A new nationally representative survey by Iress with YouGov and The Lang Cat has revealed how people across the UK are really feeling about their finances.

• 46% of UK adults say they feel financially secure.
• Only 11% meet the benchmarks of true financial security.
• The UK’s overall Financial Readiness score is 44.2 out of 100, placing the nation in the “financially uncertain” category.

These are the headline findings from the new Iress Financial Readiness Index - a nationally representative study conducted by YouGov among 2,103 UK adults, with independent analysis and benchmarking by The Lang Cat.

At a time defined by rising cost of living and economic uncertainty, the Index offers a clear, data-led measure of how prepared people actually are, not just how secure they feel. The findings highlight a clear gap between perceived and actual readiness.

What is financial readiness?

Financial readiness is a measure of a person’s ability to meet both current financial commitments and future financial needs with confidence and resilience.

It goes beyond income levels or savings balances. It reflects whether someone:

• Stays on top of bills consistently
• Holds adequate emergency savings
• Has appropriate insurance and protection
• Actively contributes to retirement planning
• Invests for long-term growth
• Feels in control of day-to-day finances

Understanding readiness offers insight into household priorities, pressures, and behavioural gaps, helping advisers and the wider financial services ecosystem better support UK adults at every stage of life.

About the Iress Financial Readiness Index

Iress commissioned the Financial Readiness Index to provide advisers with a data-led, holistic view of how UK consumers feel about their finances, how they behave in practice, and how ready they are for the future.

Key elements of the research include:

• Financial confidence and daily money habits
• Protection, home ownership, and retirement planning
• Nationally representative data across demographics
• Benchmarking to highlight gaps and barriers to financial security

The Index exposes a clear disconnect in the market: while 46% of adults believe they are financially secure, only 11% meet all benchmarks for true financial security.

Key Findings from the Iress Financial Readiness Index

Financial readiness across life stages

The Index show that financial readiness is not uniform across age groups:

• Younger adults: Focused on building savings, investing, and securing housing. Many are constrained by high rental costs and student debt.
• Mid-life households (35–44): Most financially exposed, balancing mortgages, childcare, and rising living costs. Readiness scores dip noticeably.
• Adults 55+: Higher resilience due to established savings, clearer retirement plans, and reduced housing costs, though retirement adequacy remains a concern.

Gender also plays a role: men report higher readiness than women, reflecting differences in confidence, savings behaviour, and long-term planning.

The confidence gap: perception vs reality

The Index highlights a clear gap between perceived and actual readiness:

• Nearly half feel financially secure
• Only 11% actually meet all readiness benchmarks
• 17% feel prepared to meet none of their financial needs

This gap shows that confidence alone does not equate to resilience, leaving many households vulnerable to shocks like unexpected bills, job changes, or health events.

Turning insights into action for UK financial advisers

The Index offers practical opportunities for financial advisers to turn insights into actionable strategies that support clients and comply with Consumer Duty.

1. Highlight the gap between perception and reality

Many clients believe they are secure, but only 11% meet all benchmarks. Advisers can use this to spark conversations and demonstrate value, supporting the Consumer Understanding outcome. Examples include newsletters, social posts, or client reviews.

2. Tailor messaging by life stage

Readiness varies by age. Mid-life clients (35–44) often feel most pressure. Life-stage-specific messaging improves relevance and helps clients understand products that meet evolving needs.

3. Build client confidence through planning

Only 37% of non-retired adults feel confident they will retire when they want. Advisers can use insights to strengthen retirement and financial planning conversations, reassuring clients and supporting confidence.

4. Engage clients early with education and tools

Many clients save but do not invest or lack protection. Webinars, guides, calculators, or the Financial Readiness Index itself can educate and encourage earlier, informed engagement.

5. Focus on key financial gaps

Protection, retirement, and home ownership gaps show where advice is most needed. Advisers can create content around life events such as buying a home or starting a family, helping clients access services that genuinely meet their needs.

Why it matters: By turning insights into action, UK advisers can bridge the gap between confidence and preparedness, enhancing client engagement, resilience, and regulatory compliance.

Why the Financial Readiness Index matters

The Index provides a credible, data-led benchmark for financial security in the UK. It highlights:

• National trends in confidence and preparedness
• Behavioural gaps in savings, protection and retirement planning
• Opportunities for advisers and the financial services sector to add meaningful value

In a time of economic uncertainty, the Index encourages better-informed decisions, proactive planning, and stronger household resilience.

In this new series, Warren O’Connell, Head of Business Development for Sourcing at Iress, sits down with some of the UK mortgage market’s movers and shakers to explore their perspectives, predictions, and personal passions driving the industry forward.

This time, Warren chats with Jinesh Vohra, CEO at Sprive, the mortgage overpayment app on a mission to help homeowners become debt-free faster just by doing their everyday shopping.

So, Jinesh, are you ready for some Home Truths?

Tell us, what’s exciting you most about the UK mortgage market right now?

After years of very little innovation, it finally feels like we’re at a turning point. We’re seeing genuine momentum behind solutions that meaningfully improve the customer experience. Technology and AI are beginning to unlock opportunities around personalisation, efficiency, and customer engagement that simply didn’t exist before. Products like Sprive are scaling fast, lenders are becoming more open to digital partnerships, and there’s a real appetite for change. For the first time in a long time, it feels like the industry is moving from reactive problem-solving to proactively designing better journeys for homeowners.

Where do you see the biggest opportunities for brokers and intermediaries in the next 12 months?

The biggest opportunity lies in transforming how brokers engage with customers. Traditionally, the relationship has been very transactional and largely limited to once every two to five years. In a world of rapid innovation, rising competition, and AI-driven alternatives, that model simply isn’t enough. The brokers who win will be the ones who stay close to customers year-round, use data intelligently to add ongoing value, and embrace technology to streamline admin-heavy tasks. Tools that help with lead generation, pre-assessment, and sourcing will create huge competitive advantage. Customers increasingly expect digital-first experiences, so brokers who modernise their journey will be in a stronger position.

What’s one industry challenge that you think doesn’t get talked about enough?

We don’t talk enough about the long-term structural risks building up in the market. More people are borrowing more money over much longer terms, simply because house prices are rising far faster than salaries. Millions are now projected to carry a mortgage well into their 60s and 70s. Combine that with higher interest rates, the cost-of-living crisis, and uncertainty around the impact AI will have on the job market, and you have a real societal issue.

If we don’t help homeowners get ahead of their mortgage burden, we risk seeing rising defaults, greater financial insecurity later in life, and a generation without enough retirement resilience.

If you could wave a magic wand and change one thing about the mortgage process, what would it be?

I’d enable customers to digitally remortgage for straightforward cases in the same seamless way they can complete a product transfer today. No endless form-filling, no painful back-and-forth, and far less manual underwriting. Giving advisors modern, digital tools to execute vanilla remortgages quickly would dramatically improve the experience for everyone involved.

What drives you personally in this industry? What keeps you motivated?

I’m motivated by a very simple mission: helping homeowners take control of their mortgage and reduce the amount of interest they pay over their lifetime. Debt weighs heavily on people. It affects family life, finances, well-being, and long-term security. Knowing that Sprive can help people become mortgage-free faster, save eye-watering amounts of interest, and put themselves in a better position for the future is what fuels me every day. We’re not just helping people secure a mortgage; we’re helping them manage it responsibly for decades to come.

How do you see collaboration shaping the future of the mortgage space?

The future will be shaped by collaboration between lenders, brokers, technologists, and consumer-focused platforms. Customers will expect more control, more transparency, and more digital experiences, and no single part of the industry can deliver that alone. Partnerships between lenders and fintechs will be essential in modernising processes, improving affordability assessments, and giving customers a continuous journey from day one of their mortgage through to the day they pay it off.

Technology has made an enormous difference to the intermediary journey - where do you see the biggest gains still to be made?

The largest gains will come from reducing friction in the application process. Advisors still spend huge amounts of time collecting documents, sourcing data, validating information, and dealing with manual processes. Automating data flows such as income verification, property data, affordability checks, digital ID will free advisors to focus on the human part of the job. AI will also play a much greater role in helping customers shop smarter, complete tasks faster, and get clearer guidance earlier in their journey.

How does Iress fit into your strategy, and how do our tools and partnership help you deliver better for your customers?

Iress has been a key partner from day one. Sprive would likely not exist in its current form without its technology. Their sourcing tools help us power personalised, real-time mortgage insights for every customer. That means homeowners stay informed, understand their options, and have more control over their mortgage journey. The combination of Iress’ data and our mission-led platform allows us to support homeowners not just at the point of advice, but every single day as they work to reduce their mortgage faster.

What does success look like for you - and for the industry - over the next five years?

For Sprive, success means becoming the go-to platform for homeowners who want to pay off their mortgage faster and manage it more intelligently. It means helping millions of people save interest, reduce their debt, and avoid the long-term risks we’re seeing build up in the market. For the industry, success means better outcomes for customers: more transparency, more digital journeys, faster processes, and stronger long-term mortgage resilience.

Finally, if you could give one piece of advice to intermediaries navigating today’s market, what would it be?

Expect change that will likely happen over the next 5 years and embrace it. For years, tech players struggled to break in, but it’s naive to think the industry will stay the same forever. Lenders are making significant tech investments, AI is accelerating fast, and customers expect modern experiences. Stay close to your customers, diversify the value you bring, adopt new tools early, and keep an open mind to innovation. The firms that adapt will thrive; those that don’t will fall behind.

