in a firm we regulate”.

Where acquisitions complete without prior regulatory approval, “we may use our enforcement powers to object to the transaction or initiate criminal proceedings”.

THIS is the horrifying moment a mum discovers a massive wolf spider devouring a mouse on her doorstep.

Meagen Wallace was taking her three-year-old son Jameson to pre-school when she opened the front door to the “absolutely insane” scene.

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Opening the front door, they faced one of the largest spider types in the US, with an unusual victim in its jaws.

Meagan said: “At first glance I thought it was a piece of dog poop and was irritated that a neighbour would allow that to happen and not clean it up.

“But once I got closer I realised it was moving slightly, and I immediately but calmly instructed my son to take a step back, as he was about to unknowingly step on it.

“Once assured my son was behind me, I inspected it and realised that it was in fact a mostly-dead mouse with a massive wolf spider on top eating its head.

“There were little clumps of mouse fur all around, like there had been some sort of struggle beforehand.”

Texas arachnologist Ashley Wahlberg, known as the “Spider Lady”, said it was a wolf spider of the hogna genus – among the largest found in the US.

Ashley, who teaches at Angelina College in Lufkin, said the spider could be scavenging another animal’s kill, but had most likely killed the mouse itself.

She said: “Wolf spiders are active predators so it is likely the spider killed the mouse itself rather than scavenging, but without seeing the interaction take place we can never really know.

“It is unusual for a spider to take down prey this large, but it’s seen often enough among the larger spiders.

“However, most reports of spiders feeding on vertebrates are with orbweavers and widows.

“Both of these have their webbing that the prey initially gets caught in, then they use their venom to finish it off.

“Wolf spiders make webbing but they don’t hunt with webbing, therefore it would just be relying on its strength, quickness, and venom to take down prey.”

The frightful scene was, she said, “a very neat observation”.

But fear came before fascination for Meagen and her son.

She said: “My initial reaction was disbelief and horrified awe.

“I’ve worked very hard to not be as afraid of spiders as I once was as a child, but this definitely caught me off guard.

“I knew my son was right behind me so I swallowed my first reaction and switched to curiosity, so I could show him how cool this absolutely insane event is.

“Internally I was freaking out but kept it together for my kiddo.”

An environmental scientist, Meagen said it was unlike anything she’d seen before.

She said: “I’ve travelled all over the world doing research and field work in remote jungles and forests.

“I’ve seen a lot of crazy stuff, but never in my life have I seen this – I honestly didn’t even know wolf spiders ate things like rodents!

“I have seen them eat every insect under the sun but watching it consume this mouse that was much larger than itself was definitely one for the record books.”

After taking some pictures and video, Meagen, from Austin, Texas, let nature take its course.

She joked: “I had no clue what to even do about it, and part of me was hoping that the spider would remember my kindness and choose not to come after me now that it’s had a taste of flesh.”

For little Jameson, it was an exciting encounter to tell his whole class about, and in the end, it was a learning experience for Meagan too.

She said: “I learned that I’m pretty good at keeping it together in the face of what at one point in my life would have been an absolute nightmare to witness.

“It showed the amount of growth I’ve experienced since becoming a scientist and a mum, and honestly it gave me some interesting insight into wolf spider behaviour.”

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London-listed shipbroker Braemar closed down 6 per cent on Thursday, the biggest one-day drop in more than a year, after the Financial Times reported its involvement in the sale of nine ageing oil tankers that have joined Russia’s “shadow fleet”.

Braemar’s shares ended the day at 278p, the lowest since May, and were down another 5 per cent to 264 on Friday.

London has been a global centre of the maritime industry for centuries, and Braemar, founded in 1982, is one of the sector’s leading brokers, matching buyers and sellers of vessels in return for a percentage of the purchase price.

Since the first western restrictions on Russian oil exports were introduced in December 2022, Moscow has assembled a so-called shadow fleet of more than 400 such vessels that are at present moving about 4mn barrels of oil a day beyond the reach of the sanctions and generating billions of dollars a year in additional revenue for its war in Ukraine.

Most of those tankers were bought from western sellers but the use of offshore ownership structures has meant western officials have struggled to identify how the ships were acquired and who owns them now.

