Finura Group is an independent Australian consultancy specialising in WealthTech strategy and execution for over 40 clients across Australia and the UK. Every year, Finura makes predictions for the financial services and WealthTech landscape, focusing on the intersection of technology trends, local tech players, and the evolving needs of financial advisers and licensees. Finura’s annual predictions are the most popular topic in their WealthTech Insider podcast, which discusses all things financial and wealth tech, plus industry news and trends.

What were Finura’s WealthTech predictions for 2025?

Finura forecast that in 2025, companies will fall into two categories: those undergoing mergers and acquisitions, and those preparing for them. The primary challenge won’t be technology itself, but rather cultural adoption and operational integration. As one CEO put it, “We don’t have a technology problem; we have a change management problem.” The future of WealthTech success hinges more on people and processes than on tools. Finura canvassed eight key themes for 2025:

1. Advice tech feels the squeeze and stays in neutral

With adviser numbers stabilising at 15,000, margin pressure is expected to intensify across the WealthTech sector. Providers reliant on adviser-based revenue models face three key challenges: zero system growth, rising compute costs (especially due to AI), and leaner new competitors. The traditional “Rule of 40” (Growth % + Margin % = 40%) becomes harder to meet, forcing companies to push for high margins and leaving little room for discounts or innovation. Mature software firms are likely to turn to acquisitions to reignite revenue growth.

Action for advisers: Build resilience into your tech strategy

Tech resilience is now a strategic priority. Advisers should shift from passive adoption to active management of their tech environment - controlling costs, safeguarding continuity, and staying agile in a slower-growth, higher-cost market.

2. Platform monogamy

The trend of advisers using multiple platforms is fading, driven by economic pressures, regulatory shifts (like Tranche II of DBFO), and the need for greater operational efficiency. In 2024, the number of firms preferring to use just one platform doubled to 12%, reflecting a growing demand for integrated advice ecosystems where data flows freely and tools come pre-integrated. Platforms offering end-to-end solutions covering advice delivery, practice management, and client engagement, are positioned to win big.

Action for advisers: Choose and commit to the right platform partner

Advisers should proactively align with a platform that offers long-term strategic fit, not just short-term functionality. The right choice can deliver operational leverage, compliance confidence, and improved client outcomes.

3. Industry superannuation forced to bring tech, advice and operations inhouse

Industry super funds are shifting from dabbling in tech to insourcing key services, driven by regulatory pressure for trustees to remain accountable for member outcomes. As funds face mounting demands to modernise tech infrastructure and member services (including advice), trustees must confront whether they’re equipped to invest in the tech their members and regulators expect. Digital advice innovation may need to be deprioritised so funds can focus on addressing more fundamental operational and technology issues.

Action for advisers: Position yourself as a specialist

Advisers should pivot away from dependence on industry super fund distribution or referral pathways and instead strengthen advice models that complement (rather than compete with) insourced fund strategies.

4. Private equity ownership reshapes advice tech

The wealth management private equity (PE) playbook is evolving from acquisition-focused growth to integration, corporatisation, and cost-control. With topline growth limited in professional services, PE firms are investing in scalable, efficient advice infrastructure and seeking proprietary capabilities through strategic tech partnerships. The tech companies that align with PE-backed advice groups will thrive, while others may be left competing for the long tail of the market.

Action for advisers: Align with scalable tech that supports growth

Advisers need to be strategic about the infrastructure they choose. The market is tilting toward integrated, enterprise-grade systems that support efficiency, compliance, and valuation uplift.

5. Gap widens for independent financial adviser (IFA) tech needs and services

The relationship between IFAs and their tech providers is at a breaking point, with only 23% of firms satisfied with their primary tech partner. Despite tech being ranked as the second-most critical business issue after talent, many firms remain stuck in outdated delivery models. As costs rise and innovation stagnates, the pressure may push advisers to seek new tech partners, potentially opening the door for platforms and managed account providers to disrupt the space.

Action for advisers: Take control of your tech future through strategic reviews

Advisers must continuously reevaluate existing tech partnerships and seek out next-gen providers that align with evolving needs around efficiency, client experience, and growth.

6. Business opportunity of the year - AI services

The biggest AI opportunity in 2025 lies not in creating new tools but in overcoming implementation and integration challenges. Finura estimates that an average advice practice currently spends $100K on software, but as firms grow and increasingly adopt a Service-as-Software model - where back-office outsourcing is delivered via software - they could be willing to invest $250K in AI services. Finura sees this shift as the prime growth area for its consulting division over the next five years.

Action for advisers: Invest in AI integration, not just AI tools

Advisers should treat AI as a strategic enabler, not just another software line item. Firms that strategically adopt AI to streamline operations, automate admin, and scale client engagement will unlock significant efficiency gains and margin improvement.

7. Marketing technology of the year - podcasts & YouTube

By 2025, podcasts and YouTube will become the leading channels for adviser marketing and client education. This success is driven by audience behavior, with Australians spending 22 hours per month on YouTube and over 40% listening to multiple podcasts weekly, including a 49% growth in listeners over 60. Advice firms aiming for strong digital growth will increasingly invest in content creation and lead management technologies.

Action for advisers: Build scalable content marketing with podcasts and YouTube

Podcasts and YouTube should be core components of advisers’ digital marketing strategy. The firms that win attention and trust will be those who educate consistently, connect authentically, and convert strategically through content.

8. Business technology of the year - agentic AI

The most transformative technology in 2025 will be AI agents acting as virtual team members. Companies like Salesforce are developing AI that handles routine tasks, with their "Agent Force 2.0" resolving 83% of customer queries without human help. The real breakthrough is in "augmented advice workflows," where AI works alongside human experts to continuously improve operations. Key AI use cases include commissions processing, platform transactions, cash and portfolio reconciliation, and SMSF administration.

Action for advisers: Integrate AI agents into back-office workflows

There is prudence in embracing AI agents as operational teammates. By using agentic AI to handle routine workflows, advice firms can dramatically increase back-office capacity, reduce errors, and improve responsiveness.

Finura Group’s Peter Worn (Managing Director) and Danni Le Grande (Head of IFA Consulting) will be discussing the 2025 predictions and whether they hold up at Iress’ WealthTech Summit on 6 August. Are you an Iress client or partner? Secure your spot at the event by registering here.

From trading desks to compliance engines, financial firms are awash in dashboards and analytics. Yet turning those insights into strategic action remains a challenge. It’s often said that most organisations are drowning in data but starving for clarity.

The issue isn't about having more data; it’s about making sure that firms have a clear problem to solve, they can identify the relevant data, use it, and learn from it in real time.