Thank you Jinesh, for sharing your Home Truths.

At Iress, we have conversations like this every day and through industry meet-ups like our Mortgage Forum. By talking openly in this way, we can develop the right tools and technology to keep brokers and lenders ahead of the opportunities that exist in the mortgage market.

Look out for more Home Truths from our other friends and partners soon.

Would you like to be interviewed by Warren? Email him at warren.o’connell@iress.com

In this new series, Warren O’Connell, Head of Business Development for Sourcing at Iress, sits down with some of the UK mortgage market’s movers and shakers to explore their perspectives, predictions, and personal passions driving the industry forward.

This time, Warren chats with Lottie Dougill, Head of Home Finance Distribution at Gatehouse Bank, the Shariah-compliant, responsible UK challenger bank.

So, Lottie, are you ready for some Home Truths?

Tell us, what’s exciting you most about the UK mortgage market right now?

It’s encouraging to see the growth of alternative finance types as customers look beyond conventional financial providers to find the best fit for their specific needs. This is providing an increase in healthy competition within the market and placing the power with customers, making this an exciting time for product innovation and more specialised service options. As we are seeing at Gatehouse Bank, many are attracted by organisations that are offering a wider and more innovative product offering than has previously been available. This can be especially helpful for customers with more complex cases or niche requirements, as well as those residing overseas.

Where do you see the biggest opportunities for brokers and intermediaries in the next 12 months?

With ESG considerations becoming increasingly important, the rise of ethical finance will continue to pose a big opportunity in the next year and beyond. As a Shariah-compliant Bank which sees being a responsible and sustainable provider as the guiding principle behind our operations, this is something we are particularly interested in. For consumers, there is considerable demand for ethical and sustainable financial products, with Islamic finance providing a credible alternative to conventional forms of finance. This is evidenced by our Islamic and Ethical Finance Consumer Report, where over half (55%) of Muslims said they would pay a higher rate for a green finance product. Previous research we conducted also highlights this desire within the home finance sector, specifically, where almost half (45%) of UK homebuyers would consider using an ethical finance provider that follows Islamic principles. It will become increasingly important for brokers to have an understanding of alternative finance types which are more ethical in nature, such as Shariah-compliant finance, to ensure they are best able to serve the changing needs of customers and take advantage of the wealth of opportunities this is likely to offer.

What’s one industry challenge that you think doesn’t get talked about enough?

At Gatehouse Bank, we work with many brokers and customers who are based overseas and the lack of standardised global compliance frameworks in place, which includes the documentation required to secure finance, can be a challenge in some cases. We know that our BDMs have the knowledge and expertise to provide guidance on this and ensure the process of securing the home finance required is as smooth as possible, but the lack of standardisation is confusing to some, especially if it is a complex income case that may require a more nuanced approach.

If you could wave a magic wand and change one thing about the mortgage process, what would it be?

While it is so important for all the necessary legal checks and compliance procedures to be carried out, especially when it comes to anti-fraud measures, the current process for doing these can often delay completions by weeks or months. I would like to see an automated, more standardised approach introduced. This would be effective in reducing turnaround times, enabling providers to release funds quicker and, most importantly, improve customer satisfaction.

What drives you personally in this industry? What keeps you motivated?

It is incredibly rewarding to help people become homeowners and to create solutions for brokers which ultimately help their customers to achieve their goals too. Strong professional relationships built on trust are key within this industry and I thrive on creating strategic partnerships that will benefit all involved, including customers, developers and brokers.

How do you see collaboration shaping the future of the mortgage space?

An environment which encourages global collaboration between UK providers like Gatehouse Bank and overseas introducers and developers is a key driver for future growth. With many UK expats and international residents seeking to invest in the UK property market, it is only through working closely with overseas partners that we can enable and support them to achieve their property ownership goals.

Technology has made an enormous difference to the intermediary journey – where do you see the biggest gains still to be made?

The introduction of collaborative data models between UK and overseas credit reference agencies would be a game changer. This would do a great deal to support international customers, particularly in complex income cases.

How does Iress fit into your strategy, and how do our tools and partnership help you deliver better for your customers?

As the industry, and the financial services sector as a whole, moves further toward digital transformation, having a robust technology partner is a key factor in being able to deliver our product proposition. It allows us to enhance broker connectivity and widen distribution which, ultimately, supports our strategic growth.

What does success look like for you – and for the industry – over the next five years?

The Islamic finance sector has been rising in popularity as an alternative finance type over the last few years, resulting in it becoming one of the fastest growing sectors in financial services globally. While it is great to see more people looking outside of conventional finance for the products and services that best suit their needs, more can be done to help this sector reach its full potential. Success for me, will involve providers of Islamic finance and brokers working together to increase knowledge and awareness of the options available to those seeking Islamic property finance while also working to remove barriers and lingering misconceptions which may be holding people back from seeing it as a viable option. An enhanced familiarity with Islamic finance will not only help brokers to cater to the diverse nature of the UK market, which includes four million Muslims but will also encourage further investment from international investors seeking property within the UK.

Finally, if you could give one piece of advice to intermediaries navigating today’s market, what would it be?

Building on what I’ve already said, I would encourage brokers and intermediaries to embrace the potential of alternative property finance types, including Islamic finance, through increasing their knowledge of the key differences and how to offer it as a viable option to their clients. At Gatehouse Bank, our Business Development Managers offer training and development dedicated to ensuring that different ways of financing home ownership and investment properties are not overlooked and we are happy to support anyone who may want to learn more about how the sector. As the home finance market continues to change and develop, having an understanding of alternative finance will help intermediaries to tap into new markets and continue to provide the best service to their clients.

Thank you Lottie, for sharing your Home Truths.

At Iress, we have conversations like this every day and through industry meet-ups like our Mortgage Forum. By talking openly in this way, we can develop the right tools and technology to keep brokers and lenders ahead of the opportunities that exist in the mortgage market.

Look out for more Home Truths from our other friends and partners soon.

Would you like to be interviewed by Warren? Email him at warren.o’connell@iress.com

Wow, what a year it's been! We set new records, built smarter tech and helped secure more people's futures than ever before.

From processing the equivalent of one mortgage quote for every person in Britain, to securing a 10-year high in protection applications, together with our clients and partners, we've made an impact.

Join us for a look back at a record-breaking year of innovation, collaboration and growth across Protection, Retirement and Mortgages in Sourcing 2025 Wrapped.

As we wrap up another year, my second as MD for Sourcing, I want to thank you for your loyalty and partnership - we couldn't do this without you!

Jennifer Rafferty - Managing Director - Sourcing

For many aspiring homeowners, the journey to buying a first home can feel less like an exciting milestone and more like a marathon they never signed up for. With property prices remaining high and rents continuing to rise, many first-time buyers are finding it difficult to save for a deposit – especially when rent could cost more than a mortgage payment.

At Skipton we think it’s time the market and lenders adapted. We have a mindset that looks beyond a ‘typical’ buyer and we could work together to help make the first step onto the housing ladder feel possible for more people.

Understanding the challenge

In partnership with Oxford Economics, we launched the third edition of our Skipton Group Home Affordability Index to delve deep into the first-time buyer housing crisis. And the results are hard to ignore:

• Around five million adults are still living with their parents in Great Britain^**.
• 98% of adults living with their parents are unable to afford the average first-time buyer homes in their local area based on their financial situation^*.

It’s a wake-up call, and one we’re taking directly to policymakers. We’re pushing for sector-wide collaboration to unlock homeownership for a trapped generation. We want to see:

• Reforms made to property taxes to remove the burden on first-time buyers. We believe this could make a significant difference to improving the flow of the housing market. A healthy market relies on free movement: older owners downsizing, families upsizing and - of course - first-time buyers getting on the ladder. Policy should encourage that flow, not restrict it.
• Reforms to Lifetime ISAs and Cash ISAs. Both have acted as a valuable tool for many to save for a deposit, but we need to see reform from the government to meet the challenges of today and for the future.

We’re not just here to highlight the problem. We'd like to help fix it too. Over the past two years, we’ve launched a range of first-time buyer products designed to help you remove barriers and open doors for your clients. Products to help with affordability, low deposit cases and more.

Skip to hope - a new era for first-time buyers

Everyone deserves a place to call home, and together, we could help more people get there.

By thinking beyond standard lending approach and using these tools creatively, together we could find a route to ownership even for clients who might otherwise struggle. It’s about taking a flexible, common-sense approach that works in real life.

Helping people into homes has been part of who we are since 1853. Today, our purpose continues, and we’re determined to lower the ladder for the next generation of homeowners.

^{**Office for National Statistics (2021)}

^{*Skipton Group Home Affordability Index 2025}

^{For intermediary use only.}

^{Please read the following information carefully. If you do not agree or understand any part please do not use the Skipton Group Home Affordability Index, or act or omit to act in consequence of it.}

^{The Skipton Group Home Affordability Index is not a benchmark for the purposes of UK Benchmark Regulation, nor for the purposes of any other legislation or regulation. The Skipton Group Home Affordability Index is produced for information purposes only and must not be used or relied upon for commercial purposes, including as a reference for:}

• ^{determining an amount payable under a financial instrument or a financial contract;}
• ^{determining the value of a financial instrument; or}
• ^{measuring the performance of an investment fund with the purpose of:}
• ^{tracking the return of such index; or}
• ^{defining the asset allocation of a portfolio; or}
• ^{computing the performance fees.}

^{It must not be used for any decisions and/or advice.}

In this new straight-talking series, Warren O’Connell, Head of Business Development for Sourcing at Iress, sits down with some of the UK mortgage market’s movers and shakers to explore their perspectives, predictions, and personal passions driving the industry forward.

