European Insurance News & Views "UK wealth tour/EBC meeting takeaways" Ahmed

Research evidence excerpt

European Insurance News & Views "UK wealth tour/EBC meeting takeaways" Ahmed

Global Research

26 June 2026ab

European Insurance News & Views Equities

Europe including UKUK wealth tour/EBC meeting takeaways

Financial

Nasib Ahmed, FIA

Headline: UK wealth tour/EBC meeting takeaways Analyst

nasib-za.ahmed@ubs.com

We met the UK wealth managers/asset gatherers this week and we summarise key +44-20-7568 8231

takeaways from the meetings below. We also met an Employment Benefit Consultant in Will Hardcastle, CFA

the bulk annuity market space, with takeaways summarised below. Analyst

will.hardcastle@ubs.com

+44-20-7567 9763

UBS Summary:

Qian Lu

Analyst

Wealth managers: 1) Rathbones skilled person review: Sample of files checked by qian-za.lu@ubs.com

the skilled person around anti-money laundering (AML), portfolio suitability and +44-20-7567 4657

vulnerability, with some being flagged as having issues. This followed a deeper targeted

Chloe Ryan

review. The Enhanced Due Diligence (EDD) clients within Rathbones were 9.6k, as they Associate Analyst

take a stricter definition, with only 4.7k (£8bn of AUM) impacted by the announcement. chloe.ryan@ubs.com

They will not take new money from these clients, which will impact flows, with EDD +44-20-7567 3505

clients adding £350m over the last 12 months. Rathbones will also stop charging fees on

cash balances with a £9m per half-year impact on the earnings. An example of EDD

failing provided was “blurry passport”. 2) Exiting advisers: Typically advisers do not

leave with their business given some aspects are an advised event. It is much more

difficult to move products/platform than funds/investments when a client leaves. 3)

Regulatory concerns: There were areas around increased fees following an