And the data evolution extends beyond just presenting compelling narratives and visualisations, the next step is moving towards initiating and managing a sequence of actions autonomously. The rise of agentic AI is making this much faster to implement. It’s early days yet, but agentic AI delivers a system able to make decisions, and achieve complex goals with limited human supervision. A Moody’s report says financial sector firms are beginning to use agentic AI to monitor markets and detect correlations in real time, rebalance portfolios, continuously assess credit risk and automate compliance workflows.

The most underestimated risk firms face is the opportunity cost of poor data management. While regulatory fines and operational hiccups grab headlines, the real loss is in the insights never uncovered, the strategies never tested, and the alpha never captured.

Here’s what that looks like in practice:

• Missed revenue opportunities
  Firms sitting on vast datasets but lacking the tools or talent to analyse them are essentially leaving money on the table. Valuable patterns in client behaviour, market inefficiencies, or risk signals go unnoticed.
• Regulatory exposure
  Inadequate data governance increases the risk of compliance failures, leading not only to multimillion-dollar fines but also to reputational damage, license restrictions, and heightened scrutiny from regulators.
• Slower innovation
  Without clean, accessible data, it’s harder to experiment with new models, test hypotheses, or pivot strategies quickly. That agility is a competitive edge in fast-moving markets.
• Wasted resources
  A 2025 study[i] found that poor data quality costs large Australian firms an average of $493,000 per year in inefficiencies and missed opportunities. Globally, Gartner estimates the average cost of bad data at $12.9 million[ii] annually per organisation.
• Undervalued intellectual capital
  Data is a strategic asset, but only if it is used properly. When firms fail to harness it, they are not just wasting storage; they are underutilising the knowledge and creativity potential of their teams.

Four key barriers consistently prevent organisational progress

1. First, siloed systems fracture visibility. Firms might collect vast amounts of data, but fragmented platforms and inconsistent quality mean decision-makers rarely get the whole picture in real-time.
2. Second, there’s often a missing link between data teams and business leaders who sometimes fail to see each other’s perspectives.
3. Third, distinguishing between gaining data insights and applying them for strategic action is not always straightforward. Take, for example, Iress’s new Data Insights product. The Regulatory Reporting module enables firms to receive proactive alerts about suspicious activities, giving compliance officers clear guardrails while allowing them to make the final judgment. In this way, the insight itself is valuable, but the true impact comes from the subsequent action, where feedback from those decisions helps refine and improve the system’s automation over time.
4. And finally, firms often underestimate the cultural transformation required. Being data-informed isn’t just about tools; it is a mindset shift that demands buy-in, process change, and continuous iteration.

What success looks like

Successful organisations align four critical capabilities:

1. Building cross-functional teams: People with hybrid technical and business skills who can interpret data models in terms of business levers and risk strategies. Cross-functional teams can drive momentum, but where possible, firms benefit from hiring individuals who embody both technical and commercial fluency. These ‘bilinguals’ are the fast-track to clarity.
2. Driving business accuracy with reliable data platforms: Platform integrity that delivers clean, complete, and consistent data, which reflects the right customers, products, and timeframes.
3. Integrated workflows for smarter business decisions: Integrated workflows that embed insights where decisions are made - CRMs, OMS platforms, executive dashboards.
4. Embedding a data governance framework: Robust data governance ensures that insights are trustworthy, secure and responsibly managed. Firms that embed governance into platform design can mitigate risk, preserve decision integrity and scale automation more confidently.

And most important of all, good data platforms use a continuous feedback loop. Without structured evaluation, even good decisions become guesswork. But with it, data strategy is constantly refined.

Take the example of an Australian firm that was looking to improve customer retention. Instead of launching a broad data churn model, the team zeroed in on a single friction point in the customer journey. Working backwards, they identified the data they needed, embedded insight into the adviser workflow, and tested a new action path. It worked. Retention improved and the process was repeatable.

And crucially, it started small. Remember that strategic capability isn’t ‘launched’. It’s built, tested, and expanded.

Beginning (or accelerating) the journey

Few firms start from zero. But maturity varies. For those still in transition, remember to:

• Start with one real problem.
• Map the decision-makers involved.
• Define what success looks like.

Firms that get it right don’t just analyse data; they build entire ecosystems around it using quantitative modelling, machine learning and AI, backtesting and simulation, risk management models, and a host of other tools.

These strategies aren’t just about crunching numbers; they’re about building a dynamic, adaptive system that learns and evolves with the market.

Which leads to one final truth: turning data into impact is a transformation, not a project. It’s iterative. It’s cultural. And done well, it never stops.

ASX Service Release 15 (SR15) represents a significant milestone for the market, delivering a program of market structure upgrades designed to enhance the efficiency and resilience of the Australian market while aligning with international standards.

Why these changes matter

Today’s market environment demands speed, reliability, and the ability to adapt to changing regulations. Exchanges seeking to remain competitive need infrastructure that not only delivers low-latency and efficient trade execution but also stability and compliance under ever-evolving market pressures. SR15 responds to these requirements by enhancing the ASX’s trading systems through streamlining processes and strengthening the resilience of the Australian market.

Key updates introduced by SR15

A central element of SR15 is the shift to a unified Opening Single Price Auction (OSPA), replacing the staggered opening auction that divided securities into groups opening sequentially. The OSPA introduces a randomised 15-second window starting at 09:59:00, followed by a 30 to 60-second window for auction execution. This reduces fragmentation, enhances price discovery and aligns the ASX with major global exchanges like the NYSE, LSE and NASDAQ.

SR15 also introduces a new 10-minute post-close session that allows lit-order trading at the official closing price. This mirrors practices on other global exchanges and increases post-close liquidity, offering investors greater flexibility for end-of-day trading and rebalancing. Additionally, securities with late-breaking announcements can now participate in the closing auction, ensuring material information is reflected in the closing price and supporting fairer price formation.

Industry collaboration to ensure a smooth transition

An upgrade of this scale requires coordinated industry-wide readiness. Since the announcement of SR15 in 2024, Iress has worked closely with clients, brokers, custodians, and the broader industry to ensure all participants were prepared. This included detailed migration planning, rigorous testing and software updates to minimise disruption and maintain operational integrity.

On the first day of SR15’s operation, the ASX operated smoothly, demonstrating market confidence in the transition. Orders and trades processed via Iress maintained high-performance standards, ensuring operational workflows remained uninterrupted.

Looking ahead

SR15 positions the ASX to remain a modern, competitive, and investor-friendly exchange while supporting the evolving needs of the Australian financial market. For market participants, the upgrade offers an opportunity to review processes, reduce operational risk, and enhance their ability to engage confidently with the market.

At Iress, we are committed to supporting clients through these changes, ensuring systems and workflows are optimised for performance in the new environment. As global markets continue to evolve, staying prepared and connected will be key to unlocking opportunities and maintaining a competitive edge.

In today’s fast-moving mortgage market, innovation isn’t just a buzzword, it’s an opportunity. For mortgage brokers working in the New Build sector, it’s time to start seeing lender innovation not just as a product feature, but as a strategic tool for growth, visibility, and long-term client value.