This time, Warren speaks with Zara Bray, Distribution Director at one of the UK's largest Mortgage and Protection Networks, Quilter Financial Planning. Quilter has been an Iress client for over 10 years. Their advisers use our Xplan Mortgage software to efficiently and easily source and apply for mortgage and protection products. So what Home Truths does she have to share? Let's find out.

Zara, tell us, what’s exciting you most about the UK mortgage market right now?

What excites me at the moment is that advisers are right at the centre of helping people rebuild confidence after a very turbulent couple of years. The demand for good advice hasn’t gone away; if anything, it’s strengthened. Customers are coming back to their advisers earlier in the process, asking more questions, and wanting ongoing support rather than one-off transactional help. The lenders are innovating again, too, which is refreshing after a period of pricing volatility when product development took a back seat. There’s plenty for advisers to get excited about.

Where do you see the biggest opportunities for brokers and intermediaries in the next 12 months?

This year is a massive refinance cycle, and that gives advisers a golden opportunity to re-establish relationships and check whether a customer’s protection and wider financial needs are still being met. Affordability has improved in recent months, but this news hasn’t necessarily reached the customers that could benefit from these changes, so clients need an adviser who can build awareness, navigate the nuances of lender policy and help them plan sensibly for the long term, especially with inflation still influencing budgets. That advisory guidance is priceless. We’re also seeing rising demand in later-life lending, self-employed and contractor spaces, and green/energy-efficiency improvements. Advisers who skill up in these areas now will be ahead of the curve.

What’s one industry challenge that you think doesn’t get talked about enough?

The shrinking pool of advisers. I’m passionate about quality advice being accessible to everyone, but unless we bring new people into the profession, that simply won’t be possible. It takes time, money and structured support for a firm to grow its talent pipeline, and many advisers who would make brilliant mentors are already stretched. That’s why at Quilter, we’re actively sponsoring individuals through their CeMAP and supporting firms to build sustainable businesses and rewarding careers.

If you could wave a magic wand and change one thing about the mortgage process, what would it be?

I’d create a simpler, more joined-up journey for customers. Too many clients still feel the process is opaque, and advisers end up carrying the emotional load of explaining every delay or document request. We’ve come a long way with technology at the advice stage, but the processes that follow for house buyers are slow and clunky. With better connectivity between lenders, advisers and partners end-to-end, we could reduce friction dramatically. Anything that gets customers in their homes sooner and frees advisers to spend more time giving advice is a win in my book.

What drives you personally in this industry? What keeps you motivated?

I’ve been in distribution roles for over 20 years, and the one constant is my belief in the power of good advice. It changes lives. I also love helping people reach their potential, whether that’s advisers growing their businesses or colleagues stepping into new roles they never thought they’d be capable of. What keeps me motivated is the pace of the market. There’s always something new to tackl,e and no two days are ever the same. Ultimately, I want our advisers to feel supported and proud to be part of Quilter.

How do you see collaboration shaping the future of the mortgage space?

Collaboration is everything. Consumer Duty has encouraged firms, networks and lenders to work together more closely on outcomes, and that’s been a good thing. Advisers increasingly want partners who help them run better businesses. Our role as a network is to do the heavy lifting on compliance, technology and proposition so firms can focus on the relationships that matter. When everyone plays to their strengths, the whole sector moves forward. I’ve personally gained so much from being on the AMI Board; the work they do is a shining example of collaboration in our industry.

Technology has made an enormous difference to the intermediary journey – where do you see the biggest gains still to be made?

The biggest gains will come from automation in the background, the bits advisers don’t see but really feel. Faster decisioning, cleaner data flows, fewer repetitive admin loops. Tech should enable advisers, not replace them. When used well, it gives them more time with clients, allows more informed conversations, and lets them build a more holistic view of a customer’s needs. We’re investing heavily in this space because it’s key to staying relevant in a more complex advice landscape.

How does Iress fit into your strategy, and how do our tools and partnership help you deliver better for your customers?

Technology underpins everything we’re building. Advisers need tools that are intuitive, integrated, and actually remove friction. Our focus is on modernising the adviser experience and ensuring that, whether it’s sourcing, suitability, protection or case progression, our systems help advisers deliver the kind of consistent, compliant and human-centred service customers expect. When advisers feel confident in the tools they’re using, it frees them up to give much more value to customers.

What does success look like for you – and for the industry – over the next five years?

For me, success is a thriving, growing mortgage network where advisers feel supported, valued and excited about the future. I want Quilter to be recognised not just as a wealth brand, but as a force in mortgages and protection. For the industry, success means more advisers entering the profession, greater diversity of thought and background, and continued innovation from lenders. We can’t afford to stagnate; customers’ needs are becoming more complex, and the industry must evolve with them.

Finally, if you could give one piece of advice to intermediaries navigating today’s market, what would it be?

The only thing you can be sure of is that change is coming. The FCA has a 5-year strategy for our sector and technology, and AI is evolving faster than we’ve ever seen before, so my advice is to prepare yourself, your business and your customers for change. Agility and adaptability will be key strengths of our successful intermediaries and the businesses that rely on them to trade.

And don’t forget protection, now more than ever, customers need guidance on securing their family’s future.

At Iress, we have conversations like this every day and through industry meet-ups like our Mortgage Forum. By talking openly in this way, we can develop the right tools and technology to keep brokers and lenders ahead of the opportunities that exist in the mortgage market.

Look out for more Home Truths from our other friends and partners soon.

Would you like to be interviewed by Warren? Email him at warren.o’connell@iress.com

The world of work has changed significantly this decade. The pandemic not only highlighted that it’s possible to work in different ways but also provided a catalyst for people to really think about what work they are doing and why.

LinkedIn data shows one third of UK professionals would accept a pay cut for a role that had greater purpose^[1]. This figure rises to almost half of those in Gen Z.

Work is no longer just about the monthly pay cheque, although that is still important. It has a much larger impact on how we see ourselves and how others see us.

Feeling what you do is worthwhile and that it makes a positive difference is vital to the youngest members of the workforce. 89% of Gen Z workers and 92% of Millennial workers consider a sense of purpose to be important to their job satisfaction and wellbeing^[2].

Our recent survey with 2,420 working people supports this shift in attitudes. 70% of respondents said they take a lot of pride in the job or work they do, with more than a third (35%) strongly agreeing with this statement.

Interestingly, it isn’t just younger workers who say they take pride in their work. 72% of respondents who are Boomers – those aged between 60 and 78 – agreed with this statement, the same percentage as respondents who are Millennials.

For many, work has a fair wider remit than providing money to live on. It provides value and purpose which people can be proud of. If they are unable to work through illness or injury for weeks or even months, they are not just losing out financially, their confidence and self-worth can also be severely affected.

The pandemic not only changed how work is viewed, but it also showed that anyone can get ill at any time. Our survey last year with 2,000 UK adults underlines this. Over a quarter of respondents (27%) said they had taken a month or more off work due to illness during their working lives. The average time these people had spent off sick was four and a half months. Nearly a quarter (23%) had taken six months or more off work, a substantial time to be away from their usual roles and being able to contribute to society.

Our research highlighted taking a month or more off work is far from unusual. This is most likely to be the result of an accident or a common complaint, such as back pain, which can afflict anyone. Even just a few weeks off work can begin to dent confidence and erode good mental health.

The support services offered through income protection such as 24/7 GP virtual services or mental health counselling, can be hugely valuable, offering help straightaway that can mitigate the self-doubt which can take over when you are unable to do that thing that partially defines you.

Just talking about the financial benefits of income protection misses the point. It does so much more than pay your bills. It supports you in getting back to the life that you had, helping you do the things that give you pride and satisfaction. The added value services are an integral part of the proposition and should be a primary part of any conversation, not an afterthought.

^{[1] The Big Shift: What UK Workers Really Want In 2025 | Forward Role}

^{[2] Deloitte Global Gen Z and Millennial Survey 2025}

Rising compliance and portfolio management demands are leaving many financial advisers struggling to focus on what they do best – helping clients navigate life’s big decisions. Here’s how a well-designed MPS can ease the pressure and help your business grow.

Ahead of launching our new Model Portfolio Service (MPS) on platform, in September 2025 we commissioned independent researchers to speak to 100 UK-based independent financial advisers, each managing average client assets of just under £1 million. The aim was to understand how they use MPS today, what the biggest challenges are and how they see the future of advice evolving.

Financial planning is the priority but time is short

The study confirms what many already know from experience: advisers are under pressure. Portfolio management, compliance and administration are taking up time that could otherwise be spent on planning, client conversations and business development.

While advisers continue to divide their time across multiple areas, only 43% believe their current split allows them to focus on what really matters to clients. Almost half said financial planning, from tax and pensions to estate and inheritance advice, offers the greatest opportunity to build long-term relationships. When asked what truly differentiates a financial adviser in today’s market, two-thirds pointed to comprehensive, forward-looking planning rather than superior investment performance.

There’s no question about where advisers want to focus their time. The challenge is how to get there.

98% of advisers surveyed said that compliance and documentation requirements delay their ability to make timely portfolio decisions.

Compliance and admin are slowing everything down

Regulatory demands are now one of the biggest constraints on adviser time. Nearly all respondents (98%) said that compliance and documentation requirements delay their ability to make timely portfolio decisions, and a fifth described the impact as significant. Looking ahead, nine in ten advisers expect the compliance burden to grow even further over the next three years.

