The Week in Brief – 27 July to 31 July

The Financial Conduct Authority has warned firms that simply collecting Consumer Duty data isn’t enough to prove good client outcomes.

The regulator points out that listing metrics without showing real action, clear risk identification, or verified improvements falls short.

While complex systems aren’t required, smaller advice firms must actively connect their data to genuine customer harm, keeping a clear audit trail to show that process tweaks actually make a meaningful difference.

Aviva has appointed industry veteran Mike Ambery as director of policy within its UK wealth business, starting this September.

Moving over from Standard Life, where he served as retirement and savings director, Ambery brings extensive experience from his previous 17-year tenure at Hymans Robertson.

Reporting to managing director of wealth Michele Golunska, Ambery aims to navigate major regulatory shifts and help shape future UK pensions policy while keeping customer needs front and centre.

Retirement-only Collective Defined Contribution (RCDC) schemes are emerging as a new retirement option advisers will need to understand, warns former pensions minister Steve Webb.

They pool members’ savings and longevity risk, potentially lowering costs, widening investment opportunities and providing income for life. Unlike annuities, however, payments are targets rather than guarantees and could fall if investments underperform.

The Government is preparing rules to support retirement-only and multi-employer CDC schemes. Although still in their infancy, RCDCs may offer attractive outcomes for some clients at or approaching retirement.

Financial planner Christopher Finch explores the pragmatic, if unromantic, decision to marry purely for inheritance tax benefits.

Spousal exemptions and transferable allowances certainly offer major tax savings, but marriage brings major legal obligations. Should a late-life marriage end in divorce, courts can divide long-accumulated assets and pensions.

Finch advises financial professionals to ensure clients seek specialist family law advice and consider prenuptial agreements before tying the knot for tax reasons.

St James’s Place has cut its ongoing-advice compensation provision down to £110m as its historic service review nears completion.

Releasing £110.4m from the fund boosts the wealth manager’s IFRS post-tax profit to £310.8m, paving the way for an £82.8m shareholder buyback.

Despite lower margins from a new charging structure, funds under management reaching a record £240.8bn keeps the firm on track while it invests heavily in AI tools to support advisers.

Vanguard has launched its new targeted support service on its UK personal investor platform, helping hesitant beginners take their first investment steps.

At no extra charge, the online tool asks a few quick questions about goals and risk appetite to recommend suitable Isas, SIPPs or tailored funds.

Head of client experience Liz Waldron highlights the service’s embedded “learning moments”, which aim to demystify compounding and empower first-time investors.

AJ Bell urges new chancellor John Healey to implement a Pension Tax Lock, aiming to end persistent rumors surrounding retirement tax changes.

The investment platform points out that tax speculation spurred savers to withdraw an extra £10bn from their pots ahead of recent Budgets.

Chief executive Michael Summersgill emphasises that guaranteeing tax-free cash and contribution relief offers vital certainty to savers, protecting long-term investments without costing the Treasury a single penny.

Aberdeen chief executive Jason Windsor admits the group is “impatient to go further” after its adviser business experienced £1.3bn in net outflows during the first half of 2026.

Higher redemptions offset gross inflow gains, though positive market movements still pushed total adviser assets up to £84.8bn.

Despite losing ground to market consolidation, Windsor highlights major platform operational improvements and AI integration to spark future commercial growth.

Rapidly growing consolidator Absolute Financial Group reached £2.4bn in assets under advice after sealing its 14th deal in eight months.

The firm expanded its South East footprint by acquiring three client books from retiring advisers and welcoming Canterbury-based Horton Independent Financial Planning to the team.

Group executive David Carter praised their flexible partnership model, which offers smooth retirement exits for owners while giving continuing advisers robust infrastructure and support.

Financial technology firm Saturn has unveiled “Project OS”, an AI-powered operating system built to slash the high costs of delivering regulated advice.

Already tested by 50 advice businesses, the platform integrates fragmented data from existing systems while challenging recommendations against internal compliance guardrails.

Saturn chief executive Amal Jolly predicts the technology will render traditional CRMs obsolete, paving the way for simpler, cheaper and more accurate financial planning across the UK.