Yes, your core focus is helping clients secure the best mortgage for their dream home. But the process doesn’t stop at rates and getting quick approvals. What if certain products, especially innovative ones, could generate more leads, support your developer relationships, and ultimately grow your business, even if customers don’t end up taking them?

We’ve seen lenders step up with offerings designed specifically for New Build buyers. Whether it’s extended offer periods, higher LTVs, or flexible income criteria, these products are aimed at solving real hurdles that stall deals and stifle demand. But too often innovative solutions are overlooked because brokers assume clients won’t opt for them or they won’t work. Here’s the thing; it doesn’t matter if every client says yes. What matters is using lender offerings to start more conversations

When you promote innovative products, especially those that are available on New Builds, you demonstrate that you’re ahead of the curve. That alone builds trust with potential buyers. It shows you’re proactive, connected and thinking beyond just the basic mortgage options. When customers are overwhelmed by the home buying process, a broker who brings new ideas to the table stands out.

Even better, these product features can be marketing gold for your developer partners. Imagine including no deposit or no repayments due for the first 3 months in marketing materials or discussing unique mortgage benefits during sales meetings and events. What about using some of your broad knowledge to stand out when prospecting new developers you want to work with? It’s a way to turn financial products into a sales advantage, and that’s the kind of collaboration developers need.

So, start thinking differently about lender innovation. Don’t treat new product features as just another line in the lender matrix. Treat them as a reason to send that email, post that video or reconnect with your developer contacts. Use them as a hook to drive enquiries and spark interest.

Change isn’t coming... it’s already here. The brokers who spot the angles others miss may just be the ones completing more applications.

Ready to dive deeper? Our BDM team is here to help you explore how lender innovation can support your clients and help you stand out in the New Build space, get in touch today - https://www.skipton-intermediaries.co.uk/help-and-support/contact-us?utm_source=iress&utm_medium=iress_blog&utm_campaign=newbuild_2025

From AI integration and enhanced data access to significant time savings, PlannerPal CEO Mark Whitcroft talks about the Iress and PlannerPal partnership that's revolutionising financial advice in the UK.

Q: Mark, congratulations on becoming the first official member of the new Iress Partnership. Why did PlannerPal make this move?

Mark: Thank you - we’re genuinely excited about what this enables, because it isn't just about integration; it’s about co-creating a smarter advice experience.

PlannerPal has always focused on saving advisers time, but this step takes us further: embedding AI deeply into the advice workflow. It’s about joining forces with Iress to align on the roadmap, user experience, and the data foundation that underpins great advice.

Q: What new capabilities does the partnership unlock?

Mark: With enhanced access to over 1,000 data fields across Xplan (10x more than most third-party tools can reach), we’re now able to drive comprehensive fact-finds, richer CRM automation, and instantly pre-filled reports, all powered by real-time data sync.

But this partnership is more than just deeper API access - it’s a truly joined-up approach between our teams. PlannerPal is working directly with Iress Product, Engineering, and Support teams to co-develop features, align on roadmap priorities, and deliver solutions to the problems advisers care about most.

That collaboration means faster feature delivery, tighter quality control, and a feedback loop driven by real user needs. We’re embedded in Iress user groups and advisory forums, so everything we build is guided by live adviser input - not assumptions.

Firms are telling us they’re saving 30–60 minutes per client by automating meeting notes, writing reports faster, and syncing updates directly to Xplan.

Mark Whitcroft - Founder & CEO PlannerPal

As a result, PlannerPal can now suggest CRM field updates, auto-save generated documents to the Xplan client file, and enrich reports and meeting notes using Xplan and other client data - all auditable, adviser-controlled, and fully compliant.

This isn’t AI bolted on - it’s embedded at the core of the adviser’s daily workflow.

Q: What’s been the feedback from firms using PlannerPal with Xplan so far?

Mark: The reaction has been incredibly positive. Firms are telling us they’re saving 30–60 minutes per client by automating meeting notes, writing reports faster, and syncing updates directly to Xplan their CRM. That’s not just saved time - it’s better compliance, higher data quality, and more consistent client service.

Q: What’s next for the Partnership?

Mark: We’re working closely with Iress Product and Engineering teams, and - importantly - with mutual clients to shape the roadmap together. This co-innovation model is what makes the Iress partnership different. We’re not just integrating tools; we’re building the future of advice, together.

Expect continued improvements to data quality dashboards, more AI-powered insights from adviser-client conversations, and deeper automation across the advice lifecycle.

Q: What would you say to firms considering trying PlannerPal?

Mark: Now’s the time. The free trial gives full access to our customisable meeting notes, report writer, and CRM updater. Setup takes under five minutes, and we support you every step of the way.

If you’re using Xplan, this isn’t just about AI productivity gains - it’s about aligning your data strategy and your AI strategy. If those aren’t working together, you’re just creating another disconnected data lake. With PlannerPal, every interaction makes your data better, your advice faster, and your client outcomes stronger.

Ready to try PlannerPal?

Visit plannerpal.co.uk/sign-up or speak to your Iress Account Manager.

It's one of the most important interactions between an adviser and a client, forming the foundation for almost every future conversation and decision. The overall ease (or complexity) of the fact find experience also creates a lasting impression, so it's crucial to get it right.

So, what if there was a better way to do fact-finding? Well, now there is...

Easy does it

We’ve reimagined the entire look and experience of the fact find. As well as a fresh, modern interface, the data capture process is now even more intuitive. For example, you can now reveal and collapse each section of the fact find and even edit table data inline. You’ll love the ease and simplicity.

Less is more

Get ready for a cleaner, leaner fact find. We’ve worked closely with users to identify the data that's essential to capture at the initial fact find stage. The result? A faster, more streamlined journey that captures the appropriate level of detail. Need to add extra information later? No problem. You can do that easily in the Key / Financial Details sections.

Done in one

The enhanced fact find experience is designed with you and your clients in mind. The updated experience is simple enough to use in front of your clients as you run through the fact find process together. No more jotting down notes to input later - get it done in one.

What's next?

These enhancements pave the way for some exciting AI developments ahead. Imagine being able to review a list of suggested changes to the fact find, based on an earlier client conversation. The decision on whether to update the data rests with you and your team, but AI does the heavy lifting. We're currently working on making this a reality.

Innovation drives progress, yet many capital markets firms find themselves stuck in old habits, hesitant to embrace new technology—even with the promise of greater efficiency, security, and resilience.

Why? It’s often a complex mix of cultural, technological, and operational concerns.

Yet, holding onto outdated practices is considered one of the most significant barriers to innovation, according to a report by Iress and Waters Technology, 5 Key Drivers Shaping the Future of Trading, based on insights from 38 global capital markets firms.

The overwhelming majority of firms surveyed believe a failure to implement the latest solutions inhibits progress.