Portfolio management is adding to the strain. While some advisers say they spend fewer than five hours a month on portfolio-related work, three-quarters are spending between six and 20 hours. Many expect that commitment to rise. The most common portfolio-related pain points include the time taken to rebalance, the difficulty of keeping up with market moves and the challenge of maintaining consistency across clients.

74% of advisers said an MPS solution that integrates with their current tech framework is essential. Learn more about our enhanced Model Portfolio Service.

Time pressures are holding back growth

Advisers were also clear about the opportunity cost of managing portfolios in-house. Two-thirds said that if they could reallocate just five to ten hours of portfolio management time each week, they could grow their client base by up to 10% over the next year. A further quarter said they could grow by between 11% and 20%.

When asked how they would use that extra time, most advisers said they would focus on bringing in new clients, doing deeper tax and estate planning work, and having more proactive conversations with current clients.

For firms looking to scale without sacrificing service, this kind of shift could be transformative.

MPS is playing a bigger role and advisers expect more from it

The research suggests that MPS is already well embedded in many advice businesses, but its role is set to grow. Six in ten advisers say between 26% and 50% of their clients’ investable assets are currently in model portfolios, and nearly half expect that proportion to rise to more than 50% in the next three years.

Advisers also expect more from MPS solutions. Nine in ten said they plan to increase their use of actively managed portfolios, citing economic uncertainty, market volatility and the need for greater portfolio resilience as the main reasons. The same proportion said they would make greater use of MPS if more services offered high-conviction, outcomes-led solutions at fair and competitive prices.

Saving time remains a top priority when selecting investment solutions, followed closely by risk management, client suitability and access to research. Advisers also want MPS providers that make compliance easier, not harder.

Meeting adviser needs with a smarter approach

The message is clear: advisers want more time for planning, less friction in portfolio management and stronger support in meeting their regulatory obligations. Model portfolio services that can deliver on those needs, without adding complexity or cost, are increasingly seen as essential to the future of advice.

Advisers also want MPS solutions that fit neatly into their existing platform infrastructure. In the survey, 74% said integration with their current tech framework is essential, making ease of use and compatibility key factors when selecting a provider.

In this new series, Warren O’Connell, Head of Business Development for Sourcing at Iress, sits down with some of the UK mortgage market’s movers and shakers to explore their perspectives, predictions, and personal passions driving the industry forward.

This time, Warren chats with Tanya Toumadj, MD at Mortgage Broker Tools, the market leader in mortgage affordability. Iress and MBT have worked together since 2020, and Warren and Tanya have shared the stage many times to discuss the mortgage market, its challenges, innovations and opportunities. They're known for their honest takes and insights - so, Tanya, are you ready for some home truths?

Tell us, what’s exciting you most about the UK mortgage market right now?

Can I pick two? Firstly, it’s the amount of innovation we’re seeing from lenders. For a long time, the market felt very price-driven, but that’s really starting to shift. Lenders are now looking beyond rates and focusing on areas like affordability and criteria, which is making it possible for more people to access borrowing. And secondly, it is seeing collaboration finally coming together in the tech space, giving brokers best-of-breed solutions in one place as opposed to a “one size fits all” approach.

Where do you see the biggest opportunities for brokers and intermediaries in the next 12 months?

I think the real opportunity is in automation and simplification. Technology has evolved so much, and brokers now have access to software that can remove a lot of the manual work that eats up their time. By using the best software available, brokers can spend less time on admin and more time on what really matters, which is building relationships with clients and giving quality advice. The firms that embrace that balance between tech and human touch are the ones that’ll thrive.

What’s one industry challenge that you think doesn’t get talked about enough?

Affordability is one of those topics that comes up a lot, but not always in enough depth. At MBT, we talk about it constantly because it’s such a key part of the lending landscape and it’s something lenders can use as a lever for growth, provided they manage risk properly. What doesn’t get highlighted enough is that in over 70% of cases, the lender offering the best affordability isn’t one of the top ten. That’s a big deal. It shows how important it is for brokers to be truly whole-of-market, with a wide enough panel to find the best possible outcome for each client.

If you could wave a magic wand and change one thing about the mortgage process, what would it be?

To reduce the stress of moving home. Even working in the industry, it's still a worry when it's your home. The industry is trying to make great strides, but far too many deals take too long or collapse, causing financial and mental stress.

We can't solve everything at MBT, but we passionately believe the process can be improved by knowing what you can borrow before you look to move.

What drives you personally in this industry? What keeps you motivated?

For me, it’s simple; we’re helping people get their dream home. That’s what it all comes down to. At MBT, our role is to provide the technology and data that help brokers and lenders make that happen. Knowing that our platform helps deliver better advice and better outcomes for real people, that’s what keeps me motivated.

How do you see collaboration shaping the future of the mortgage space?

Collaboration is everything. No single business can solve all the challenges in this market alone. The future is about partnership, bringing together experts from different areas to build something genuinely better. At MBT, we’ve always been very pro-collaboration. We focus on partnering with others who are best in their field to deliver a complete, best-in-class solution for brokers and lenders.

Technology has made an enormous difference to the intermediary journey. Where do you see the biggest gains still to be made?

There’s still a lot more to come from automation. Technology can take on even more of the repetitive, manual tasks, freeing up intermediaries to focus on the client. We’ve made great progress, but there’s still huge potential to make the process feel smoother and smarter for everyone involved.

How does Iress fit into your strategy, and how do our tools and partnership help you deliver better for your customers?

Iress is a really important partner for us. We share a similar philosophy; we both believe in working collaboratively to deliver the best possible solutions for brokers. Our partnership means we can integrate affordability, criteria and product information right into the broker’s workflow, so the information they need is there when they need it. It’s a great example of how partnership and technology can combine to make a real difference in day-to-day broker life.

What does success look like for you - and for the industry - over the next five years?

For MBT, success means continuing to deliver the best research platform out there for brokers, but also helping lenders identify and serve areas of the market that are currently underserved. Around 15% of clients today don’t have a lender who’ll lend to them, and we see that as a real opportunity. By using data to show lenders where those gaps are, we can help more people get the homes they want. For the industry as a whole, success looks like a market that’s more inclusive, more efficient, and more connected.

Finally, if you could give one piece of advice to intermediaries navigating today’s market, what would it be?

Time is your most valuable resource, and it’s easy to get stuck in the day-to-day. My advice would be: take the time to look at your processes and see where you can make improvements or bring in automation. I know it’s hard to find that time upfront, but the gains down the line are huge. You’ll save time, improve consistency, and ultimately give better service to your clients.

Thank you, Tanya, for sharing your Home Truths.

At Iress, we have conversations like this every day and through industry meet-ups like our Mortgage Forum. By talking openly in this way, we can develop the right tools and technology to keep brokers and lenders ahead of the opportunities that exist in the mortgage market.

Look out for more Home Truths from our other friends and partners soon.

Would you like to be interviewed by Warren? Email him at warren.o’connell@iress.com

T+1: infrastructure under pressure

The global shift to T+1 settlement is more than a compliance milestone – it’s a litmus test for infrastructure resilience, operational agility, and data-driven decision-making.

While Australia’s transition may be years away, the time to act is now. That’s especially the case for those firms already living the T+1 reality through international trading operations, navigating compressed timelines and cross-border complexities as global markets accelerate towards faster settlement cycles.

India completed its phased rollout of T+1 in 2023. North America followed in May 2024 with the United Kingdom, the European Union and others targeting 2027.

Lessons from the US

The US transition was broadly successful, with 95 per cent of trades affirmed on day two.

But behind the headline numbers, operational cracks appeared.

Time zone compression shrank processing windows by up to 80 per cent, forcing firms into manual workarounds.

Staffing costs spiked – some by 18 per cent – as firms threw people at problems that technology should solve.

Late settlement rates rose, especially in Asia Pacific trades with the US.

So, the North American experience serves as a vital, if expensive, lesson: T+1 is fundamentally a technological imperative, demanding end-to-end straight-through processing (STP) because manual processes aren’t just inefficient – they’re expensive and risky.

Automation is the foundation of resilience. This is why platforms such as MyIress, Iress FIX Hub and Iress Data Insights are engineered to eliminate friction, reduce settlement risk and provide real-time control across the trade lifecycle.

The European warning

If the US transition was a sprint, the upcoming UK and EU shift to T+1 in October 2027 is a marathon through tricky terrain.

Europe faces a daunting task, coordinating T+1 across 27 EU jurisdictions, more than 30 central securities depositories (CSDs) and various legal and tax regimes.

Preparation budgets reflect the scale of the task. It’s estimated that a large global custodian may invest up to US$36 million to prepare for T+1, more than double the $13.3 million average spent for the North American transition.

And the stakes are higher. Under the EU’s Central Securities Depositories Regulation (CSDR), failed trades incur mandatory cash penalties. With T+1 increasing failure risk – especially for cross-border trades and non-EU ETFs holding US assets – automation isn’t optional, it’s survival.

Europe’s challenges underscore the non-negotiable requirement for high-speed, end-to-end automation.

This operational standard is what Australian firms must meet today to manage cross-border risks, and tomorrow to implement a domestic T+1 cycle.

Iress FIX Hub supports this standard through real-time monitoring, diagnostics and configurable rules that detect and manage exceptions across the trade lifecycle before they disrupt execution.

Meanwhile, Iress Data Insights will add anomaly detection, reconciliation and proactive alerts that shift firms from reactive correction to proactive control.

