CRS UK

  Quilter has announced it will set aside £76 million to compensate clients who did not receive the ongoing financial advice services they were promised. The provision follows an FCA-commissioned review of advisory firms and reflects a wider regulatory focus on whether firms are delivering the services clients pay for. This article breaks down what happened, what the FCA found, and why it matters for consumers and the industry. 1. What Triggered the Compensation Provision? The Financial Conduct Authority commissioned an independent skilled person to review 22 of the UK’s largest advisory firms. The review focused on a straightforward question: If clients were paying ongoing advice fees, were they actually receiving ongoing services such as annual financial reviews? Across the industry, approximately 98% of clients were found to have received the promised services. However, in around 2% of cases, clients did not receive the agreed reviews or advisory support. Following the ...

  When reviewing older secured loans issued by lenders such as Blemain Finance , later trading under the Together brand, one theme often emerges: affordability in specialist lending does not always look the same as affordability in high-street banking. Understanding that difference is key. 1. Specialist lending was built for non-standard borrowers Blemain Finance operated in what is often described as the specialist or non-conforming lending market. This included borrowers with: Complex income structures Previous credit issues Non-standard property types Unlike mainstream banks, specialist lenders may assess applications using a broader view of risk, sometimes placing greater emphasis on property value or overall borrower profile rather than rigid affordability algorithms. That flexibility can increase access to credit. But it also increases the importance of clear disclosure. 2. Secured lending changes the dynamic Many of these loans were secured against property....