The problem is that firms often find themselves caught between the need for innovation and the fear of disruption.

Trading firms thrive on stability with workflows built around familiar systems, processes, and software. So, even when outdated infrastructure slows them down, many still prefer to stick with the devil they know.

• “I don’t want to relearn everything” – Firms are comfortable with their current workflow. The idea of relearning processes, shortcuts, and navigation often feels like more trouble than it’s worth.
• “What if this upgrade causes problems?” – Previous system changes haven’t always gone smoothly. If an update has ever caused a major headache, scepticism is natural.
• “I know this old system has issues, but at least I can work around them” – With legacy systems, employees learn hacks and workarounds to make things function. A new system could break their workflow entirely.
• “Short-term efficiency matters more than long-term improvements” – Many firms focus on getting their job done today rather than thinking about long-term benefits of new solutions and upgrades.

While these fears are understandable, there’s a cost of standing still.

History is littered with examples of firms that failed to adapt and suffered the consequences. Industry giants like Kodak, Nokia, Sony, and Blackberry once dominated their markets but failed to anticipate and implement technological advancements.

In financial markets, firms that delay new solutions risk hindering growth by blunting competitiveness, threatening operational efficiency and introducing compliance risks.

Breaking the cycle

Change is inevitable, but for many trading firms, uncertainty holds them back. The fear of disruption, potential downtime, and unfamiliar workflows often outweigh the long-term benefits of modernisation. Yet, resisting change can be just as risky.

The solution? A smarter, more strategic approach to transition.

A gradual approach

Instead of overhauling entire systems overnight, firms can gradually integrate new technologies within familiar frameworks. This reduces the risk of operational disruptions while allowing employees to adjust at a manageable pace. For example, the rollout of the new Iress buy-side EMS (execution management system) leverages existing technology like the Iress Pro terminal while incorporating cloud-based enhancements. This allows firms to modernise and benefit from cloud-based enhancements that improve speed, security and resilience without disrupting current workflows.

Continuous testing and feedback

Another effective strategy is beta testing and continuous feedback loops. Smaller, more nimble firms often take advantage of beta versions of new platforms, providing valuable insights that shape product development. Larger institutions, while burdened with more complex and lumbering legacy systems, can adopt a similar mindset, introducing phased rollouts to allow teams to test updates before full-scale implementation.

A focus on flexibility

Cloud technology is also redefining flexibility, making upgrades more seamless. Traditional software installation often comes with logistical burdens – failed installers, compatibility issues and time-consuming patches. SaaS (software as a service) models eliminate these hurdles, offering instant updates, tighter security, and better resilience against market disruptions. The latest advancements from Iress, including self-healing applications, ensure that mission-critical systems remain available, reducing the risk of downtime.

One of the most potentially damaging threats of outdated infrastructure is the risk to valuable trading and customer data. Many firms spend more time reconciling fragmented datasets than analysing real-time insights. Our cloud-enabled data hubs solve this problem by ensuring seamless data-sharing across trading, risk, and compliance teams. By integrating systems, firms unlock real-time insights into liquidity, risk management, and smarter decision-making. Cloud platforms extract deeper value from data, consolidating fragmented datasets into a competitive advantage rather than a logistical headache.

The future of financial innovation

The markets are evolving at an unprecedented pace, becoming faster, more complex and more interconnected. Trends like the availability of trading 24 hours a day, the move to T+1 settlement and increasing regulatory scrutiny all demand greater responsiveness.

To remain competitive, firms must transition from rigid, monolithic systems to interoperable, cloud-native platforms that enable agility and innovation.

Future-proofing strategies include:

• Real-time data access – Providing firms with clean, structured data to optimise AI-driven decision-making.
• Open APIs & third-party integrations – using frameworks like FDC3 (Financial Desktop Connectivity and Collaboration Consortium) for seamless system interoperability.
• Zero-install infrastructure – Reducing friction by eliminating traditional installation requirements and shifting to browser-based applications.
• Interoperable desktops - Connecting proprietary and third-party tools, allowing traders to build workflows around how they actually operate.

At its core, innovation is about adaptation. Firms that embrace change will find themselves positioned for success, while those that hesitate risk falling behind. The choice is clear: evolve, modernise, and innovate—or be left in the past.

The challenges for first-time buyers in getting onto the property ladder have been well documented with lack of supply, the cost-of-living crisis, high interest rates and difficulties in saving for ever-increasing deposits all playing their part. With the constant commentary in the media of these issues, you’d be forgiven as a first-time buyer if you believed that home ownership feels unattainable.

Unfortunately, a YouGov survey for the Building Societies Association carried out last year backs this up with an increase in the proportion of respondents that want to buy their own home but don’t think they will be able to – from 25% in March 2020 to 32% in March 2024.

With almost 1 in 3 potential borrowers believing that home ownership is out of reach, it’s vital that as an industry we understand whether this is perception or reality.

The Skipton Group Affordability Index

The second iteration of the Skipton Group Affordability Index has just been released and it reveals some stark findings for parts of the UK.

According to it’s data, nearly 90% of potential first-time buyers cannot afford to buy a typical first home in their local area based on their personal financial situation alone (i.e. without the ‘Bank of Family’).

It also found that nearly 40% of potential first-time buyers find are spending more than 45% of their household income on essential housing costs.

So what can be done?

For Skipton Group, our next job is to share these findings with government and policymakers – we are ready to inform and contribute to the wider conversation of the challenges being faced by the factors that are limiting access to the housing market for first-time buyers.

As lenders, it is vital that we continue to innovate - as a father who used Joint Borrower Sole Proprietor (Income Booster) to help his son, it is comforting to see more lenders provide this proposition. As the typical age for a first-time buyer has increased, I think it is safe to assume that the age of a supporting applicant has increased. Therefore, in my opinion more innovation and flexibility is needed in looking at mortgage terms in these scenarios for better affordability.

A buoyant FTB market is vital for all of us working the mortgage market and I am proud that Skipton Building Society was able to help over 20,000 people into their first homes last year. And I look forward this year to continue to work collaboratively with distributors and brokers in tackling the issues and overcoming the hurdles that first-time buyers face.

The latest United Nations World Happiness Report reveals that Finland is the happiest country in the world to live in. They have topped the list for the past eight years. What makes this country with long, cold dark winters such a blissful place to live? Aside from fantastic scenery, plenty of space and relative prosperity, much has been put down to their obsession with saunas. Almost 90% of Finns go at least once a week, meeting friends and family to enjoy this communal experience.

It is these important social connections which are believed to boost happiness in Finland. These visits create natural opportunities to talk, ask for advice, share concerns or just to have a good old moan. People feel part of something larger and know they have someone to turn to if they need help.