The FT reported on Thursday that at least 25 of the vessels in the shadow fleet had been purchased by a British accountant on behalf of Eiger Shipping DMCC, the Dubai-based shipping arm of Lukoil, Russia’s second-largest oil producer. Eiger had financed the acquisitions by paying in advance to charter the vessels, the FT reported.

The accountant’s lawyers, and one other person familiar with the matter, told the FT that Braemar was fully aware the vessels were being acquired for, and financed by, Eiger.

Braemar confirmed it had served as the broker for at least nine of the purchases but declined to comment on its knowledge of Eiger’s involvement.

“For every transaction that Braemar considers undertaking, it conducts all appropriate due diligence with know-your-customer checks, legal, compliance and regulatory adherence,” it said in a statement. Braemar on Friday said it had no further comment.

It is not alleged that the transactions have broken any laws. Although Lukoil has been under US sanctions since 2014, neither Eiger Shipping DMCC nor its Dubai-based owner Litasco Middle East DMCC, is a sanctions-hit entity. Dubai-based companies are also not required to comply with the west’s restrictions if they do not use G7 financing or services.

However, individuals and companies that have helped to assemble and operate the shadow fleet are increasingly in the crosshairs of western governments. At least seven of the 25 vessels originally acquired by the British accountant have since been hit with sanctions by the UK or EU, as have two companies that previously managed many of the ships.

In a call to action in July, 44 European leaders, including UK Prime Minister Sir Keir Starmer, pledged to target the shadow fleet’s “ships and facilitators” and called for the support of the maritime industry, including ship brokers.

M&S customers have blasted the retailer for hiking its popular Gastropub dine-in deal by 25%.

The revamped offer now includes creations by celebrity chef Tom Kerridge – but shoppers are still furious that the cost has risen from £12 to £15.

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The deal for two – which includes a main, side and a starter or desert – is among the priciest of M&S’ dine-in offers.

There’s also a pasta bundle for £7, an Indian meal for £15 and a slow-cooked one for £12.

But the Gastropub offer has hit shoppers radars in recent weeks after it was revamped at the end of September.

One fan complained to the retailer: “So food inflation is flattening or in some instances reversing. So you have put your dine-in meal deal price up 25%? (£12 to £15).”

Another added: “I have no doubts about the quality and having awesome chefs endorsing it adds a nice touch, but I’d prefer you kept the pricing reasonable.

“Gastro dine in from £12 to £15 is a noticeable hike.”

A third said: “I expect prices to rise every now and again but a 25% increase in the Gastropub meal deal in a week is just a little beyond the pale.”

Others complained that the deal previously offered fish and chips together as a main dish, but now the dish is only haddock and the chips must be bought separately as a side.

One said: “Extremely disappointing to see that the Gastropub dine-in deal has not only increased a whopping 25% to £15, but the chips have also been removed from the haddock and chips box.

“Bad deal, I didn’t bother buying.”

M&S – which has highlighted “British Beef Cheeks” and Kerridge’s Treacle Tart as top picks of the range – said the offer was intended to “bring the flavours of your favourite restaurant home”.

Analysis by The Sun has revealed that many of the dishes present in the relaunched offer were included in M&S’ old Gastropub deal, including lamb moussaka, cottage pie, chicken forestiere and lasagne.

Meanwhile triple cooked chips, greens, emperor carrots and dauphinoise potatoes remain as sides, as well as runny scotch eggs and prawn cocktail for starter options and tarte au citron and sticky toffee pudding for dessert.

But the retailer said 95% of the dishes are new or had been improved and all now only use selected M&S Foodhall ingredients or specific ingredients from its Gastropub larder list.

Tom Kerridge has also brought in various new dishes into the deal, including a pork and bacon pâté, British beef cheeks, treacle tart and molten cookie dough.

How to save money on your food shop

Consumer reporter Sam Walker reveals how you can save hundreds of pounds a year:

Odd boxes – plenty of retailers offer slightly misshapen fruit and veg or surplus food at a discounted price.

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Lidl sells five kilos of fruit and veg for just £1.50 through its Waste Not scheme while Aldi shoppers can get Too Good to Go bags which contain £10 worth of all kinds of products for £3.30.