Australia’s strategic advantage

Australia’s timeline, with T+1 is not due until at least 12 months after the CHESS replacement that’s planned to go live in Q1 2029. This offers a rare opportunity to gain a strategic advantage.

The imperative is clear: focus now on four core areas to manage current risks and prepare for what’s around the corner:

1. Simplify operations Drive workflow efficiency through modular, interoperable architecture built on FDC3 and open APIs. MyIress and Iress FIX Hub enable faster configuration, fewer handoffs, and smoother collaboration across trading, operations, and compliance.
2. Execute a data strategy Global investors expect real-time visibility and predictive control, not just end-of-day reporting. Transparency is now a competitive edge. With Iress Data Insights and Iress FIX Hub, Iress gives brokers the ability to anticipate risk. Exception handling becomes predictive, resolving trade mismatches before they cascade. This is the level of visibility global investors already expect.
3. Solve the FX problem T+1 compresses currency settlement windows. Iress FIX Hub enables reliable, scalable connectivity across brokers, custodians, and markets – removing bottlenecks and enabling pre-funding or automated FX strategies.
4. Pressure test your systems Use global lessons to validate systems now. Our cloud-native, interoperable architecture is designed for resilience – supporting early allocation, real-time reconciliation and continuous trading.

T+1 is just the beginning

At Iress, we see T+1 not as a finish line, but a foundation. The future is T+0, 24/5 global markets and tokenised assets. These shifts will demand real-time reconciliation, modular workflows, and truly interoperable platforms.

MyIress is already built for this evolution. It’s zero-install, scalable and designed to support new asset classes. Iress FIX Hub offers global reach with five hubs and cloud-native connectivity. Iress Data Insights moves firms from reactive issue management to proactive, data-driven risk management.

The T+1 era is a reminder: resilience, not just readiness, sets firms apart. Firms that act now won’t just meet compliance – they’ll lead the next era of market infrastructure.

This article was originally published in SIAA Newsroom

At Iress, we're building toward becoming an AI-native organisation, where AI is foundational to how we create value for clients. This is a yearly transformation, and it starts with our people.

Our mission is to deliver smarter, faster, and more personalised outcomes for our clients through the intelligent use of data and technology. That's why we're investing in building an AI-ready workforce, equipped not just with access to cutting-edge tools, but also with the mindset, skills, and support to use them meaningfully.

Through internal initiatives like Iress' AI Immersion Day, which is taking place across our offices globally, we're turning AI from a buzzword into a practical capability embedded across the business. The response from our teams has been encouraging.

Brandon Swiderski, Iress Network Engineer, said: “Having never used any form of agentic AI before, I was extremely impressed with how fast I was able to produce a functional prototype from just a handful of prompts. I see AI tools like v0 (AI prototyping) drastically reducing (or completely removing) the barrier to entry for software development for many people, allowing anyone to begin building exciting projects.”

Catherine Lavender, Iress Senior Relationship Manager said “My favourite part of the immersion day was the really practical hands-on approach, the space to learn and explore and be able to open up to all the creativity these tools can enable, the collaboration and knowing this was happening company wide was great. My next step with AI is to learn more and experiment because I have some ideas. I definitely want to try and use AI for my work.”

Why AI is a strategic imperative

The rise of AI isn’t just a technological shift, it’s a business imperative. Across the financial services industry, expectations are rapidly evolving, and our clients expect digital experiences that feel seamless and intuitive. At the same time, businesses like ours are navigating rising complexity, tighter margins, and increasing regulatory demands. That’s why Iress is investing in AI as a strategic enabler. We’ve identified four core reasons AI is critical to our business:

1. Customer value
   AI helps us deliver more timely insights, greater personalisation, and simplified processes that enhance the experience for our customers.
2. Internal operational efficiency
   Whether it's automating document review, extracting insights from unstructured data, or supporting internal teams with smarter tools, AI allows us to redirect effort toward higher-value work - the kind of strategic, creative, and relationship-focused activities that our people tell us they want more time for. Integrating AI and investing in people is key to transforming Iress into a modern, dynamic workplace that empowers, engages, and attracts top talent.
3. Innovation velocity
   Speed to market matters. AI enables us to prototype, iterate, and scale new ideas faster, whether that means building new features in Xplan or rethinking our internal support systems.

4. Trust through governance
We know that AI must be adopted responsibly. That’s why we’ve built our approach on a modern, secure data platform with governance at its core, ensuring our AI is explainable, ethical, and safe.

By embedding AI across our business, from sales and legal, to product and support, we’re not only solving today’s challenges, but building a future-ready organisation.

Building AI literacy

For AI to truly deliver value, it needs to be understood, trusted, and applied by the people closest to the work. That's why we've invested in comprehensive training across the organisation, with over 4,000 hours delivered to date, with particular focus on product, support, and client-facing teams. Over the past few months, we’ve brought our teams together across regions and disciplines for AI inspiration sessions designed to spark ideas and challenge assumptions. These sessions showcased the breadth of AI’s potential within Iress and beyond. We also hosted a series of AI ideation workshops - collaborative forums that encouraged our people to identify real challenges in their workflows where AI could make a difference. The best ideas didn’t come from our leadership team, they came from the people closest to the work.

Today, nearly 80% of our people are actively engaging with our AI tools, demonstrating their confidence in using them in their daily work.

From beginner-friendly explanations of large language models to hands-on exposure to enterprise AI tools like Atlassian AI, Zoom AI, Slack AI, Gemini, and NotebookLM., We’re ensuring our people have both the knowledge and the access they need to engage with AI meaningfully. We're also being deliberate about which problems AI should solve, and which still benefit from human judgment and expertise. Our goal isn't to automate everything - it's to augment our people's capabilities so they can focus on what humans do best: creative problem-solving, relationship building, and strategic thinking.

Immersion Day: Turning ideas into impact

Now we're taking these ideas further with Iress’ Immersion Day - a global hands-on event taking place from October-November across all of Iress’ offices. The Immersion Day is structured to include participants from across the entire organisation, focusing on four high-priority themes: automation, efficiency, documentation, and literacy.

Following a “show, do together, do on your own” learning approach, teams across Iress are using real AI tools to solve real problems in real time, guided by our expert partners from Mantel, AWS, Salesforce, and Atlassian.

Our AI strategy is strengthened through strategic partnerships that bring deep expertise and enterprise-grade capabilities. Working with partners like Mantel, AWS, Salesforce, and Atlassian, we're able to leverage proven platforms while maintaining our focus on security, scalability, and practical business outcomes. These collaborations ensure we're building on solid foundations rather than reinventing the wheel.

What’s next?

Our vision is to create a culture where everyone at Iress is AI-competent and confident, where curiosity leads to innovation, and where the best ideas come from everywhere.

Becoming AI-native is not a month's work or even quarterly work- it's a yearly transformation that will reshape how we compete and deliver value. We're realistic about the road ahead. We'll continue learning, iterating, and listening as we go, remaining optimistic and committed. By investing in our workforce now - their skills, their confidence, and their ability to shape how we work - we're laying the groundwork for the AI-embedded products, intelligent automation, and client experiences that will define Iress tomorrow.

Artificial Intelligence is one of those topics that sparks every emotion imaginable, excitement, curiosity, fear, and sometimes a healthy dose of scepticism. Over the past few months, I’ve had conversations with brokers and industry peers about it, and one thing is clear: everyone is talking about AI, but not everyone feels the same way about it.

During a recent panel discussion at Mortgage Business Expo in London, I was asked to share my thoughts on how AI is changing the mortgage market and what that really means for brokers, lenders and technology providers. Within that discussion, I also spoke about the AI journey we’re on at Iress and what we’re learning along the way.

Here are some of those thoughts, which are also captured in a video interview you can watch below. And while my comments focus on mortgages, these themes apply equally across all areas of sourcing and financial advice.

Mixed feelings and why that’s a good thing

When I talk to brokers, the responses to AI are incredibly varied. Some worry it will disrupt their businesses, while others are genuinely intrigued and excited about its potential. Both reactions are completely understandable.

For me, there’s no doubt that AI, particularly at the pace it’s evolving, has the power to transform the mortgage market. The opportunity isn’t just about improving efficiency, but about enhancing the human experience for both the adviser and the client.

Technology should always serve people, not replace them. At Iress, we see it as our responsibility to help make that happen, and that starts with engaging openly with the people who use our tools every day, which we do through dedicated forums and daily interactions with clients. If we’re all part of shaping AI’s direction, it will reflect our shared values and goals.

How we’re bringing AI into Iress' technology

At Iress, we see two powerful ways to integrate AI into our sourcing technology:

1. Internal acceleration – using AI to enhance how we develop software and deliver new capabilities faster.
2. External adviser and consumer tools – creating intelligent “co-pilots” that support advisers in real time and help firms deliver a better client experience.

Firstly, AI presents a big shift for the software industry, bigger than the agile development movement. We’re entering a new frontier of software development. AI is not only helping developers build faster and better by working alongside them; it’s enabling the creation of applications that are more adaptive, intelligent, and interconnected in real-time. That’s incredibly exciting.

Developing safe, compliant and trustworthy AI for the mortgage industry will require collaboration between technology providers, lenders, distributors, and advisers.

