Hello. I had a dream during the week.
For long-time readers it did not involve colleagues stealing mollusc lunches or bar room chats with Scottish novelists. It was almost embarrassingly boring, seeing as it was about pension consolidation.
Essentially, an elderly couple beseeched me to break into a couple of old bank buildings to find paperwork to prove some obscure pension existed so they could transfer funds into their main one.
But maybe it wasn’t brought on by work. See, I discovered the potential pitfalls of migrating platforms this week. Music streaming platforms, but platforms all the same.
I finally switched to Qobuz from Spotify. There are a number of reasons for it, chiefly higher res, executives not investing in AI weapons, paying the artists better, working out cheaper and mitigating the worry that repeatedly showing people how hilarious Olly Murs’ new album is may mean it appearing in my end of year Wrapped. There are fates worse than death and Radio 6 dads are unforgiving, well-financed and well-connected people.
Part of what really impressed me about Qobuz is it painlessly allowed me to transfer all my playlists over. As someone who has spent years cultivating a playlist of 126 hours and 18 mins this meant not starting again. It also transferred my Northern Soul playlist in its entirety which is truly a credit to its library.
I came into the office very excited to test it out on the Sonos and found it was not compatible with the current system or, more accurately, the app that works with the system. And the Sonos app it is compatible with is not compatible with our Sonos system. A disappointment for me, but perhaps a win for others that I am now retired from office music.
Anyway, back to pension transfers. Whether it’s these, re-platforming or an adviser switching platforms, being responsible for moving swathes of people’s money around sounds really daunting to say the least.
I am no expert and it involves much less jeopardy, but my own platform migration experience taught me three important things. Firstly, sometimes you can miss the architecture for the features. Two, you can plan all you like but sometimes there will be points of friction; no plan survives contact with the enemy, or something like that. Three, does it really matter for what I need out of it?
The third one is, perhaps, more relevant when you do a lot of your music listening outside the office. And Steve can always save the day with Wolf Alice, or Sam could ruin it with Runrig live.
But when there’s lots of money at stake that is supposed behave in a certain way, people might not like it if you pipe up with: “Did you really need your *insert financial product here* to work like that? Because the new system doesn’t really do it like that at the moment. Can I offer you the Runrig equivalent?”
But the arguments about architecture vs features and points of friction are something to think about, especially if you want to make sure platforms remain relevant in this age of AI. Coming together to improve pension transfers makes sense in this context.
I’m in no position to really talk about these things with authority but sometimes I think it can be helpful to give the bumbling new-to-this view. Or maybe I just needed to make a dream about pensions consolidation didactic. Who knows?
The news:
LANG CAT & CLIENT MENTIONS
The best UK stocks and shares ISA providers for every investor
Our pricing tables used in this one.
Source: The Telegraph
Consumer Duty board reports: Everybody needs a friend – especially smaller firms
Our own Alison pens a piece in PA.
Source: Professional Adviser
7IM merges private client business with Amicus Wealth
The businesses have been integrated to form a single firm following 7IM’s acquisition of Amicus Wealth in December 2023.
Source: Citywire NMA
Guardian’s income protection added to UnderwriteMe platform
The platform said the addition provides advisers with access to a robust income protection proposition through a streamlined journey.
Source: FT Adviser
‘They want an investment return’: Clifton Wealth MD on working for PE owners
Clifton talks acquisitions, work culture and misconceptions about PE.
Source: Citywire NMA
Aberdeen expects return to positive net adviser flows this year
The group managed to slow outflows in 2025 compared with 2024.
Source: FT Adviser
Pension transfer times hit 10-day average in 2025
Origo providing the data.
Source: Money Marketing
ADVISERS
The risers and fallers as Citywire’s PE Leaderboard grows to 49 advice firms
More than a fifth of UK advisers now work for private equity-cookie-monster-backed firms, according to Citywire analysis. Some nifty graph work.
Source: Citywire NMA
Nearly two million rely on unvetted influencers for financial advice
A survey commissioned by Transunion found that 14% of consumers have taken advice from a social media personality or online influencer.
Source: Professional Adviser
Editor: AI won’t replace advisers, but it could drive down fees
Jack Gilbert gives his assessment of the situation.
Source: Citywire NMA
Industry must ‘zhuzh up’ to attract younger paraplanners
Continuing the New Blood conversation.
Source: FT Adviser
PROTECTION
59% of advisers flag underwriting delays as cause for concern
A new report from the Protection Distributors Group has found 24% believe it’s too difficult for new entrants to compete on price, with 17% tending to stick to insurers they know when writing protection business.
Source: Money Marketing
PLATFORMS
Standard Life name returns to FTSE
Source: Citywire NMA
INVESTING & WEALTH MANAGERS
BrewDog founder James Watt ‘heartbroken’ for staff who lost jobs
“I am really sorry that you got such a bum hand out of the deal and the business decisions I took.”
Source: The Herald
Isa millionaires outnumber lottery millionaires, new study claims
ISA millionaires said to outpace lottery millionaires.
Source: FT
REGULATION & POLICY
FCA: Firms can help ‘displace scammers’ by using social media
The FCA attempts to play the reassuring parent, trying to coax firms into talking to the public and be normal.
Source: FT Adviser
FCA warned against ‘crystal-ball gazing’ in VfM framework
PensionBee believes introducing ‘forward-looking metrics’ into performance scoring could financially harm savers.
Source: Money Marketing
AI
News Corp is essentially an AI ‘input company’, chief executive says, after US$150m deal with Meta
HMM.
Source: The Guardian
PENSIONS & RETIREMENT
Leader: You me, and CDC – we’re in it together
A nice wee look at collective defined contribution schemes.
Source: Money Marketing
One million more state pensioners will be dragged into paying income tax
Reading the small print, economic forecasts from the Office for Budget Responsibility estimate that 600,000 more pensioners will pay income tax in 2026/27, rising to one million by 2030/31.
Source: The I
Morten Nilsson – Are DB pensions finally out of the woods?
Brightwell’s latest report suggests the answer is largely yes, but its CEO insists that challenges remain.
Source: Professional Pensions
TRADE & ECONOMY
Collapse of UK property lender sends shockwaves through Wall Street
What an excellent time to be seeing a spread of private credit related collapses.
Source: FT
Unemployment set to hit 5.3% this year amid ‘worrying’ rise in young jobless
OBR raises forecast from 4.9% and downgrades UK’s growth prospects for 2026, while also warning of war uncertainty.
Source: The Guardian
Lower rates or higher thresholds — how Keir Starmer can make student loans ‘fairer’
A look at the government’s options.
Source: FT
CRAZY CAT STORIES
Black Cat’s Long Nose and Tiny Eyes Look Like a Preschooler Drew Him From Memory
I did think this looked a bit harsh, but then I opened it…
Source: AOL
OUTSIDE THE TRADE
Vis a vis last week’s update and luxury pretend wilderness stuff. Naturally because this is How to Spend It, it has a multi-tool at the best part of 300 quid, a £150 first aid kit, a 1700 euro bag and a £200 water bottle. There’s also an emergency kit for a cool 718 euro so you’re extra stocked on plasters.
Source: FT
A deep dive into the Water of Leith
An excellent look into the challenges of water management, even from within a country with excellent water quality.
Source: A letter from Scotland
Sean McKinven is PR account executive at the lang cat