Sainsbury’s also sells £2 “Taste Me, Don’t Waste Me” fruit and veg boxes to help shoppers reduced food waste and save cash.

Food waste apps – food waste apps work by helping shops, cafes, restaurants and other businesses shift stock that is due to go out of date and passing it on to members of the public.

Some of the most notable ones include Too Good to Go and Olio.

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Too Good to Go’s app is free to sign up to and is used by millions of people across the UK, letting users buy food at a discount.

Olio works similarly, except users can collect both food and other household items for free from neighbours and businesses.

Yellow sticker bargains – yellow sticker bargains, sometimes orange and red in certain supermarkets, are a great way of getting food on the cheap.

But what time to head out to get the best deals varies depending on the retailer. You can see the best times for each supermarket here.

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Super cheap bargains – sign up to bargain hunter Facebook groups like Extreme Couponing and Bargains UK where shoppers regularly post hauls they’ve found on the cheap, including food finds.

“Downshift” – you will almost always save money going for a supermarket’s own-brand economy lines rather than premium brands.

The move to lower-tier ranges, also known as “downshifting” and hailed by consumer expert Martin Lewis, could save you hundreds of pounds a year on your food shop.

Some have praised the overhaul, with one fan enthusing on X: “This new Tom Kerridge Gastropub range from @marksandspencer is absolutely banging, btw.”

Expert Amir Mousavi, a food consultant at the Good Food Studio in London, suspects rising costs were behind the hike.

He said: “Supermarket meal deals, traditionally, run as low-margin permanent promotions.

“Retailers often make 5% to 10% less margin on these offers compared to full-priced products, and their white label producers also sacrifice 5% to 10% margin.

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“With rising costs of goods over the last few years, margins have naturally shrunk for both retailers and suppliers.

“Meal deals are not as commercially viable as they once were, necessitating a price restructure to maintain profitability.”

M&S said: “As part of our exciting recent relaunch of our Gastropub range we’ve improved the quality of our dishes to ensure our customers get restaurant- and pub-quality food at home.

“As part of this we have improved 95% of our dishes and also incorporated what we call the Gastropub larder – where all our dishes use ONLY ingredients from this select list.”

“So, for example, rather than any butter being used, the only butter in these dishes are M&S Salted/Unsalted British Butter, M&S West Country Butter Sweet Cream Butter, or M&S West Country Brue Valley Butter.

“All of these are found in our Foodhalls and ensure that the quality and taste is the same across every dish.

“We have also included the exciting new Tom Kerridge range within the Dine In deal, meaning you can get Michelin star-inspired food in the comfort of your own home and at a just a fraction of the price compared to a restaurant.”

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

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Archaeologists have identified the cannibalized remains of a senior officer who perished during an ill-fated 19th century Arctic expedition, offering insight into its lost crew’s tragic and grisly final days.

By comparing DNA from the bones with a sample from a living relative, the new research revealed the skeletal remains belonged to James Fitzjames, captain of the HMS Erebus. The Royal Navy vessel and its sister ship, the HMS Terror, had been under the command of Sir John Franklin, who led the voyage to explore unnavigated areas of the Northwest Passage. The treacherous shortcut across the top of North America meanders through the islands of the Canadian Arctic Archipelago.

In April 1848, exactly three years after the vessels departed England, the expedition crew abandoned the ice-trapped ships following the death of Franklin and 23 other men. Fitzjames helped lead 105 survivors on a long retreat; the men pulled boats on sledges overland in the hope of finding safety. However, the men all lost their lives during the arduous journey although the exact circumstances of their deaths remain a mystery.

“It went horribly wrong, horribly quickly,” said archaeologist Doug Stenton, an adjunct professor of anthropology at University of Waterloo in Canada, who led the research.

A different team of researchers in 1993 found 451 bones thought to belong to at least 13 of Franklin’s sailors at a site on King William Island in Canada’s Nunavut territory. The remains identified as Fitzjames’ in the new study, published September 24 in the Journal of Archaeological Science, were among them.

