Wealth manager St James’s Place has acquired the Scottish financial adviser firm Policy Services Ltd, a long-standing admin supplier to the company, for an undisclosed sum.

Financial advisers are increasingly dissatisfied with the service they receive from platforms despite placing more business with them.

The Pensions Regulator has forced NOW: Pensions to revamp its admin system after pension contributions from 265,000 savers were neglected or delayed.

Brooks Macdonald expects to make 50 redundancies as part of a ‘streamlining’ of the business.