People need people. We are social beings. There is no substitute for getting together face to face. In our increasingly digital world, we are beginning to discover that online relationships cannot provide the same benefits as meeting people physically. People aged under 30, the digital generation, are over twice as likely to report feeling lonely often or always than those aged over 70^[1].

Loneliness is on the increase in the UK. The ONS figures show they are on the rise and have not decreased significantly since the pandemic lockdowns^[2]. Long-term sickness levels are also on the rise, with record numbers of people leaving the workforce because of it^[3]. Could the two issues be linked?

Research has long noted the link between social isolation and mental wellbeing. People who have strong social connections have a significant lower risk of depression than those that are lonely and isolated^[4].

A major cause of social isolation is illness or injuries. Being physically confined to the home through a physical or mental condition is a major barrier to keeping up vital relationships with friends and family. When people are ill, they often feel vulnerable and lose confidence, making them more likely to retreat from the world.

Illness can make people feel scared or uncomfortable. It can be difficult to know what to say and easy to convince ourselves that it’s better to stay away and leave someone to recuperate in peace. In a recent survey, we asked people who knew someone who was off work due to a long-term illness or injury what contact they had had with them recently. 31% said that they had had less contact. Men are more likely to have less contact than women, with 35% saying they had seen the person who is ill less. Those aged under 35 are the most likely to lose contact.

Illness strains social connections. It puts barriers up, preventing people from participating in their usual life, be that going to work, meeting friends, walking the dog or doing the school run. The longer you have not done these things, the harder it is to get back into them.

For those who have to rely on statutory sickness pay (SSP), which is only £109.40 a week, or are self-employed, and have no safety net at all, financial constraints can contribute to their isolation. Going out costs money; money that needs to be spent on the essentials like heating, food and accommodation.

Having the financial back-up that income protection provides, which can cover these essential costs, means there is more flexibility in the budget. It can provide the funds that allow someone to get out to meet people, attend support groups and therapy sessions that can help with their recovery. It can break the illness and social isolation cycle and enable that much needed connection to the outside world.

^{[1] Younger Brits report higher levels of loneliness | Campaign to End Loneliness}

^{[2] Community Life Survey 2023/24: Loneliness and support networks - GOV.UK}

^{[3] Sick people leaving workforce at record highs - BBC News}

^{[4] The Mental Health Effects of Social Isolation}

We’re proud to announce the launch of a strategic partnership with CyNam, the Cheltenham-based UK cyber technology and secure technology network.

The partnership brings together our expertise in financial services technology and cyber infrastructure with CyNam’s extensive network within the UK’s cyber ecosystem. We will work with CyNam on a range of initiatives, including:

• Knowledge sharing to tackle cybersecurity threats impacting financial services.
• Mentoring and talent development, with Iress supporting CyberFirst South West and contributing to mentoring programmes to nurture current and future cyber and tech professionals.
• Co-hosting industry events to drive discussions on cybersecurity and emerging technology trends and challenges.

Alistair Morgan, our UK CEO, and Ian McKenna, our global Chief Information Security Officer, were on hand to celebrate our partnership when it was formally announced last week at CyNam’s 10th anniversary celebrations in Cheltenham.

Alistair said: “Our UK headquarters in Cheltenham is home to our global cyber team, so we’re delighted to partner with CyNam to strengthen the link between financial services and cybersecurity and help to develop the next generation of cyber talent.”

Ian added: “The CyNam partnership is a key one for Iress. We are at the cutting-edge of cyber technology utilising artificial intelligence and industry-leading tools and processes, and we see this partnership as an opportunity to engage with the UK’s vibrant cyber ecosystem to help shape the future of secure financial technology.”

Hollie Wakefield, General Manager at CyNam, added: “This partnership with Iress aligns perfectly with our objective to connect our cybersecurity community with emerging technologies. By working together, we can foster a stronger relationship between fintech and cybersecurity while ensuring future tech talent is equipped with the skills needed to meet evolving industry demands.”

Plans are already under discussion for an Iress innovation event in May, and a combined presence at the renowned Cheltenham Science and Literature Festivals in June and October.

Read CyNam's announcement here.

A staggering 2.5 million Australians will retire in the next decade, unlocking $540 million in potential advice fees. With growing government focus on the retirement phase of super and a flood of new market entrants, the pressure is on to deliver smarter, more accessible retirement advice.

Hear from Iress, John O'Mahony from Deloitte, and Dr Joanne Earl from Macquarie University as they unpack the opportunity ahead and the action needed to fill this urgent advice gap.

Watch the webinar

One of the biggest technology outages in history, the 2024 Crowdstrike glitch, lasted for just over an hour but the fallout has been far reaching.

The lessons learned are crucial and serve as a powerful reminder of how tech failures can trigger a cascade of negative outcomes.

The parallels in market data quality and use are striking where the risks of poor quality data flow through analysis, compliance and investment decisions.

Crowdstrike’s faulty software update brought banks, airlines, hospitals, supermarkets, emergency lines and media outlets in at least six countries to a halt. The upload crashed more than eight million computers around the globe and caused losses that some estimate at around US$5 billion.

The cybersecurity firm watched its share price plummet 32 per cent over the next 12 days, wiping out $25 billion of market value. Insurers paid out billions of dollars in claims and a raft of legal action has followed.

It’s a master class in the perils of poor quality control and provides a cautionary tale for data services. After all, reliable, relevant and accurate data is the lifeblood of informed decision-making, risk management and strategic planning.

One 2023 survey of market participants from both buy and sell-side firms across Europe, APAC and North America found data quality was more important than cost. Discussing the top priorities when selecting a market data vendor, 90 per cent agreed that data accuracy and data feed reliability topped their list of must-haves, ahead of the dollars.

It goes without saying that data errors or inconsistencies can lead to significant financial losses, regulatory issues, and a loss of credibility. As the Nobel Prize winning British economist Ronald Coase is reported to have said, “Torture the data, and it will confess to anything”.

Increasing complexity

The problem is that guaranteeing trust and accuracy, which can be trying at any time, is becoming more challenging with increasing data complexity and data sources. Systems also need to keep up with the continuing growth and higher peak volumes in markets.

As companies scale their data services, they often rely on multiple vendors to provide various data feeds and services. Each vendor may have different formats, standards, and protocols for delivering data and at any stage can be going through some level of change.

For example, Iress has more than 180 different vendor sources, many of which are constantly undertaking changes, which leads to frequent rewrites and updates to keep pace with the changes and maintain the same level of services.

The more vendors a company works with, the more complex the data management process is. It’s important to ensure that practices are able to scale efficiently with vendor service growth and ensure that those teams responsible for the onboarding and maintenance of these data services have processes that are repeatable across many different services.

It can also be expensive to manage the relationships and support for a wide range of vendors. There are the costs associated with vendor contracts, data integration, and ongoing support to ensure data quality and consistency.

