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Yet, holding onto outdated practices is considered one of the most significant barriers to innovation, according to a report by Iress and Waters Technology, 5 Key Drivers Shaping the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.

Welcome to our Winter edition of Industry Voice

"The true value of Protection" is the focus for this edition. We asked experts from the Protection industry to provide their insight on how to have better conversations around Protection, what this entails, understanding consumers needs and what is the true value of Protection. We hope you enjoy this edition.

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

Watch the interview

The Protection Coach Matthew Chapman interviews Iress' Jane Irwin and Warren O'Connell about the latest issue and what is the true value of Protection.

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

How will financial services survive the next crisis or scandal? Legendary crisis communications expert Donald Steel joins Emmanuel Asuquo for the Upfront series finale.

Here are some highlights from that conversation. Listen to the episode in full here.

Emmanuel: So, Donald, tell us, how will financial services survive the next crisis or scandal?

Donald: It comes down to the business of predicting what can happen to you. All crises are predictable. There's nothing that can happen to you that you can't predict and then prepare for them. I think it's the same in every sector, including financial services, is this ability to predict and risk assess what might happen and then prepare for it, which is, after all, what they do when they're creating financial instruments, you need to do the same for your reputation.

Emmanuel: What is a crisis then? If we can predict this stuff already, what is the whole crisis management and crisis about?

Donald: This is a brilliant question because what we talk about in crisis communications is that the word crisis has only one purpose. You should only use the word crisis when you invoke the special procedures you've prepared, the team meeting in a room, the senior people, and the different command structures; otherwise, it has no business purpose. The word crisis is bandied around. It's a tabloid word. The word crisis is used to make something seem more interesting or urgent. Actually, in each different company, there is a different definition of a crisis. And in your crisis plan, you need to give examples of the categories of crisis. One of the things we do when we go around companies is give people a load of cards with different scenarios that might happen to that company. And they have to define whether they're a crisis, an issue, or everyday business and it's quite interesting the debate because they don't all agree.

We talk about the bank of trust. You have to be careful you don't make too many withdrawals.

Donald Steel - Crisis communications expert

Emmanuel: Do you think enough businesses even have a crisis management plan?

Donald: Warren Buffet said that you haven't got a business without a reputation. Trust is at the core of all reputation, and we talk about people having a big balance in the bank of trust. Now you have to watch that you don't make too many withdrawals. You don't have too many crises because you only have so much trust. In a big crisis, you could make a big withdrawal. There's this thing we call the drumbeat of positive publicity. It may not be earth-shattering, but we've got this new service, we've won this award, you know, all of the stuff that you do, we've helped someone out, we're doing some community work here. It's all building up this drumbeat of publicity and the bank of trust. Don't dismiss it because you may need to make a withdrawal when things go wrong, which they do with the best will in the world.

Emmanuel: You come across so cool, not cold, like cool as in relaxed. Although you're in these high-pressure environments, I feel like the pressure's around you but not in you. Where does that come from?

Donald: A lot of what we do in preparing for crisis management and crisis communications is we have checklists. So when something happens, we'll grab the checklist, and we've already thought, and we'll do this and this and this. So, for example, in communications. Check what's on social media at the moment. Cancel all planned posts because they're almost certainly going to jar with what's happening. Increase the level of approval of posts because you need several pairs of eyes on so that you're not causing further offence or making the crisis worse and so on. Now, why do we have those? Because in a crisis, adrenaline starts to surge, which is not a useful hormone in a crisis, there are no prizes given by companies for hiring people who come in and make them feel more panicked than they did before. You need to go in and feel a bit of calm. I've lived a long time and I've often wondered if this is a little gift as you get older, that people like a bit of grey hair when their jobs are on the line.

It takes far too long to get statements approved in a crisis, so write them now.

Donald Steel - Crisis communications expert

Emmanuel: Is there a cookie cutter method for any crisis?

Donald: Every company needs a crisis plan. Crisis preparation is an evolutionary process, not something you do in a week. The essential ingredient is spotting a crisis on time, which is a main cause of failure because most crises don't just suddenly happen. It's about how and when we start communicating immediately. To whom do we communicate? How do we communicate internally? How do we organize ourselves? Who becomes the face of the company? It's usually the chief executive for the most serious crisis. It takes far too long to approve statements when you're in a crisis, so write them now. All crises are predictable. If we can predict them, we can write brief statements. It's not that difficult. The public want information and they're not forgiving if they don't see it.

Emmanuel: What advice do you have for the financial sector to help them prepare for the next scandal or crisis?

