Good morning and welcome to your Morning Briefing for Thursday 2 October 2025. To get this in your inbox every morning click here.
Advisers report surge in IHT enquiries ahead of Budget
Nine in 10 advisers are experiencing a surge in enquiries about inheritance tax planning ahead of this year’s Budget as demand for support on estate planning continues to expand, new research from investment manager Downing shows.
In Downing’s survey of UK financial advisers and wealth managers, 92% said they are seeing a rise in queries about IHT in the run-up to the announcement on 26 November, including 12% who are reporting a substantial increase.
Around two in five (38%) said this is mainly being driven by new clients, with 27% saying the increase is coming from existing clients.
The longstop that stops nothing
The Treasury and the FCA have been consulting on the reintroduction of a longstop defence – in this instance a 10-year longstop, writes CI Expert founder Alan Lakey.
Great, I hear you say, but what’s the catch?
As anticipated, there is one: it’s only for short-term products, so pensions, mortgages, investments and most protection plans will continue to be fair game for complainants.
Targeted support will ‘reshape advice for decades’
The Financial Conduct Authority has said its proposed framework for targeted support will define the shape of the UK retail investment market for the next 20 to 30 years.
Speaking at the PIMFA Compliance Conference, Lucy Castledine, FCA director of consumer investments, urged advisers and providers to engage with consultations as the regulator looks to close the national advice gap.
She highlighted that just 9% of consumers currently take financial advice, leaving millions without access to support at critical points in their financial lives.
Quote Of The Day
Financial secrecy is a red flag that undermines trust and can be deeply damaging to relationships
-Chris Rudden, Head of Investment Consultants at Moneyfarm, on the decrease in couples taking out joint bank accounts
Stat Attack
Women across the UK are facing a financial confidence crisis, according to new insights from investment, protection, retirement and in-house advice specialist LV=.
The research uncovered a significant gap in how women across the UK approach their finances, particularly when it comes to later-life planning and investment decisions.
It showed:
52%
Over half of women surveyed have never held an investment product
34%
This is compared with just over a third of men.
48%
of women aged 55 and over said they would not consider investments involving financial risk.
27%
In contrast, only a quarter of men in the same age group share this view.
12%
of women said they would hold personal pensions or Sipps
20%
This is compared to one in five men
10%
of women said they would hold money in a stocks and shares Isa
23%
of men said the same.
53%
Additionally, more than half of women in this age group said that while they haven’t yet used a financial adviser, they would be open to doing so.
Source: LV=
In Other News
Raymond James has made two new senior appointments to its wealth management services team.
Chris Cahill joins as divisional director, bringing with him over two decades of experience in financial services leadership.
He was most recently head of private client consultancy and advice at St. James’s Place Wealth Management, where he led teams supporting high-net-worth (HNW) clients through bespoke financial planning and strategic engagement.
At Raymond James, Cahill will work closely with several of the firm’s regional branches, supporting their day-to-day operations.
His appointment follows that of Ben Camp-Bell, who joined earlier this year as director of wealth management services.
Camp-Bell brings over 25 years of experience in financial services, including senior roles at Fairstone and Old Mutual Wealth.
Tim Munn and Eduardo Illitsch will take over as co-CEOs of Swiss Life Asset Managers in the UK on 1 January 2026.
They succeed Giles King, who will retire and hand over the leadership.
Munn, who has 27 years of experience in real estate investment management, joined Swiss Life Asset Managers UK in 2020 and has since served as chief investment officer.
Prior to this, he spent over two decades at CBRE Investment Management, where he held several senior positions.
In his new role, Munn will continue to act as CIO of Swiss Life Asset Managers UK alongside his co-CEO responsibility.
Illitsch, who has 31 years of international financial industry experience, has been with Swiss Life Asset Managers since 2018 and head of international sales since 2020.
Before that he held senior roles at J.P. Morgan Asset Management and Credit Suisse.
As co-CEO, he will be responsible for sales, joint ventures, and the further development of the UK business into new growth areas.
He will also continue his role as head of international sales.
Reeves braced for hole in UK public finances after productivity downgrade (Financial Times
European stocks hit record high as investors bet on Fed cuts (Bloomberg)
Russian court orders confiscation of billionaire Shtengelov’s assets (Reuters)
Did You See?
Rathbones has warned that speculation over pension tax changes is prompting savers to take premature withdrawals of their 25% tax-free lump sum, a decision many now regret.
The wealth manager said it has seen a surge in withdrawals in recent months amid reports that chancellor Rachel Reeves is preparing to cut the tax-free allowance in the November Budget.
A Rathbones survey of investors found that accessing the lump sum topped the list of regrets in the run-up to last year’s Autumn Budget when similar rumours circulated.
While there can be good reasons to access the cash, such as paying off a mortgage or supporting family, Rathbones cautioned that knee-jerk withdrawals risk undermining long-term financial goals.
