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FF News
3 hours ago
- Business
- FF News
Once-in-a-Generation Advice Changes to Help Millions Navigate Their Financial Lives
Millions more people could get help navigating their financial lives with support on pensions and investments, under proposals announced today by the Financial Conduct Authority (FCA). The FCA's proposals would allow firms to offer a new type of help called 'targeted support' and make suggestions to groups of consumers with common characteristics. These could include people who may be currently drawing down on their pension unsustainably, not saving enough for retirement or who have excess cash sitting in a current account. The changes, which have inbuilt protections for consumers, also support growth by enabling increased investment and innovation. Sarah Pritchard, Deputy Chief Executive of the FCA, said, 'We want to help consumers navigate their financial lives and plan for the long term. Some of the most difficult financial decisions we face are how to save, invest and prepare for a comfortable retirement. 'These once-in-a-generation reforms will help people navigate their financial lives and give them greater confidence to invest. This is a win-win for consumers and firms alike.' These reforms should set the framework for the next 20-30 years, to support consumers now as well as future generations. The FCA wants to see a thriving and trusted market for full financial advice, simplified advice, targeted support and guidance. Alongside today's proposals for targeted support, the FCA has set out plans to reform the framework for simplified advice. Consumer access to a choice of guidance, targeted support, simplified advice and full financial advice should help reduce the so-called 'advice gap'. This supports our ambition that consumers should have access to the help and guidance that they need, at a cost they can afford, when they need it, to make informed decisions about their financial lives. This advice gap is stark. Just 9% of adults received financial advice about their pensions or investments in the previous 12 months, according to the FCA's latest Financial Lives survey (FLS 2024). Of those who did not receive financial advice, but hold £10,000 or more in cash savings, 24% said they don't invest because they don't know enough about it, 12% because they feel overwhelmed by the number of options available, and 8% said they would need more support before they invest. There are about 7 million adults in the UK with £10,000 or more in cash savings who may be missing out on the benefits of investing throughout their lives. The FCA has worked in a smarter way to carry out this work, running its very first 6 week policy sprint, where firms designed consumer journeys to help design the rules in the consultation, with support from consumer representatives and other members of the regulatory family. Detailed consumer testing has also been completed, published alongside the consultation. The aim of this detailed sprint, and consumer testing, has been to help then accelerate the period for consultation, which is now open for 8 weeks. The FCA is also working with the government to help resolve issues that might prevent firms communicating with consumers, with issues having been identified early through the policy sprint. The FCA committed to support growth in its strategy. These reforms are among almost 50 initiatives the FCA set out in a letter to the Prime Minister in January 2025, which the FCA is delivering against this year.
FF News
3 days ago
- Business
- FF News
FIS and Visa Deepen Their Relationship to Provide Regional and Community Banks With Easier Access to Powerful Payments Capabilities
FIS® (NYSE: FIS), a global leader in financial technology, announced the expansion of its partnership with Visa, a world leader in digital payments, to arm financial institutions of all sizes with turnkey access to new payments capabilities. Regional and community banks that join FIS' technology ecosystem will gain access to new payments products and services that can help grow revenues, retain customers and reduce fraud losses. By expanding its already strong strategic relationship with Visa, FIS is lowering the barriers to entry for capabilities that can help small and midsize institutions grow and better compete with the payment offerings provided by larger issuers. The new capabilities that amplify money in motion include: Stop payment services : Enables cardholders and call centers to halt recurring payments to merchants, empowering cardholders to better own their spending and helping reduce call center burden for issuers that may have limited infrastructure. : Enables cardholders and call centers to halt recurring payments to merchants, empowering cardholders to better own their spending and helping reduce call center burden for issuers that may have limited infrastructure. Digital campaign manager : Enables financial institutions to employ new marketing channels – like augmented reality events and other