Accounts gathered from local Inuit people in the 1850s suggested that some of the crew members resorted to cannibalism. While these reports were initially met with disbelief in England, subsequent investigations conducted over the past four decades found a significant number of bones had cut marks that offered silent evidence of the expedition’s catastrophic end.

Identifying Fitzjames’ remains makes a tragedy that has long gripped the collective British and Canadian psyche more personal and gave some closure to the families involved, said anthropologist and historian Claire Warrior, a senior content curator at the National Maritime Museum in London, which houses many items from the expedition. “This is a person who had a life and family and whose words we have, … (and he was) vivacious, enthusiastic and a joker,” said Warrior, who was not involved in the new study.

DNA analysis and a direct descendant

Researchers unearthed Fitzjames’ remains in an area now known as Erebus Bay, located 80 kilometers (50 miles) south of Victory Point, where the crew came ashore seeking refuge and escape. The circumstances suggest Fitzjames died a matter of weeks after his departure from Victory Point and he was possibly already in poor health, according to the study.

The bones excavated at the site were returned to King William Island in 1994 and interred in a memorial cairn. However, in 2013, Stenton was part of a team that went to the island to take samples of the remains for DNA analysis. The researchers focused primarily on teeth, which is where fragile DNA is most likely to be preserved.

“We have about 42 or so archaeological DNA profiles,” said Stenton, who is a retired director of heritage for the Nunavut Department of Culture and Heritage. “As new descendant DNA becomes available, we compare it with the archaeological DNA profiles.”

In early 2024, Stenton’s team reached out to Nigel Gambier, who had been identified by a biographer of Fitzjames as a direct descendant.

“I was delighted to help. The effort that has gone in by so many different people to try and uncover what happened. I find it really intriguing, and I have a personal stake in what happened,” Gambier, who lives in eastern England, told CNN.

Gambier had long been aware of his distant cousin Fitzjames, who was an accomplished Royal Navy officer before joining Franklin’s expedition. After Gambier sent a swab to Stenton’s coauthor Stephen Fratpietro, who is technical manager at the Paleo-DNA Laboratory at Lakehead University in Thunder Bay, Ontario, the team analyzed DNA from Gambier’s Y chromosome, which tracks the male line. The scientists found the genetic information matched that of the archaeological sample.

Fitzjames is the second expedition member to be identified from descendant DNA. The first was Erebus’ chief engineer John Gregory, whose remains were found at the same site. Stenton and his team linked Gregory’s DNA to a living relative in 2021, the study noted. However, unlike Fitzjames’ remains, Gregory’s bones did not display any cut marks suggestive of cannibalism.

At Erebus Bay, in addition to Fitzjames, at least three other men of the 13 dead crew members documented at the site showed telltale signs of having been cannibalized.

“It makes me realize just how desperate those poor people must have been to have to go and eat one of their own,” Gambier said. “How would you know how you’d behave yourself? If you’re faced with starvation, then you might be driven to it.”

More clues left to unravel

The discovery of Fitzjames, a high-ranking officer, as the first identified expedition member who had been cannibalized showed how status fell away in the struggle for survival during the expedition’s end days, Stenton said.

Warrior of the National Maritime Museum agreed: “So we now know that it was an officer because of cut marks on his jawbone. I think that bears testimony to the fact that these were desperate circumstances because the Navy’s a really hierarchical beast.”

Further identification of remains via DNA could shed some light on the mystery of exactly what unfolded, according to Warrior. For example, she said, it would be interesting to know whether the remains found belonged to older or younger men or came from HMS Erebus rather than HMS Terror.

“Can we surmise anything that tells us how they might have died?” she said.

Canada’s national parks service and the Inuit communities found the final resting place of the HMS Erebus in 2014 and the HMS Terror in 2016. The fate of Franklin’s lost expedition is likely to remain a source of fascination, but piecing together the details of what happened will require a lot more information, including from the two shipwrecks.

The doomed expedition has inspired books and dramas such as “The Terror,” a 2018 television series based on Dan Simmons’ 2007 novel of the same name.

“It lives in the imagination, as much as it does in reality,” Warrior said. “Polar regions are extreme and dangerous places to be, where nature can still make us feel small.”

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