Donald: Think of everything that could happen to you. You're very focused on your business activities, of course you are. But many other things can happen to you in all of the ancillary things you do around the business. Have you got a plan for every eventuality, and how will you communicate? If you're in the financial sector, don't just think about your products and services. The delivery of your services - what happens if the phone line or your internet goes down? What's our risk in our social media? What's our risk in our different comms activities in speeches? Famously, people making speeches is often a risk. Humour is a risk. We have to think of everything and then work out a plan. If you think this doesn't affect you, you're putting all your work at risk for quite a small amount of preparation. Predict what might happen to you, and prepare for it. That's my big message to everybody: predict and prepare, and then you've got a good chance of coming through it and doing it right.

Listen to this episode in full here.

In the rapidly changing financial landscape, technological advancements are revolutionising daily operations for businesses. The integration of cloud computing and automation is reshaping the trading environment, with the FIX protocol playing a pivotal role in these developments.

Michael Barbera, Chief Product Officer for Trading & Market Data at Iress, recently spoke at the Australia FIX conference, exploring our current cloud-centric world and how innovations in the FIX protocol are improving efficiency, connectivity, and transparency for firms.

The impact of cloud

The most significant transformation seen in recent years in the trading industry is the shift towards cloud-native infrastructure. A prominent trend alongside cloud has been the increasing emphasis on automation and orchestration. Historically, client onboarding processes have been lengthy and complex; however, by utilising automation and orchestrations, firms can swiftly establish system connections. As a result, firms benefit from faster onboarding, with timelines shrinking from weeks to hours. This has boosted efficiency, innovation and agility, enabling businesses to launch new products into the market more rapidly.

As cloud adoption evolves, many organisations are moving beyond a "lift-and-shift" approach to fully capitalise on cloud capabilities. This evolution has introduced autonomous recovery systems, which are among the most exciting benefits of cloud technology. These systems are designed to foresee potential issues before they escalate, automatically detecting anomalies and applying fixes in real-time. This minimises the risk of downtime and reduces dependency on human intervention. Scalability becomes seamless, allowing for easy market adaptations.

Visibility is paramount

One of the most significant benefits to the cloud is improved access to data, creating greater transparency, and allowing clients to connect in real-time. In the trading world, the interactions between buy-side and sell-side clients, vendors and banks create a highly complex environment. In order to manage this, capturing data at every point of interaction is key. Having real-time visibility not only helps with identifying potential issues but it improves operational efficiency.

Any disruption between the exchanges of the three key interfaces—clients, banks and vendors— at any one point, has a rippling effect across the entire trading market. Firms must capture data through every transaction within the trading environment to address the complexity; therefore, monitoring what happens between each stage of the ecosystem ensures any potential issue can be identified and addressed promptly.

This visibility enhances operational efficiency—firms and trading venues can swiftly identify potential issues, leading to faster resolutions and more immediate responses to market fluctuations. Real-time visibility into trading operations is paramount, enabling firms to recognise anomalies and inefficiencies as they arise, leading to prompt corrective measures.

All trading vendors are using some variety of cloud offering so it is clear the direction the trading world is heading in. By leveraging the cloud, firms are seeing the enhancement of scalability, cost efficiency and quicker deployment. While the current cloud based trading platform is gaining momentum, the full impact within the trading market may not be seen for several years to come.

Iress FIX Hub

Iress FIX Hub facilitates seamless communication between the buy-side and sell-side within the market, enabling efficient, reliable and fast trade transactions. Iress FIX Hub offers effortless connectivity between firms and many trading venues and counterparties. As the platform provides access to real-time market data, it allows traders to make informed decisions in line with the latest information. This immediacy is crucial to navigate the fast-pace of the markets where timely decisions can significantly impact the outcomes. Staying aligned with the increase in trade activity is a key aspect of Iress FIX Hub; its scalability allows companies to adapt to the ever changing market conditions without compromising outcomes and performance.

Learn more about Iress FIX Hub here.

Do we have to get up at 5am to be successful? That's the Upfront question for organisational psychologist Dr Amantha Imber, who chats to Emmanuel Asuquo about how we can all be our most effective and productive selves.

Here are some highlights from that conversation. Listen to the episode in full here.

Emmanuel: We always start with our Upfront question and today, the question is, do we have to get up at 5 a.m. to be productive?

Amantha: Oh, it's a myth. You don't have to get up at 5 a.m. Let the night people rejoice! From a scientific point of view, it comes down to a concept called chronotypes, where every one of us is different in terms of when the peaks and troughs of our energy levels are in 24 hours. There are three types of chronotypes. There are larks, those 5 a.m. clubbers who naturally rise and shine at about 5 or 6 a.m. There are owls who are the opposite. They come to life at night and naturally like a bit of sleep. And then there are middle birds who operate on the schedule of a Lark but are delayed by an hour or two. So if you naturally wake up at about 7 a.m. and don't have an alarm set, you're probably a middle bird. One of my big pieces of advice when it comes to productivity is to understand your chronotype and proactively schedule your day around that. So if you're an owl, don't get up at 5 am, that's a disaster waiting to happen.