Jacqui Durbin - Head of Product - Sourcing

Secondly, the AI opportunity for us lies in developing a specialist generative AI designed specifically for our industry. We know many of our clients are experimenting with AI tools like ChatGPT, Google Gemini, and Microsoft Copilot. There’s no denying these tools are impressive, especially when it comes to data analysis, but they’re generalists. As is to be expected, they can get things wrong, and they don’t (yet) have the nuanced understanding of financial products, regulation, and compliance that advisers need. These AI tools are also built on existing data and can contain inherent bias, which could result in poor and incorrect decision-making and recommendations.

Developing safe, compliant and trustworthy AI for the mortgage industry will require collaboration between technology providers, lenders, distributors, and advisers. But when we get it right, AI can truly become a co-pilot that enhances mortgage advice, not a substitute for it.

Safeguards and responsibility

With opportunity comes responsibility, and AI is no exception, especially based on the issues around accuracy and bias.

At Iress, we’ve established an AI Council to guide our strategy and ensure strong governance around how we develop and use AI. Every solution we bring to market goes through rigorous testing, is built on trusted data, and is launched with an abundance of caution.

For example, we would never launch an AI tool that sources live data directly from the internet. Accuracy, trust, and data integrity are non-negotiable.

What we’re learning along the way

It’s been an exhilarating learning journey. Every week brings new AI capabilities, and we’re continually exploring how they can add value to the advice process.

We’ve learned that not all AI is the same - and understanding which type of AI to use for each task is key.

• Generative AI (Gen AI) can create content, text, and code, but it requires precision in prompt engineering and robust fact-checking.
• Agentic AI takes it further - acting autonomously to complete multi-step tasks and learning from its actions along the way.

We’ve also learned that AI is only as good as the data and direction it’s given. Clear prompts, iteration, and human oversight are critical to avoid bias and misinformation.

AI: Threat or opportunity?

Both.

With so many new tools emerging, it’s easy to get caught in the trap of chasing the next shiny thing.

Jacqui Durbin - Head of Product - Sourcing

AI can absolutely accelerate how mortgage brokers operate, but only if implemented thoughtfully. It requires investment in upskilling, not just for your tech teams but across the entire organisation. And with so many new tools emerging, it’s easy to get caught in the trap of chasing the next shiny thing.

My advice is to learn about and evolve with AI tools, but stay focused:

• Identify the problems you want to solve
• Choose the right tools, and use them well.
• Remember trust and accuracy are everything, particularly in product and criteria sourcing.

There is a risk in getting it wrong. Not thoroughly testing, investigating and proving AI before use is a risky strategy that could harm trust and reputation.

Likewise, there is a threat in avoiding AI, because the industry and the technology aren’t staying still. If you don't work out a way for it to benefit you, a competitor will.

What AI shouldn’t do

Even AI agrees with me on this one. It shouldn’t take on low-volume, high-nuance tasks that require emotional intelligence, ethical judgment, or regulatory accountability.

AI should remain a co-pilot, not an autopilot, and currently is best deployed to handle the high-volume, low-nuance work extending to tasks like document processing and verification.

Revisiting the Robo-Advice debate

Naturally, conversations around AI bring back memories of the “robo-advice” debates from a few years ago. Back then, the industry grappled with whether technology could - or should - replace human advisers. And while there’s certainly a growing place for automated, digital advice in specific transactions and for certain client types, the reality is that both the technology and consumer appetite aren’t quite there yet.

At Iress, we see AI not as a replacement for advisers, but as an enabler.

Jacqui Durbin - Head of Product - Sourcing

Most people still prefer the reassurance of speaking with a human when making big life decisions, like buying a house. AI, for all its power, can’t yet replicate empathy or emotional intelligence - the ability to understand the motivations behind financial choices or the emotions that come with them.

That’s why, at Iress, we see AI not as a replacement for advisers, but as an enabler. We think of it as a co-pilot - augmenting the adviser’s expertise rather than supplanting it. The adviser remains firmly at the centre of the client relationship, with AI supporting them to deliver faster, more personalised, and more compliant outcomes.

Keeping it human

Balancing automation with a personal touch is one of the most interesting challenges in AI right now. Ironically, keeping things human often takes more time - from training AI to reviewing its outputs to refining its tone of voice.

Transparency will also be important. Just as we disclose when a meeting is being recorded, I believe we should be open when AI tools are part of the advice process. It’s simply another way of building trust.

What’s next? Touchless automation and integrated advice

Over the next 12 to 24 months, I expect to see “touchless automation” become a reality for many non-complex mortgage applications.

Technologies like Intelligent Document Processing (IDP) and Open Banking will make it possible to process applications end-to-end with minimal human intervention - freeing advisers to focus on complex, value-added interactions.

And here’s where it gets even more exciting: as AI understands a client’s mortgage liability and verified income, it can also identify their protection gap in real time.

That means protection advice can be seamlessly integrated into the mortgage journey - helping advisers deliver more holistic, responsible outcomes for clients.

Final thoughts

AI is here to stay, and it’s moving fast - not just in the mortgage world, but across all of financial services and the world at large. While we might not be able to fully comprehend the full impact AI will have in the long term, its near future success in our industry will depend on how responsibly and collaboratively we approach it.

For me, the focus isn’t on the fear of machines replacing humans. It’s about using technology to empower and serve people, to build trust, and to deliver better outcomes for every client.

Let's take this opportunity to help shape the future impact of AI on Mortgages and financial services together.

If life is for living, then why shouldn’t protection products do more than just provide financial protection, argues VitalityLife CEO Justin Taurog

In recent years, we’ve seen the way people live and work change dramatically. Meanwhile, worsening health trends are leading to rise in chronic, and in many cases preventable, diseases; more people are now living in poorer health, particularly in their later years.

At the same time though, we’re more aware than ever of lifestyle risks such as smoking, lack of exercise and poor diet and want to get healthier. Health, wellness and longevity are now big business, and younger generations appear to be placing increasing importance/high priority on these things.

The problem many of us face though is that our behavioural biases mean we find it hard to make the changes we know could benefit us in future. And, despite our best efforts, sometimes we do just get unlucky and fall ill or suffer accidents and injuries.

Shifting the protection narrative

Our industry plays a crucial role in helping to improve people’s financial resilience and protecting them against life’s ‘curveballs’. However, despite the obvious need for protection, it remains true that it’s a product that’s sold not bought – i.e. people aren’t naturally compelled to take out cover.

The shift away from many of the traditional moments that would have triggered a protection conversation – buying a house, getting married, starting a family and so on – has also meant we’ve had to find new ways of reaching and engaging with consumers.

Traditionally, the sale of protection products has mostly focused on offering people peace of mind. In exchange for a monthly premium today, clients can be safe in the knowledge that if something happens tomorrow, they’ll be covered.

Our cognitive biases though mean that many people are unconvinced by this message. Those traditional arguments often conflict with people’s optimism bias and belief that ‘it won’t happen to them’.

Furthermore, given the health trends I’ve highlighted, why should financial protection only serve as compensation for serious illness or untimely death anyway?

A longer, healthier life – the best outcome?

While protecting clients from financial hardship due to the unforeseen is at the heart of what our industry does, I believe the challenges we face as a country call for an entire rethink of the role protection can play in people’s lives.

In a shifting protection landscape, we can do more than simply provide cover for when things go catastrophically wrong.

If today’s consumers both demand more from their plan and are more interested in their health and wellbeing, why shouldn’t our industry innovate and rethink those traditional models of insurance.

With this comes the power to not just protect people’s lives, but to actively help them lead healthier, more active lifestyles with an insurance product they can enjoy every day which, in turn, can reduce the chances of them falling ill and even improve their life expectancy. What could be a better outcome than that?

This highly anticipated follow-up to last year’s praised report with the Income Protection Task Force (IPTF) leverages insights from over 50,000 applications to reveal a younger, more informed, and proactive IP customer.

These reports are building a foundation of robust, insight-based resources that advisers and industry professionals can rely on year after year. Last year’s findings reignited conversations, energised training, and inspired new approaches - and this year’s report continues that momentum, helping people deliver better outcomes, raise the profile of IP, and make smarter decisions.

By putting these insights into practice, advisers, providers, and protection specialists are better equipped to adapt, innovate, and meet evolving client needs.

The rise of the multi-benefit plan

One of the most significant trends we've seen is the growing popularity of multi-benefit (menu) plans. While applications for single IP products have seen a huge 73% increase since 2017, applications for multi-benefit products that include IP have also soared by 42% since 2022.

In fact, in 2024, multi-benefit applications accounted for 48% of all IP applications. This shift suggests that advisers are embracing more holistic conversations about financial resilience.

A younger, smarter customer

The data reveals that those opting for multi-benefit plans are, on average, four years younger than those buying individual products. This younger demographic is showing a preference for long-term security.

For example, multi-benefit IP customers are more likely to have a longer deferred period, with a 3-month period being the most common choice. This choice may be a way for them to balance affordability today with future financial security.

We also found that younger customers are more likely to select policies that escalate with inflation (RPI-linked). In 2024, over a quarter of multi-benefit policies (26.17%) were sold on an increasing Max benefit basis.

Changing choices and consistent trends

Beyond age, we saw other notable shifts in 2024:

Full term policies are back

• For individual IP products, Full Term applications became more popular, making up 50.8% of applications in 2024, up from 46.3% in 2023.

Higher average benefits:

• Average monthly benefit amounts have increased since 2023. For individual policies, the average benefit is £2,238.66, while for multi-benefit plans, it's £1,826.13. The 41-45 age group had the highest average monthly benefit for individual products.

Who’s buying which policies:

• For individual policies, medical professionals and administrators were the most common applicants. For multi-benefit policies, administrators were the most common.

