Nikhil Rathi, FCA chief executive, said the regulator will probe Big Tech firms’ access to financial data to question how it could improve outcomes for consumers and business. Currently, Big Tech firms can access financial services data through open banking but are not required to share their data with the financial industry.    In a speech today, Mr Rathi said the FCA will examine how Big Tech firms’ unique access to large sets of data could unlock better products, more competitive prices and wider choice. If the FCA’s analysis finds Big Tech data is valuable in financial s ..read more

The Consumer Duty was the main focus for adviser platforms in 2023 but not all of them impressed the FCA, according to Darren Winfield, insight consultant (wealth management) at Defaqto. Writing in the latest edition of Financial Planning Today magazine, Mr Winfield said that platforms were focused on making sure that subjects like transfer times, fees and other potential risks of harm, particularly non-standard assets, were Consumer Duty compliant. However, he said it did not go to plan for over half the market with 57% of platforms continuing to retain interest earned on investors ..read more

The Financial Services Compensation Scheme (FSCS) has declared Glasgow-based Atlantic Investors (Scotland) Ltd (FRN: 182565) as failed. The move opens the doors to ex-clients to claim up to £85,000 per claim if they were wrongly advised. The FSCS said it has received two claims against the firm that are pension transfer and SIPP advice related, with one upheld. It confirmed that neither was BSPS related. {loadposition hidden2} Atlantic Investors (Scotland) lost its FCA authorisation in August 2020, according to the FCA Register. The firm was incorporated in December 1996, according to ..read more

Fast-growing Financial Planning and wealth management group Loyal North has completed the acquisition of New Malden, Surrey-based Whitman Fry Wealth Management Ltd for an undisclosed amount. The deal adds £60m of client funds to the group. Whitman Fry will become part of Loyal North’s regional hub GPFM (Gerald Pepper Financial Management Ltd) which is based in Hertford. As part of the acquisition, Whitman Fry shareholder and adviser Alison Fry will join GPFM as a senior Financial Planner and continue to deliver Financial Planning to her clients following the transition. Fellow sh ..read more

Frenkel Topping, the specialist advice firm focusing on personal injury and clinical negligence cases, has acquired Chester-based cost consultants North West Law Services Limited (NWL) for £2.75m and revealed that profits for 2023 climbed by almost a third. The payment for NWL will be split over two years beginning with an initial £1.65m (subject to adjustment), £550,000 on the first anniversary of completion and £550,000 on the second anniversary. North West Law Services was founded in 1982 and specialises in personal injury, clinical negligence, court of protection and commercial costs ..read more

I never thought I’d see former professional footballers march through central London to protest about financial scams and poor regulation but that’s exactly what happened this week. Ex-pro footballers Andy Cole, Danny Murphy and Colin Hendry were among a large group of campaigners attending the Transparency Task Force’s "Enough is Enough March for Justice" in central London. Many of the footballers made videos this week to talk about how they and family members had been scammed and cheated. It’s a reminder that victims of financial crime are not just those at the bottom of the income heap ..read more

Pensions consultancy LCP is calling for a ‘magnetic pensions’ strategy to help tackle a leap in small pension pots, estimated to be increasing at 2m a year. LCP says small pension pots are an unresolved side effect of the auto-enrolment workplace pension policy which means each new job potentially creates a new pension. The firm estimates that over 2m new pension pots are ‘left behind’ each year as people change jobs and start a new pension and there are now over 16m small deferred pots worth under £2,500 each. Those who change jobs frequently can end up with multiple pension pots, often s ..read more

The FCA is keeping a close eye on an ‘uptick’ in overseas firms trying to establish an operation in the UK but keeping senior staff overseas. Sarah Pritchard, FCA executive director, markets and executive director, International told the TheCityUK International Conference 2024 that there had been an increase in applications from overseas firms. The FCA welcomed competition and new entrants but also needed to maintain regulatory vigilance, she said, and was keeping a close eye on developments. She said the FCA wanted to see an open UK market but safeguards were needed. {loadposition hi ..read more

Insurance and savings trade body the ABI has warned the Department for Work and Pensions (DWP) that a public pensions 'consolidator' must avoid undermining the DB scheme buyout market. Responding to a consultation from the DWP on changes to DB pension schemes, the ABI warned that proposed changes could have negative impacts for scheme members. The DWP is currently seeking views on the introduction of a public sector DB scheme consolidator to be operated by the Pension Protection Fund. It is also exploring making surplus extraction easier for well-funded DB schemes, enabling schemes to inve ..read more

Pension scammers are acting with impunity and few have ever been held to account, according to industry body The Pension Scams Industry Group (PSIG). The Government and HMRC are not doing enough to stop pension scams and assist victims, according to Margaret Snowdon, Chair of the PSIG. She claimed in a speech outside Downing Street yesterday that HMRC and the Government have acted like bullies in their treatment of pension scam victims. She said: “HMRC and the government also blamed the victims, but worse than that, they assumed that all victims were guilty of trying to avoid tax. This is ..read more