Securing your data

Achieving high quality data requires an active plan to check sources are verified and that data management procedures evolve with the changing services. Teams responsible for these services must ensure the data is validated and normalised, meets update frequency requirements, complies with the organisation’s governance framework and provides the necessary tooling to adequately support the services. As data processing applications become increasingly sophisticated with machine learning algorithms and more dynamic tooling to import data sets, evolving real-time data observability is critical in managing data quality concerns. It allows teams to identify faults as they occur rather than well after the fact, or even worse, by consumers themselves.

But data quality isn’t just about policies, tools and procedures, it’s about the people.

Ensuring that data operations teams have the right skills and support as your technology stack evolves is critical to support scaling these operations. They need to be familiar with the logic and nuance of the data services they’re importing and really understand the formats and timing used by different vendors.

Training is crucial to encourage all employees to share in protecting, simplifying and managing appropriate access to data with teams empowered to continuously improve the systems powering the data services.

As MIT Sloan’s Miro Kazakoff says: “In a world of more data, the companies with more data-literate people are the ones that are going to win”.

Australia is on the brink of a retirement surge. Over the next decade, the number of Australians leaving the workforce will skyrocket - placing unprecedented pressure on financial advice.

Living longer is good news, but also raises tough questions. How do you fund a retirement that could last 30 years? Given the accelerating demand for advice on pensions, aged care and superannuation, the industry is at a critical turning point. Who will step up to meet this need?

As superannuation funds expand their financial advice capabilities, lines are blurring. Is this a natural evolution - or is financial advice now in direct competition with super funds?

There has been a number of things happening in the background to lead us to this point:

• 1. An increasing demand: The number of Australians entering retirement is set to explode, with age groups 65-85 years and 85+ years predicted to grow 25% and 50% respectively¹.
• 2. A growing advice gap: Over 11.8 million Australians have unmet advice needs² and 80% aren’t getting the education or guidance they need from their super fund³.
• 3. A spotlight from government & regulators: superfunds are under increasing pressure to be transparent about how they’re investing money into better outcomes for members, with increased regulatory demands under the Retirement Income Covenant.
• 4. A financial literacy crisis: Good financial literacy can add $100k over a lifetime. Unfortunately, in Australia financial literacy has gone backwards by as much as 14%.

What does this mean for the industry?

These four elements have created the perfect storm for both financial advice and superannuation. And while some might view a storm with some trepidation, others see it as the chance to ride a swell.

What does this swell look like? At least 486,000 new holistic advice clients⁴ and 4.6 million Australians ‘interested in advice’. With this wave of potential new advice clients coming in at $320-580 per person⁵, the Australian advice market could grow by 64% by 2030.

So: how do super funds and financial advisers seize this opportunity?

Super funds have a great opportunity to provide advice at scale. With the regulatory push to improve financial literacy and access to advice, they are well-positioned to step up. Iress recently launched Digital Advice Solutions to complement comprehensive advice by providing superannuation funds and other industry players with the ability to deliver personalised digital advice and financial education at scale.

Financial advisers should expect to compete with the superannuation industry for this future market growth, or differentiate their value proposition. Advisers can meet this wave of retirement demand by carving out their niche. They must define their ideal customer segments, hone their specialisation, and tailor their offering to stand out.

A secure retirement income

One thing is clear - Australians want more security for their retirement.

According to the TAL and Investment Trends 2023 Retirement Income Report, 65% of non-retirees are unaware of existing retirement income products offered by their super funds. Even among those who are aware of pensions or lifetime income product options, understanding is limited.

We recently surveyed the advice industry on retirement income products, asking whether advisers incorporate lifetime annuities into their clients’ retirement strategies. Respondents who said that they did not use lifetime income products as part of their client’s retirement transition strategy cited inadequate modelling tools and too many procedures as the main barriers existing with the current process. The consensus? The industry needs access to better tools for seamless and efficient modelling to illustrate the impact of including a lifetime income stream.

Super funds are responsible for ensuring stable and sustainable retirement income at the prudential level, but advisers have the ability to help clients make up the difference. At Iress, we are working with the industry to increase awareness and simplify access to retirement income products by fully integrating them throughout the advice journey in Xplan.

Keeping a human touch in a digital age

Addressing these challenges will require scale and efficiency—something that super funds will be able to adopt with the use of digital tools.

At the same time, advisers remain essential; demand for their expertise isn’t going away. The challenge will be balancing the use of digital efficiency with face-to-face engagement that some demographics still prefer.

Striking the balance between technology and the human touch will be key to how advisers differentiate their service from super funds.

No matter how you look at it, the pressure is on the financial services industry to deliver smarter, more accessible retirement advice.

Visit thebigshift.com.au to review the four key choices that advisers have to make to maximise competitive differentiation and play to existing strengths, while putting the customer at the centre.

References:

• 1 Australian Government, Intergenerational Report, 2023
• 2 Investment Trends Financial Advice Report 2021
• 3 Investment Trends Member Engagement Report 2020
• 4 Advice 2030: The Big Shift, Deloitte Access Economics
• 5 Investment Trends Financial Advice Report, 2023

Welcome to the Spring edition of Industry Voice

This new edition of Industry Voice is all about next-gen mortgages as we look at how mortgage products and technology are evolving to suit the needs of a changing mortgage buyer demographic.

As always, leading experts from the lending community share their viewpoints and ideas on how the industry can drive better outcomes for consumers.

We hope you enjoy this issue.

If you'd like to read previous editions, visit the Industry Voice homepage.

Watch the video

Ash Borland and Louise Sarsby discuss the challenges for first-time and next-time buyers in a special interview to accompany the latest issue of Industry Voice.

Become a contributor

Industry Voice provides high quality thought leadership, analysis and commentary on the key trends and themes impacting the UK’s mortgage, protection and financial advice industry.

Each edition is produced and distributed by Iress and promoted across our digital and social media channels to a UK-wide audience of mortgage and insurance brokers, financial advisers and wealth managers.

For advertising, sponsorship and editorial enquiries, please contact:

Neal Ray
Advertising & sponsorship manager
Call: +44 (0)7816 536 166
Email: neal.ray@iress.com

The trading landscape is evolving rapidly, shaped by technological advancements, regulatory shifts, and changing market dynamics. As firms look to the future, several key factors are expected to have a significant impact on trading practices. In a recent survey conducted by WatersTechnology in collaboration with Iress, industry professionals shared their perspectives on the most pressing challenges and opportunities influencing trading today.

Regulation continues to be a major force in shaping market behavior, with over three-quarters of industry participants anticipating increased regulatory oversight in the coming years. This shift will require firms to adapt their operations, ensuring compliance while maintaining efficiency and competitiveness.

Beyond regulatory concerns, firms are prioritising talent acquisition and technological transformation. With over half of market participants identifying these as critical areas, companies must strike a balance between hiring skilled professionals and leveraging automation and data-driven decision-making to maintain a competitive edge.