digital experiences – in customizable campaigns to supercharge customer acquisition, engagement and brand awareness. : Enables financial institutions to employ new marketing channels – like augmented reality events and other digital experiences – in customizable campaigns to supercharge customer acquisition, engagement and brand awareness. Wallet link: Pushes an issuer's branded digital card to the customer's digital wallet without the need for manual app download, helping issuers to stay top-of-wallet and limit lost revenue, while simultaneously making it easier to innovate the customer's payment experience with less friction. Pushes an issuer's branded digital card to the customer's digital wallet without the need for manual app download, helping issuers to stay top-of-wallet and limit lost revenue, while simultaneously making it easier to innovate the customer's payment experience with less friction. E-commerce fraud mitigation: Offers an integrated solution designed to give issuers increased e-commerce transaction approval rates and help eliminate the financial liability of chargebacks due to fraudulent purchases. 'According to Experian, the average American holds nearly four credit cards, highlighting the need for issuers to have efficient systems to stay competitive,' said Chris Como, head of Cards and Money Movement at FIS. 'However, without the requisite infrastructure and resources, smaller financial institutions can struggle to meet this need. By integrating Visa's advanced solutions into the FIS ecosystem, we are helping to level the technological playing field for those providers, illustrating our commitment to unlocking financial technology to the world.' The announcement comes on the heels of other strategic industry partnerships from FIS, illustrating how the company utilizes such agreements to keep innovating across the entire money lifecycle. Recent examples include joint ventures with Oracle, Fulham Football Club, and PwC. In 2025, FIS also made Affirm its integrated pay-over-time provider for debit issuers, enabling its banking clients to integrate the solution into their existing debit programs and give their end-customers the ability to easily manage their finances in a single place. 'Our collaboration with FIS is making it easier for financial institutions of all sizes to compete more effectively by offering solutions that drive growth and enhance customer retention,' said Kathleen Pierce-Gilmore, senior vice president and global head of Visa Issuing Solutions. 'We partner to provide banks with more accessible tools from fraud prevention to cutting-edge digital experiences for their customers.' Access to all products listed above is anticipated to be available to FIS client issuers within 2025. To learn more about these solutions, please contact FIS Sales at To learn more about the full breadth of the FIS payments ecosystem, please visit us at Companies In This Post FIS Visa
FF News
4 days ago
- Business
- FF News
Meniga's Raj Soni & Belfius' Jonathan Neubourg on the Real Impact of AI in Everyday Banking
Raj Soni from Meniga and Jonathan Neubourg from Belfius talk about how banks are changing their plans around AI, not just to keep up with tech trends but to adapt to the way customers are behaving. Soni mentions that since tools like ChatGPT and DeepSeek have become popular, people now have different expectations for service. As users get used to asking questions and getting quick answers in a chat format, they start to want the same experience from their banking apps. He imagines a future where people can just ask their banking apps simple questions about their finances, like, 'What did I spend this week?' instead of scrolling through complex menus. He believes traditional banks have an advantage because they have a lot of historical data and strong relationships with customers, allowing them to provide personalised experiences that new digital banks might struggle to offer. Neubourg adds that Belfius has been using AI for a while, even before the recent hype. He breaks down their strategy into three main points. First, AI allows banks to be available all the time, automate tasks, and respond quicker. Second, fraud detection and security, where machine learning helps maintain customer trust. Lastly, user experience, especially through chat interfaces – Neubourg thinks we're moving toward smarter, AI-based personal assistants that really engage with customers using their data, moving away from basic chatbots. Companies In This Post Meniga Belfius
FF News
4 days ago
- Business
- FF News
New Smarsh UK Survey Shows AI Adoption Surges in Financial Services—But Employees Demand Stronger Guardrails