Emmanuel: Oh, I love that. I'm definitely that middle bird and I'm going to be proud.

Emmanuel: What does a typical day look like for you? How do you keep yourself productive?

Amantha: I am lark-ish, so I naturally get up at about six, maybe 6:30 a.m. My brain is best in the morning, so I typically don't schedule meetings for the morning, and I use that time to work on my biggest, most challenging projects, so I use that time for deep, focused work. I typically have most of my meetings in the afternoon and try to disconnect at about 5 o'clock. One of the big things that I do that I feel helps my productivity is time boxing or time blocking, where I book meetings with myself, depending on what projects I want to get done which reduces procrastination.

Emmanuel: I feel like I'm a procrastinator. What trends are you seeing with the way people are working? What does good look like now?

Amantha: I think that the better employers definitely embrace ultra flexibility. So, I'm talking about the opposite of a back-to-office mandate where people have control over where they work, their work hours, and how they get their work done. And even though everyone talks about generative AI, I'm still very surprised by the lack of people using it daily to augment their work. For the last year and a half, I've used Gen AI, including ChatGPT and Claude, to help me with my work. It makes me so much more productive if I'm feeding it the right tasks. And quite frankly, I think that people that are not leaning into that, particularly knowledge workers, are at a distinct disadvantage.

I'm still very surprised by the lack of people using generative AI to augment their work. Frankly, people not leaning into it are at a distinct disadvantage.

Dr Amantha Imber - Organisational Psychologist

Emmanuel: Why do you think we've become so obsessed with being efficient and productive? And what impact does it have on our health and well-being?

Amantha: I think it's having a terrible impact on our health. It comes from hustle culture and tech bro culture, and that was pretty cool quite a few years ago, and maybe that still is a bit cool for some people, but the pandemic has taught us just how important our mental health and well-being are, and if we don't have that, then all of the productivity hacks in the world are not going to help you have more impact in your job. We need to set better boundaries to maintain our well-being and productivity.

Emmanuel: You've interviewed some big CEOs and high performers on your podcast 'How I Work'. What are some of the craziest or most extreme things you've heard them do? And what's the best advice you've heard from them?

Amantha: The one that has stuck with me is this tip from Rahul Vora, a very successful Silicon Valley tech founder and CEO. One of the keys to his productivity is learning keyboard shortcuts and reducing how much time he uses a mouse for things. And that might sound small and inconsequential, but if you're a desk-based worker, as I imagine, a lot of your listeners are part of your day and the speed at which you can get through things and process things is based on how quickly you can navigate, around your computer screen. And it is much quicker to do things on your keyboard than going from your mouse to your keyboard, mouse to your keyboard. And so, after hearing him say that, I've invested a lot more time learning keyboard shortcuts for the various software programs I use.

Why do you think we've all become so obsessed with efficiency and productivity?

Emmanuel Asuquo - Host

Emmanuel: I love that. Now, you have mentioned AI and Chat GPT, and, although this podcast is for everybody, it is mainly for people in financial services. I don't know if you know financial services well, but we are pretty much scared of all new technology. If we could, we'd be using paper and pen forever. What would you say to get people to embrace technology and the new wave?

Amantha: I think people listen to podcasts because they're generally seeking self-improvement and self-optimization, and I think people like that, and like us, want to know, what are the things that I can do to give myself a competitive advantage in this world of work? And that's where technology comes in. I feel like I use technology to give myself a competitive advantage over other people and other businesses. That's why I've lent into AI: every single day, I'm getting a huge competitive advantage over everyone who's not using it.

Emmanuel: What are your thoughts about phones? Are they good for us? Are we addicted? Can we live without them?

Amantha: Oh, I think many people are addicted to their phones. The applications on phones are designed to be like mini gambling pokies machines that we have in our pocket. The people that are designing the apps know how to keep us hooked. Here are some tips I'll share regarding managing distractions - obviously, turn notifications off. That's a hygiene factor. Think about your day, try to check your phone less, and do not give in to that distraction. How many minutes or hours over a day is your phone more than an arm's length reach away? For most people, that would be almost zero minutes. So, one strategy is changing your environment and making checking your phone harder. Leave your phone in a different room to where you are. Or if it needs to be in the same room, put it in a drawer below where it's a slight effort to grab your phone. The second thing that I'd recommend is switching your phone to grayscale. There is an accessibility mode on the iPhone that turns your phone from being a very exciting, colourful little gambling machine with like all the, you know, pings and dings and bright colours to something incredibly dull and just shades of grey. So switch your phone to grayscale, and I guarantee you, Instagram is not particularly addictive if you're looking at it in black and white.

Emmanuel: Wow. I did not even know that existed. That is fantastic.

