FASA 2025
Investment Provider

Investment Provider

As the Autumn Budget 2025 draws closer, there is uncertainty over what challenges will present themselves for investment and cash providers during the next quarter and the following year.

Discussions surrounding how Isa reforms would affect discretionary fund managers are underway, with the possibility of a mandated 25 per cent allocation aimed at boosting the UK equity market. There are mixed sentiments as to whether this would be good for the industry.

As investment providers wade through this uncertainty there is much to celebrate this year with the Financial Adviser Service Awards 2025.

With 12 investment providers achieving five-star status this year, compared with six in 2024, it is evident that many service providers are more than fulfilling advisers’ demands in in 2025. This compares with 12 five-star winners in 2023, showing a return to increasing adviser confidence in managers propositions again.

Further evidence of investment providers continuing to garner adviser confidence, alongside their growth, is highlighted with 14 four-star winners, compared with just six four-star winners in the FASAs 2024.

Sustainability-focused TIME Investments, Quilter, Royal London Asset Management, True Potential and Quilter Cheviot all achieved five-star status again this year, with new risers to this category, such as Sarasin — one of the providers that has improved in advisers’ expectations dramatically — flying straight to five stars. Vanguard, which reduced fees across six equity exchange traded funds in October 2025, has also risen to a five-star win, from four-stars.

M&G Wealth Investments jumped to five stars this year from three. This follows a profit rise of 5 per cent annually, reported by FT Adviser in March this year, after cost cuts at the provider. At that time, a 19 per cent increase in its asset management area was reported.

In August this year, FT Adviser reported that Royal London saw assets under management grow by £7.3bn in the first half of 2025, following the firm winning a £4.6bn multi-asset mandate from St James’s Place.

In October this year, Quilter added eight appointed representatives to its network, including Jupiter Wealth Management and Redleaf Financial Planning. Not long afterwards in October, Quilter also replaced BlackRock as manager of Quilter’s UK Equity Growth Fund. This followed expansion into Northern Ireland in March this year with the Quilter-appointed PHW Wealth Partners as a representative firm.

Steve Gazard, chief distribution officer at Quilter, said it has been “a period of significant regulatory and policy change, as well as fiscal complexity”, explaining that the well-known group has “ been steadfast in our efforts to help advisers deliver great financial planning with confidence, clarity and consistency”.

“Our technical specialists have been there to guide advisers through this period of change via regular events and webinars. For example, during Q1 2025 we delivered 26 events across the UK, with many at full capacity, which focused on helping advisers ‘rewrap’ their clients’ money to alternative tax wrappers in response to recent tax changes.

"Over 600 financial advisers attended, with 83 per cent rating it 5 out of 5 for value, giving fantastic feedback. [ A total of] 460 advisers completed our survey — which showed just how concerned advisers were about the changing landscape and the number of clients who could be impacted.”

Cash Investment Provider

There has been much discussion about the role of cash on platforms recently, as FT Adviser released a CPD article on how cash on platforms can counteract savers’ inertia and how advisers should provide clarity to clients about this area.

According to the Financial Conduct Authority Financial Lives survey, only one in 10 adults with a savings account — and the same proportion of Isa savers — switched providers in the past three years.

In October this year, it was reported in the Financial Times that there were plans in the Budget 2025 for chancellor of the exchequer Rachel Reeves to cut the cash Isa allowance from £20,000 to £10, 000.

Advisers unsurprisingly did not react very well to the prediction and many are worried about how it would impact their clients and the role of cash on platforms.

Insignis, which partnered with Benchmark in August this year to offer cash management solutions, came top in the category for cash investment this year, with five stars.

Flagstone came next with four stars and NS&I were third with three stars.

Kate Toumazi, chief executive officer at Insignis, said: “We’re proud to serve a truly broad spectrum of clients, from individuals to charities, trusts, as well as power of attorney, and court of protection arrangements.

"That versatility is at the heart of what we do, and we’ve built our proposition to be flexible enough to meet different client needs without compromising on personal service.”

She said launching a cash Isa was “one of the biggest steps forward for us this year”, mentioning internal coordination as the main priority.

“We were determined to launch with a proposition that added real value, so we worked closely with our panel of banks and building societies to secure competitive Isa rates that could be accessed easily through our platform.

"That required strong collaboration and a lot of groundwork, but it paid off.

"The launch has been well received by advisers and clients alike, and it’s opened up new conversations about how to hold and structure cash tax-efficiently.”