Today, Smarsh , the global leader in communications data and intelligence, reveals new research that highlights UK financial services employees' perspectives on artificial intelligence (AI). The data indicates that while AI is fundamentally changing how UK financial services employees work and communicate, they are increasingly aware of the risks it poses to businesses without addressing training, privacy and compliance issues. Balancing innovation with risk from the bottom up The study, based on responses from 2000 UK employees in financial services and insurance, highlights how AI is now a pivotal part of daily business, with over a third often using AI tools for work purposes. However, 55% of employees say that they have never received any official training for using such tools. The research also reveals that: Over a third (37%) say that they often use public AI tools – like ChatGPT or Microsoft 365 Copilot – for work purposes A further 38% are not sure whether their organisation has tools and processes to capture and monitor the outputs of AI tools, with a further 21% explicitly saying that they know that their firm does not Over two thirds (69%) would feel more confident using AI tools if all outputs were captured and monitored for transparency 'AI adoption in financial services has accelerated rapidly, with employees embracing these tools to boost productivity,' said Tom Padgett, President, Enterprise Business at Smarsh . 'But with innovation comes responsibility. Firms must establish the right guardrails to prevent data leaks and misconduct. The good news is that employees are on board—welcoming a safe, compliant AI environment that builds trust and unlocks long-term growth.' Licence to Skill? Employees unsure of AI Agent compliance The research also reveals employees' views around AI tools that are being used within their organisation for public, customer-facing tasks. Specifically, AI Agents – systems that are able to perform specific tasks without human intervention, i.e. a chatbot. The research shows that: Almost half (43%) say that their organisation uses AI Agents for customer communications, including personalised financial advice A quarter (22%) indicated that their firm is using the technology for investment activities, like trade recommendations and portfolio management Yet a third (31%) have concerns around their organisation's ability to meet or apply regulatory obligations to AI Agents A further 29% worry that they don't know where potentially sensitive information is going when AI Agents are used The findings come as the FCA is set to give UK financial services firms the greenlight on ambitious proposals for AI innovation with an AI live testing service , aimed at supporting firms with implementing consumer-facing AI tools. 'Using public Al tools without controls is digital negligence,' said Paul Taylor, Vice President of Product at Smarsh. 'You're effectively feeding your crown jewels into a black box you don't own, where the data can't be deleted, and the logic can't be explained. It's reckless. Private tools like Microsoft 365 Copilot and ChatGPT Enterprise are a step in the right direction. Still, if companies aren't actively capturing and auditing usage, they're not securing innovation- they're sleepwalking into a compliance nightmare. Companies In This Post Smarsh
FF News
4 days ago
- Business
- FF News
BMLL Data Feed Wins ‘Best Consolidated Market Data Feed' at the 2025 TradingTech Insight Awards USA
We are delighted to announce that BMLL has won 'Best Consolidated Market Data Feed' at the 2025 TradingTech Insight Awards USA. These awards recognise excellence in trading solutions, services, and consultancy for capital markets, focusing on vendors that provide exceptional trading infrastructure, trading technology, and data solutions. BMLL was awarded 'Best Consolidated Market Data Feed' for the BMLL Data Feed, which provides access to a broad range of high-quality Level 3, 2 and 1 historical market datasets and analytics with global coverage. BMLL data and analytics are derived from Level 3 historical order book data, available via a broad range of delivery mechanisms that feed directly into users' workflows, including API, SFTP, S3, and Snowflake. This flexibility allows clients to focus on decision-making rather than feature engineering. Paul Humphrey, CEO, BMLL, said: 'We are delighted that the BMLL Data Feed has been recognised as the Best Consolidated Market Data Feed at the 2025 TradingTech Insight Awards USA. BMLL takes care of complex and costly data engineering processes to ensure that users can dedicate their time to generating insights rather than cleansing data. The BMLL Data Feed undergoes rigorous automated quality checks, ensuring users receive the most accurate insights available.' Derived from raw exchange data, BMLL provides the most granular market view. This includes: Level 1 Quotes: Best Bid and Offer (BBO) prices, share quantities, and order counts on a tick-by-tick basis. Level 2 Quotes: The top 10 bid and offer price levels with associated quantities and order counts. Level 3 Data: Every insert, modify, execute, or delete order book message available at tick-level granularity on a T+1 basis. As well as: Daily Classified Trades; a trade-by-trade dataset normalised across all venues; daily and intraday analytics derived from Level 3 data. People In This Post Paul Humphrey BMLL