Switch your phone to grayscale. Instagram is not particularly addictive if you're looking at it in black and white.

Dr Amantha Imber - Organisational Psychologist

Emmanuel: People in finance are among the worst when it comes to working long hours. It's almost like a badge of honour. Have you got any tips to help our audience there?

Amantha: It's a flawed belief system. The onus is on people and teams to question your thinking when you see people messaging you on email or instant messenger after hours, whether that be early or late. Don't see that as a sign of productivity or that someone should be rewarded. It's simply a sign that they sent a message at that point in time. So, people need to lean into rewarding the outcomes instead of the hours and challenging those unconscious beliefs.

Emmanuel: So, what do you think companies should be doing to help healthily boost productivity?

Amantha: I think that companies need to start seeing productivity as a skill that can be taught and that there are better and worse ways of working.

People in finance are among the worst for working long hours - it's almost a badge of honour.

Emmanuel Asuquo - Host

Emmanuel: I guess the last question goes out to our listeners who may feel burnt out or tired. Do you have any tips to help them get some energy back?

Amantha: I think the obvious thing to do is to prioritize sleep. Sleep is the foundation for everything. I would encourage people to set an alarm for when they need to go to bed and prioritize being in bed for between seven and nine hours. Everyone's a little different, but that is one of the most powerful things you can do to wake up and feel refreshed.

Listen to this episode in full here.

In 2022-23, there were around 874,000 recent first-time buyers in England, around eighty thousand fewer compared to 2020-21^[1]. The private rented sector makes up 4.6 million (about 19% of households)^[2]. The lower rate of first-time buyers means more people are renting for longer. The private rental market represents a great opportunity for advisers to talk about protection. With the purchase of a first home not as much of a life trigger as it previously was, advisers are facing the challenge of creating new opportunities. Is the obsession with mortgages as the only route for protection conversations on its way out?

Future pipeline of customers

30% of private renters had dependent children in 2022-23.[3] This means that just under a third of renters have someone relying on them for a stable lifestyle. Children are a known life trigger for people seeking protection advice and rental market customers are no different, needing guidance to the options available.

Aviva's research into Gen Z, those born between 1997 and 2012 (ages 12 to 27 in 2024), shows that currently, 49% of Gen Z are renting, 24% are homeowners and 19% are living rent free. Whilst 75% of Gen Z are not currently homeowners, they are optimistic about home ownership. When asked, "when do you expect to buy a house?" 55% of Gen Z non-homeowners said in their 20s or 30s, with a further 25% wanting to buy but are not sure when. Only 19% were unsure if they ever will buy a home.

With the next generation of homeowners staying longer in rented homes, research found renters have a particular fear of the future.^[4] This presents an opportunity to champion products which provide flexible security. The younger that income protection is taken out the easier it is to obtain cover, as an industry it vital we explore new ways of reaching out to new customers.

So how can advisers reach out to renters?

One suggestion is to team up with your local lettings agent and work together to support their customers by introducing tenant protection into their business. From young singles, to couples, to families and older singles the protection gap exists. Having a protection conversation as part of securing a rental property can help support financial resilience. A face-to-face meeting with potential renters before they agree to lease a property is recommended but if this isn’t possible, work with your local letting agents to instead email prospective rental customers.

Another suggestion is for financial advisers to speak to their current customers who are landlords about referring their tenants for advice about protection. Policies such as income protection are linked to earnings so can provide tenants a safety net in case of illness or injury. It’s not just mortgage clients who need this cover, renters do too.

For Gen-Z specifically, family are the essential trusted resource for guidance, and, when prompted, financial-led resources are the second go to^[5] . Make the most of this opportunity and speak with your existing customers who have Gen-Z children about how you can support them and their children in access to protection advice.

Paula Pearson, Strategic Account Manager at Aviva says “The next generation of customers are open to protection cover, it is up to us an industry to reach out to them, educate them and make sur we’re there to help them secure their incomes and create financial resilience. Finding new way to reach renters and building long term relationships with them will help secure your customer pipeline for if and when your renter customers are ready for a mortgage.”

For support helping renters get the protection they need visit our tenant protection hub

^References

^{[1-3] https://www.gov.uk/government/collections/english-housing-survey-2022-to-2023-headline-report. Contains public sector information licensed under the Open Government Licence v3.0}

^{[4&5] Gen Z_Insight. The research was conducted by Brand Potential on behalf on Aviva between 01.10.2023-31.01.2024. 16 Qual Interviews: Pre Interview, a mock experience with proposition including Advised/Non-Advised with IFAs, and Direct channels & post interview. Online survey for N=1200 consumers, with a focus on aged 24-27, plus consumers aged 18-23 and 28-40 for context. All respondents including those screened out; age weighted to national proportions.}