So, what's next for the industry?

Our 2024 data reveals the evolving nature of the IP market, shaped by more informed consumers and comprehensive adviser conversations.

The IP market has made real strides in recent years, with advisers, providers, and protection specialists working hard to raise awareness, expand policy options, and improve access for more people. There’s more choice than ever before, and the industry’s efforts are helping clients see the value of Income Protection.

Yet the "protection gap" remains - according to AMI Viewpoint Report 2024, only 7% of the UK population holds an IP policy, despite 53% recognising its value. This report aims to help advisers spark more conversations - just as our previous report did - and support more people in making Income Protection a core part of their financial plans.

As a broker, you’ll know just how many clients are struggling to take that first step onto the property ladder. Rising rents, soaring house prices, and the ever-increasing cost of living means that saving for a deposit can often feel out of reach.

The result? More and more young adults are living with their parents for longer. For many, moving back in – or never moving out in the first place – feels like the only way to save enough.

But the reality is, it’s not even that simple.

Even with savings and a deposit, plenty still find that once they move into their new home, mortgage and living costs are simply too much to manage comfortably.

The reality behind the front door

Research shows just how stuck first-time buyers are feeling right now:

• Around five million adults still live with their parents in England and Wales**.
• And 98% of them can’t afford to buy the average first-time buyer home in their local area, based on their own financial situation*.

And it’s not only adult children feeling stuck. Parents often put their own plans on hold when kids live at home for longer. Many who want to downsize can’t – even though doing so could free up around £72,400 in equity, or save them £2,400 a year in rent^^.

For households with lower incomes, that equity could make up as much as 60% of their total non-property wealth*. That could make a big difference – especially for parents who want to give their child a boost onto the property ladder.

Fairer access to mortgages, now.

At Skipton Building Society, we don't think access to the housing market is fair. First-time buyers deserve a better chance, and brokers deserve better tools, insights and products to help make that happen.

That’s why we’ve developed our Home Affordability Index – to shine a light on the real challenges first-time buyers face. We want to support you with products and insights that could make a genuine difference for your clients.

A full range for first-time buyers

We know the housing crisis won’t be solved by lenders alone. Until first-time buyers can both afford to buy and live in their homes, the system isn’t working.

Currently, it feels like many first-time buyers are at risk of being permanently locked out of the housing market. But that’s where you come in – as a broker, you’re the bridge between the challenge and the solution. This is why it’s so important you have the right tools, research and products to help you present realistic and responsible solutions to your clients.

That’s why we’re also campaigning for bigger changes from the government – like more tax-free savings products, making sure stamp duty land tax thresholds keep up with inflation and turning the government’s homebuilding targets into reality. We’re pushing for a housing market that truly works for first-time buyers.

^{*Skipton Group Home Affordability Index 2025.}

^{^72Point Survey 2025, commissioned by Skipton Building Society.}

^{**Office for National Statistics (2021)}

^{^^ Equity release is estimated using HOA data and adjusted to account for differences between the house prices observed in the dataset and those reported by the ONS. The figures shown are based on the median value of equity that would be released through downsizing across this group.}

^{For intermediary use only.}

^{The Skipton Group Home Affordability Index is not a benchmark for the purposes of UK Benchmark Regulation, nor for the purposes of any other legislation or regulation. The Skipton Group Home Affordability Index is produced for information purposes only and must not be used or relied upon for commercial purposes including any decisions and/or advice. Skipton Building Society is not responsible for any decisions made based on this information.}

In today’s evolving retirement landscape, the binary choice between income drawdown and annuities is increasingly outdated. For professional financial advisers, the opportunity lies not in choosing one over the other, but in strategically combining both within a single pension wrapper to deliver a more resilient, flexible, and client-centric retirement income strategy.

Drawdown: flexibility and growth potential

Income drawdown remains a powerful tool for clients seeking control, flexibility, and the potential for capital growth in retirement. It allows retirees to tailor withdrawals to their lifestyle needs, adapt to changing circumstances, and remain invested in growth assets. For clients with sufficient risk tolerance and a longer time horizon, drawdown can provide a dynamic income stream that evolves with market conditions and personal goals.

However, drawdown is not without its challenges. Market volatility, sequencing risk, and longevity uncertainty can all erode capital and undermine income sustainability. This is where the strategic integration of annuities becomes not just beneficial, but essential.

Guarantees: certainty and peace of mind

Annuity type solutions offer something drawdown cannot: guaranteed income. Whether through a lifetime annuity or a fixed-term product, annuities provide a dependable income floor that can cover essential expenses, regardless of market performance or lifespan. In an environment of higher annuity rates, the value proposition of guaranteed income is stronger than it has been in years.

The power of combining both

The real innovation lies in integrating both strategies within a single pension framework. This combined approach enables advisers to divide retirement income into three categories: essential, lifestyle, and discretionary. The guaranteed portion can be allocated to cover core expenses such as housing, utilities, and food. Depending on the client’s assessed capacity for loss, it may also support some or all lifestyle spending. The remaining assets can then be directed toward funding additional lifestyle choices, travel, and legacy goals.

This dual approach also enhances behavioural outcomes. Clients with a guaranteed income floor are often more comfortable taking investment risk with their drawdown pot, knowing their basic needs are covered. It also provides a psychological buffer during market downturns, reducing the likelihood of panic-driven decisions.

Modern pension solutions now make it easier than ever to implement and manage both solutions within a single wrapper. This not only simplifies administration but also enhances tax efficiency and reporting. Advisers can seamlessly adjust the balance between drawdown and annuity over time, responding to changes in client circumstances, market conditions, or health status.

Retirement planning is no longer about choosing between flexibility and security. It’s about intelligently combining both to deliver a tailored, resilient income strategy. As financial advisers, embracing this hybrid model positions us to better meet the complex and evolving needs of our clients. In a world where certainty is scarce and longevity is increasing, the ability to offer both growth and guarantees is not just modern it’s essential.

M&G the home of retirement planning

Iress’ new datafeed from Aware Super is now available in Xplan via IressNet - our data connectivity service that facilitates the integration of data from external parties to Xplan users.

This new connection empowers financial advisers with faster access to high-quality client data, supporting more streamlined advice delivery and enhancing member outcomes by giving advisers time back to focus on their clients.

This latest integration reinforces the critical role of automated datafeeds in driving efficiency across the wealthtech industry, while ensuring Australians are better supported on their path to retirement.

What does the Aware Super datafeed supply?

The Aware Super datafeed delivers a broad and detailed set of data directly into Xplan, ensuring advisers have timely and reliable information for every client interaction and they can easily view and track client accounts.The datafeed includes:

• Portfolio data, including transactions and balances
• Client focus superannuation data, including eligible service date, beneficiaries, component balances and insurance
• Client focus pension data, including beneficiaries, purchase prices and payments.

Why this matters: Simpler, smarter advice workflows

With this new datafeed in place, advisers who are registered with Aware Super can now:

• Eliminate manual data entry and reduce administrative tasks
• Access current, accurate data for better client reporting and projections
• Spend more time with clients delivering value and less time chasing paperwork.

With over one million Australians invested with Aware Super, this integration has the potential to positively impact advice delivery at scale. By making client data more accessible, accurate, and secure, advisers are better equipped to guide members toward confident, informed retirement decisions.

Powered by IressNet: Connected, scalable, and secure

The new Aware Super datafeed in Xplan is delivered through IressNet, which supports one of the most extensive datafeed networks in Australia. IressNet currently has 170 datafeeds, with coverage across:

• Investment platforms, brokers, fund managers, superannuation funds and insurers
• Daily data updates: valuations, transactions, insurance, tax data, and more.

The addition of the Aware Super datafeed enhances the breadth of our ecosystem - helping advisers work with more clients, across more accounts, with less effort.

In future, we’re looking to add more datafeed integrations across superannuation and insurance, in addition to platforms and fund managers, where customer demand is high.

Supporting better outcomes for Australians

At Iress, we’re proud to support the advice profession with technology that empowers productivity, compliance, and meaningful client engagement.

Advisers using Xplan can now enable the Aware Super datafeed through IressNet.

For assistance in setting up the new feed, reach out to your Iress account manager or visit the Iress Community Portal for setup guides and support.

Together, we’re making financial advice simpler, smarter, and more connected - for a stronger retirement future for all Australians.

More annuities were sold in the UK last year than at any time since the introduction of pension freedoms – a clear sign that guaranteed income is firmly back on the radar for those planning for retirement.¹

In today’s uncertain economic climate, this record-breaking swing has been fuelled by a growing consumer demand for financial certainty in later life, combined with the appeal of stronger annuity rates.

Standard Life’s Annuity Rates Tracker shows that average rates reached 7.72% in May 2025 - the highest level in a decade – making annuities a far more compelling option for clients seeking both stability and value.²

Both these upward trends represent a growing opportunity for advisers. In fact, according to the ABI, 36% of annuity buyers took advice in 2024 – up from 29% the year before.¹ This again reflects a clear shift as greater numbers look for professional support in order to navigate their retirement income decisions. And this is backed up by our own sales data which suggests the proportion of advised sales for annuities continues to grow.

