FCA reviews consolidation in the advice and wealth-management sector, stressing sustainable growth and consumer protection while warning that rapid M&A must not dilute governance or AML controls

The review highlights risks arising from debt-fuelled acquisition strategies, integration challenges and uneven control frameworks, noting that firms must demonstrate credible plans to maintain service quality and regulatory compliance as they scale. It also emphasises that governance, systems and oversight must evolve in step with expansion to safeguard consumers and uphold regulatory obligations, including effective financial-crime risk management.