A key shift in recent years has been the growing reliance on data analytics, with more than 80% of firms reporting that analytics has significantly influenced trading functions, leading to more informed decision-making and improved trade execution. As firms increasingly adopt automated and algorithmic trading systems, they are also turning to artificial intelligence and machine learning to enhance accuracy, transparency, and predictive capabilities. These technologies are not only improving efficiency but also reshaping trading strategies and market responsiveness.

Looking ahead, distributed-ledger technology and advanced data analytics will further transform market operations, reinforcing the industry's shift toward automation, intelligence, and seamless execution.

However, the journey toward innovation is not without obstacles. Resistance to change remains a major barrier, with a significant portion of the industry citing entrenched mindsets as a challenge. Additionally, legacy systems, high costs, and regulatory complexity continue to slow the pace of transformation. Despite these challenges, the benefits of AI in trading are widely recognized. Nearly 70% of respondents believe AI-driven solutions will enhance research accuracy and transparency, while others see improvements in liquidity identification and trade execution as key advantages.

To stay competitive, firms must embrace AI, data-driven decision-making, and regulatory adaptability. Those that proactively integrate emerging technologies while addressing operational and regulatory challenges will be best positioned to thrive in the future capital markets ecosystem.

Get the full insights in our latest report in collaboration with WatersTechnology: Read the full report here.

Data can be a double-edged sword. It’s immensely valuable and growing exponentially in volume week by week. But in this deluge of information, there’s the risk of missing hidden gems.

Firms are relying more than ever on analytics to interrogate the large volumes of data in the hunt for signals and trends, according to a report by Iress and Waters Technology, 5 Key Drivers Shaping the Future of Trading, based on insights from 38 Australian-based capital markets firms.

More than 80 per cent of firms say their strategies are becoming increasingly data-driven, the report reveals.

Automated and algorithmic trading platforms are now vital to manage high-frequency, low-value transactions, according to more than half of the firms surveyed.

The evidence of a quickening pace towards transformation is underlined by the rapid uptake of real-time data, enabling actions and decisions that were previously inefficient or impossible.

Real-time data is enhancing trading strategies by identifying trends and anomalies as they unfold, bolstering algorithmic trading, providing more robust risk management and boosting data analytics.

Forbes Technology Council member Don Murray says the benefits are obvious but cautions that making real-time data an effective part of a data strategy takes time and effort. He recommends a clear plan to begin with, getting the right technology in place and starting small, perhaps with a pilot project.

Most importantly, Murray recommends prioritising data quality and security to ensure the accuracy, reliability and protection of real-time data sources.

AI’s role in enhancing data analytics

Using real-time data in artificial intelligence (AI) models unlocks new levels of potential.

A global survey of IT leaders across a range of sectors found the use of AI continues to accelerate, quickly spreading its tentacles throughout organisations, according to Info-Tech's Tech Trends 2025 report.

For the second year running, AI or machine learning was the technology attracting the fastest growing investment. Although it remains behind other more entrenched technologies: cybersecurity solutions, cloud computing, and data management solutions, the report says.

More than two-thirds of the Australian trading firms who contributed to the 5 Key Drivers Shaping the Future of Trading report expect AI to transform trading within five years and almost half are currently using AI for predictive analytics.

AI is already a valued and dynamic tool for trading firms. Its ability to process complex datasets, provide market volatility analysis and deliver predictive modelling has been a gamechanger.

Mixing in real-time data allows AI algorithms to analyse current conditions, identify trends and find anomalies to capitalise on opportunities and mitigate risks.

AI may also offer the chance to enhance environmental, social and governance (ESG) data analysis.

Capital Group’s annual Global ESG Study, a survey of more than 1100 institutional investors, found that while only 10 per cent are using AI to analyse ESG data, more than half plan to do so in the future.

Among the barriers to ESG adoption, difficulties with the consistency and reliability of ESG data are most widely cited, according to the Capital Group report.

Data consistency was also the top reported challenge in a 2024 report by the Morgan Stanley Institute for Sustainable Investing, which polled 900 institutional investors across North America, Europe and Asia Pacific.

More than three-quarters of asset managers and owners expect sustainable assets under management and asset allocations to rise in the next two years, driven by new mandates and a more established track record for sustainable investing.

Future-proofing through data-driven innovation

Better data science approaches combined with AI tools may also provide hope for new ways of addressing changing and often complex regulatory and compliance requirements. For example, automated compliance monitoring tools, able to flag suspicious transactions or compliance concerns are a leap forward in efficiency. Enhanced reporting using AI tools to generate detailed compliance reports is also a bonus.

Iress is keeping on the front foot by embracing best-of-breed systems as part of its rebuild.

The power of interoperability is driving our new SaaS (software as a service) cloud-hosted model and will help unlock the full power of analytics. Meanwhile, our upcoming data insights product leverages advanced big data processing technologies to enhance compliance and risk workflow efficiency, empowering data-driven decision-making across the organisation.

This article was originally published in SIAA Monthly February 2025.

The future looks bright here at Iress UK, and our new office is too!

This month, our London team moved to state-of-the-art premises at One Tudor Street, a striking landmark building in a vibrant part of the city. The contemporary new space reflects the high standards set by our existing Cheltenham headquarters and shows Iress is here to stay.

The new office - secured with a 10-year lease - is home to some of our product, design, business development, implementation, and delivery teams. Bright, welcoming, and open-plan, it is thoughtfully designed to inspire creativity, enhance collaboration, and boost productivity - all the things we love doing most. Kitted out with the latest workplace technology, it’s the perfect space for us to design, develop and deliver the best technology for the UK’s financial services sector. 

Iress UK CEO Alistair Morgan commented, “London has long been recognised as a global hub for financial services and technology. It's also home to many of our key clients who we look forward to welcoming. Investing in a new office reinforces our commitment to the UK, and while flexibility remains an important part of our culture, this high-quality space supports our drive for collaboration, innovation, and the delivery of technology for financial services businesses up and down the country. This move marks the beginning of an exciting new chapter for Iress in the UK.”

The London team enjoyed a special launch event on Thursday to celebrate the move. We look forward to welcoming clients, partners and more colleagues to the new office as we build the future of financial services technology here in the UK.

The start of the new year signals many different things – fresh resolutions, detoxing from rich food and alcohol and the start of the spring school term. It also brings a wave of coughs, colds, flu, norovirus and in the last few years, Covid. This year seems especially bad, with the head of the Royal College of Emergency Medicine describing the pressure on hospitals as “unacceptably awful”.

Fortunately, the majority of people will recover from their illness in just a few days without the need to visit hospital, but long-term illnesses and injuries are much more common than many people think. In our recent survey with 2,000 UK adults, we found more than a quarter (27%) have taken a month or more off work sometime during their career. Of these people, the average time they had been away from work was four and a half months, more than a third of a year.