The need for guarantees with a bit more flex

Since the pension freedoms were introduced ten years ago, the shape of retirement has continued to evolve. Where a hard stop to working life was once the expectation for most, as many as 2 in 5 people (42%) now plan to ease into their later years by reducing their working hours³ – and fewer than 1 in 8 (13%) say their retirement will be triggered by reaching a specific age. For the majority, it’s driven by affordability, health, and being able to enjoy life.⁴

Today, nearly nine in ten (85%) expect to rely on their State Pension to help fund retirement, but with eligibility starting at age 66, bridging the income gap is a real concern. In fact, 75% of over-50s say it’s an important issue. Indeed, one in five over-50s (19%) of those who have or plan to purchase a fixed-term annuity are doing so to help plug the income gap.³

Many will turn to their savings to cover the shortfall – 1 in 3 (33%) withdraw lump sums from pensions, similar numbers use cash savings, and 16% start using drawdown.³ While these strategies can help, they risk depleting resources too early and compromising long-term financial resilience.

This explains why fixed-term annuities are gaining particular traction in the market.

These products offer guaranteed income for terms as short as three years, with the flexibility to reassess options later - ideal for clients who want income certainty without committing to a lifetime annuity.

To meet this demand, Standard Life launched the Guaranteed Fixed-term Income product. It allows clients to choose a term between three and 25 years, with optional features like inflation protection and death benefits. At the end of the term, clients can access a maturity value or switch to another retirement product.

With more clients seeking advice and more flexible retirement options available, now is the time to explore how fixed-term annuities can support your clients’ evolving needs – and how you can help to lead that conversation.

^Sources:

^{1 ABI, February 2025}

^{2 Standard Life Annuity Rates Tracker, May 2025}

^{3 Opinium conducted research on behalf of Standard Life between 25 July and 12 August 2024 among 2,000 people over the age of 50}

^{4 Retirement Voice, Standard Life, 2024}

In capital markets, technology has evolved from an operational enabler to a strategic force shaping the industry's future.

With rising client expectations, regulatory scrutiny and the demand for agility, firms are re-evaluating how their tech stacks drive performance, resilience and competitive edge.

Rather than relying on monolithic systems, firms are embracing modular, interoperable platforms that bring together the best tools for each function while maintaining a unified workflow.

This approach is at the heart of the ‘Best of Breed’ strategy, which is rapidly gaining momentum.

The big shift

The more traditional single vendor suites offered simplicity, but integration was costly, customisation was limited, and vendor lock-in was the norm. Security was also a concern, with data privileges and governance rules often complex and error-prone under legacy systems.

Fast forward to today, and the landscape has changed dramatically.

Firms now expect their technology partners to offer open APIs, plug-and-play compatibility and the freedom to tailor solutions to their unique needs. This shift is driven by several factors:

• The rise of cloud-native platforms that make integration faster and more scalable.
• A growing appetite for innovation, with firms wanting to experiment with AI, advanced analytics, and alternative trading models.
• Regulatory pressure to improve transparency, auditability, and risk controls across systems.

In short, firms want choice, control, and agility and they’re no longer willing to compromise.

Best of Breed means choosing the right tool for the right job, whether it’s trading, connectivity, risk management, data or analytics. But, rather than relying on a single vendor for everything, firms can build a tailored ecosystem that reflects their business priorities. So, a tech stack is assembled using the most effective solution for each component.

The advantages are obvious:

• It enables faster innovation by allowing firms to adopt new technologies without overhauling their entire infrastructure.
• It reduces stagnant components and gives firms more control over their workflows.
• It allows for targeted problem-solving, especially in complex areas where specialised tools outperform generalist platforms.

We’ve seen this play out across the industry. Traditional single-vendor suites are slower to innovate due to their design. Updating one component often requires changes across the entire system, which is a costly and time-consuming process. In contrast, modular platforms enable firms to isolate and upgrade specific components without disrupting the entire system.

At Iress, we’ve embraced this shift by building a product stack that’s open, interoperable, and modular.

At the heart of our interoperability strategy is MyIress, a fully interoperable web-based application, built with a modular design to connect seamlessly with your workflows. We’ve also extended these capabilities to our trusted desktop application Iress Pro, ensuring a consistent experience across environments. The Iress FIX Hub (IFH) serves as a global connectivity network enabling seamless integration with complementary applications and data sources. And, by leveraging industry standards such as FDC3, FIX and Open APIs, we empower clients to build unified, scalable trading and market data solutions, tailored to their specific needs.

We focus on our strengths, and we partner with others to complement our capabilities. That’s the essence of Best of Breed. Whether it’s data analytics, compliance tools, or messaging services, our clients can plug in the components they need and leave out the ones they don’t.

This flexibility is especially valuable in today’s market, where firms face increasingly complex challenges. The ability to tailor solutions is no longer a luxury, it’s a necessity.

The integration challenge

Of course, integrating multiple systems isn’t always easy; the challenges and pain points are well known across the industry. Traditional integration models often involve a time-consuming back-and-forth between vendors, with smaller players bearing the brunt of the effort and cost.

Point-to-point integrations can be expensive to build and maintain, especially when you’re dealing with multiple unique systems. And there’s a real risk of falling into the sunk cost fallacy by keeping legacy integrations in place long after they’ve outlived their usefulness, simply because they were expensive to build.

That’s why open standards, such as APIs, FIX messaging protocols and Model Context Protocol (MCP) are essential. They reduce the friction of integration and make it easier for systems to communicate. At Iress, we’ve made these standards a cornerstone of our architecture, helping clients avoid the pitfalls of legacy integration and build solutions that are fit for purpose.

Open standards allow systems to communicate in real time, share data securely, and trigger workflows across platforms. Combined, they create a common language for trading and connectivity.

Iress is positioned to champion this approach by embedding open standards into its new and existing Products. This means clients can begin automating workflows across trading, compliance, and reporting while scaling operations by adding new modules or partners as needed, without costly custom development.

In essence, these open standards enable a tech stack to become a dynamic ecosystem that adapts to the evolving needs of a business.

More control

One of the most significant advantages of an interoperable, widget-based platform is the extensive control it provides for customising workflows to create unique propositions.

No two firms operate the same way. Whether it’s a boutique asset manager or a global trading desk, the freedom to tailor their systems to match their business processes is critical.

For example, a firm might:

• create custom dashboards for portfolio managers
• automate risk alerts based on proprietary thresholds
• integrate ESG data into trading decisions.

By supporting these kinds of adaptations, Iress helps firms turn technology into a strategic asset.

From our perspective, workflow customisation is arguably the most important aspect of a firm’s product strategy. It’s how firms differentiate their services, optimise operations, and meet compliance needs. That’s why we’ve invested heavily in making our product stack configurable.

The shift to cloud-native infrastructure has also transformed onboarding and deployment. What used to take weeks or months can now be done in less than a day. This agility and pace is crucial for firms looking to expand into new asset classes or regions without being burdened by manual processes or infrastructure constraints.

What’s ahead

In a world where change is constant and complexity is increasing, interoperability will be the defining feature of trading infrastructure. The rise of AI, alternative data, and real-time analytics will require platforms that can integrate, interpret, and act on diverse inputs.

Modular systems won’t just offer flexibility, they’ll enable intelligence. They’ll allow firms to orchestrate smart workflows, leverage data-driven insights, and adapt quickly to regulatory and market changes.

At Iress, we’re committed to supporting this future. Our product strategy is built around openness, modularity, and client-led innovation. We’re not just responding to market trends, we’re shaping the infrastructure that defines them.

We’re not just responding to the future of trading technology. We’re building it.

This article was originally published in SIAA Monthly September 2025.

When approaching the subject of protection with clients, it’s important to consider the perception your client holds over their level of financial resilience and how this might impact the conversation. Financial resilience is a concept we explore closely within our Reaching Resilience report.

In our survey, we saw that 7 in 10 workers would rank themselves to be “financially resilient” or “very financially resilient”. In the rest of our report, we very quickly uncovered this theme of an optimism bias which plays throughout the research.

So, if your client holds these assumptions about their financial security, how can you be prepared to handle what I call “unqualified objections”?

“I would be able to rely on other sources to get by.”

When asked what they’d rely on if they couldn’t work because of illness or injury for more than 2 months, the top three responses were savings (47%), occupational sick pay (32%) and partner’s income and savings (19%). As part of a good fact-find, you might already have the information at hand to encounter these objections.

You can open the conversation up to handle these objections face on by asking: What would you turn to if you couldn’t work because of illness or injury?

“It would only impact me.”

Your client might not explicitly hold this assumption, but another insight from our research demonstrates the wider impact a loss in income has.

The average UK worker has 3 people who rely on their income. In this year’s research, we included pets into the fold, and found that an additional 29% also have a pet that depends on them for food, shelter, and general wellbeing.

It’s likely to be something that crops up organically in your conversations when talking protection, but expanding the scope of what we typically define as a dependent can get your clients to consider who their income supports. Responses from our survey included children, grown up children, stepchildren, parents, and even housemates.

Consider asking clients: Who does your income support? This opens the discussion for what the impact would be for them.

“It won’t happen to me.”

We asked workers what they consider their chances of suffering a serious illness, being off work for 2 months or more due to illness or injury or passing away within the next ten years.

Nearly half of the working population don’t believe that any of the listed events will happen in the next decade. We also saw that people were slightly less likely to consider themselves to be at risk of being off work due to illness or injury compared to suffering a serious illness.

Tools such as the LV= Risk Reality Calculator puts into perspective the individual protection risks your client faces before retirement. Our latest Reaching Resilience report also presents protection insights to help power more impactful conversations with your clients.

^{Unless stated otherwise, the data used in this report comes from a survey of 2,720 nationally representative UK workers conducted for LV= by Opinium between 15 – 25 October 2024.}