This is a significant amount of time and is likely to impact income. Only around half of employers offer full pay for those who are on long-term sick leave. About a quarter of employees must rely on Statutory Sick Pay (SSP), which currently stands at £116.75 a week and is available for 28 weeks^[1]. The rest will receive Occupational Sick Pay, which is set at the discretion of the employer, which will be higher than SSP but lower than full salary.

For those who are self-employed, there is no safety net. No work means no pay. As of October 2024, there were almost 4.4 million self-employed workers in the UK and this figure is growing year on year^[2]. Even just a month off work can leave people struggling financially, let alone four or more.

Up to a third of UK adults have either no savings or less than £1,000 in a savings account. Two thirds of people believe they wouldn’t be able to last three months without an income without borrowing money^[3]. A prolonged period of sick leave will not only affect these people financially in the short-term as they try to find money for day-to-day bills, but the knock-on effects can also last for years.

SSP is the largest employment issue that people come to the Citizen’s Advice bureau for help with. Nearly 50 people a day contacted them about it in 2023/24, looking for advice on how to manage financial issues and where to turn to for support to maintain the basics of daily life^[4]. These inquiries are likely to be the tip of the iceberg, with many more people trying to cope on a reduced income.

Falling into debt doesn’t just affect people financially. It can affect them mentally, physically and emotionally. A study from the Royal College of Psychiatrists found that half of all adults with a debt problem also live with mental health issues^[5].

Being in debt is associated with shame and guilt and is one of the main reasons people don’t ask for help at the first sign of a problem. Too often this approach leads to the debt spiralling out of control and becoming a real crisis that takes much longer to recover from. It can damage their credit rating, which can seriously limit their future financial options.

Income protection has the power to help people, not just during a moment of crisis but also to shield them from the long-term impact of debt, which can be so harmful to their health and their happiness. Covering the essentials really can change lives.

www.cirencester-friendly.co.uk

^{[1] In sickness and in health: Why Statutory Sick Pay needs further reform - Citizens Advice}

^{[2] UK self-employment figures 2024 | Statista}

^{[3] UK Savings Statistics 2024 - Saving Facts and Stats Report | money.co.uk}

^{[4] In sickness and in health: Why Statutory Sick Pay needs further reform - Citizens Advice}

^{[5] Debt and mental health | Mental Health Foundation}

What’s the outlook for the mortgage market this year? Kelly Bretherton, Head of Product at Iress, is cautiously optimistic.

After a stormy 2024, where we saw interest rates at their highest levels in over a decade and intense spells of high pressure for brokers, lenders and buyers alike, the outlook for the UK mortgage market is cautiously optimistic.

Three strong tailwinds are shaping my expectations:

• Falling mortgage rates

We’re all eager to see if base rate reductions made by the Bank of England in 2024 will continue into 2025 as inflation eases. Analysts predict four quarterly reductions in 2025, which could see rates falling as low as 2.75% (Goldman Sachs) or 3.75% (Santander). Either way, things are looking brighter, and we can expect more activity in the market.

• House price growth

As interest rates cool, house prices are expected to rise by 4% in 2025, according to Rightmove and Savills. While Zoopla predicts a slightly lower growth rate of 2.5%, we should see more movement in the market as homeowners get moving to take advantage of their property value increases and the lower rates.

• Increase in applications

The market will be hotting up as first-time buyers, home movers, and remortgagers all take advantage of the better conditions. With more applications and people needing help finding the right mortgage and protection, it’s good news for advisers who can make hay while the sun shines.

Snowed under

Could 2025 be the year we see mortgage advisers adopt new technologies to help them weather any storms and meet growing client demands and expectations?

There is much more to come to help ease the burden on lenders and advisers

Kelly Bretherton - Head of Product, Mortgages

We’ve seen significant advancements in recent years to help address longstanding pain points such as delays in paperwork, cumbersome approval processes, and lack of transparency. Connectivity tools that take the data from broker sourcing and CRM systems to Lender portals or APIs as part of the Decision In Principle (DIP) and Full Mortgage Application (FMA) process are a great example of this, and I’d love to see these take off in the next 12 months.

There is much more to come to help ease the burden on lenders and advisers, and I predict we’ll see more advances from AI in assisting (not replacing) brokers. The technology is there to drive greater efficiency, reduce application times and improve the overall mortgage experience for everyone, so why not embrace it?

Be prepared

Overall, 2025 looks set to be a year of recovery and stabilisation for the UK housing and mortgage market, with opportunities for buyers and homeowners to benefit from brighter conditions.

However, uncertainties in the global and domestic economy could lead to unsettled periods, so bring a brolly! Cautious planning will be essential, but with the right technology, brokers can deliver a clearer, calmer and more pleasant mortgage journey, come rain or shine.

Refresh your mortgage tech this year with Xplan Mortgage, the best way for intermediaries to source and sell mortgages and protection today.

There was a lot for both lender and broker to consider when the Consumer Duty rules were implemented in August last year. As Consumer Duty champion for the intermediary side of the business, and member of several working groups, it was great to see collaboration from all parts of the industry to ensure the key elements of the rules were embedded.

There was also recognition that as an industry we were, in the main, in a good place in providing good outcomes for customers. One of the main strands that runs through Consumer Duty is the dealing with customers that could be considered as vulnerable. For me, this is the area that provides our biggest challenge, a year on from implementing Consumer Duty.

The recognition of and providing the support for, a Vulnerable Customer is fundamental to us, ensuring that we give everyone the best experience when considering a mortgage.

So, who is vulnerable?

The FCA describes an individual with a vulnerability as ‘someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care’.

Whilst we have a definition, it can be hard to recognise vulnerability and we certainly don’t want to pin a badge on someone. The physical characteristics may be easier to recognise and support. Someone with visual & hearing impairment for example, but how do we support those that have been affected by a life event or have low resilience or capability?

Based on the low numbers that have been highlighted to us as a lender over the last 12 months, it’s clear that we need to do more as a lender to support you with vulnerable customers.

So, what are we doing as a lender?

• At Skipton we have provided a broker guide on Supporting Customers with Additional Requirements
• We are reviewing our application process to make it easier for you to provide information on your customer and allowing you to highlight what additional support they may need?

Finally, I feel that as lenders and brokers we just need to talk about this complex subject more. We know that no-one is in a better position to understand the requirements of a potential borrower than a broker, and as a lender we need to better highlight what we can do to support you.

To that end, I have recorded some ‘mini-conversations’ with our Vulnerable Customer team which we will share on LinkedIn. We may not have all the answers, but we thought we would share our thoughts on various topics, like how to have a conversation and address some myth-busters about what a lender would do with this information.

The short clips are aimed at starting the conversation around customer vulnerability and we would be more than happy to take any feedback and suggestions on where the conversations should go next.

Let’s talk.