The Aegon Mylo pension consolidation story dominated UK wealth management commentary this week, with the app surpassing £250m in consolidated savings since its September 2025 launch, while HMRC data, FCA enforcement action and a pair of corporate results rounded out a busy period for advisers and their clients.
Aegon Mylo pension consolidation: scale and ambition
UK savers have combined more than 21,000 pension pots through Aegon’s Mylo app, which has now attracted over 166,000 registered users. Mylo traces and consolidates lost or forgotten pensions using Raindrop’s tracing technology, and Aegon said growing usage demonstrated clear demand for straightforward digital tools in a market where, according to the Pensions Policy Institute, an estimated £31.1bn remains in lost pensions across the UK.
The workplace reach of the platform is growing rapidly. According to the Aegon Group corporate newsroom, Mylo has already been introduced to around 900,000 workplace plan members, and Aegon UK plans to extend access to over one million by early 2026. For savers in accumulation phase, particularly those who have moved employers several times over a career, that kind of reach matters: a pension pot left with a former employer is, in practice, a pot at risk of being forgotten.
The risk side of consolidation is worth stating plainly. Moving pensions is not without cost. Some older defined-benefit or with-profits contracts carry guaranteed benefits or market value adjustments that a simple digital transfer could forfeit. Anyone contemplating Aegon Mylo pension consolidation of this kind should take regulated advice before proceeding, particularly if a legacy pot contains safeguarded benefits.
HMRC compliance returns and what they mean for tax planning
HMRC generated an average £34.70 in additional tax for every £1 spent on investigations across five key taxpayer directorates last year, up 13% from £30.80. Large-business investigations delivered the strongest return, rising 33% to £95.50 per £1 spent, and corporation tax yield from the Large Business Directorate nearly doubled to £6.1bn.
Returns from investigations into individuals and small businesses also increased, as HMRC expanded compliance activity and scrutiny of complex tax risks. For clients running owner-managed businesses, this trajectory reinforces the case for meticulous record-keeping and proactive tax structuring well before any enquiry arrives.
FCA bans Dolfin executives over visa scheme
The Financial Conduct Authority has banned three former senior figures at Dolfin Financial after finding they operated a scheme to help clients circumvent UK investor visa rules. Former chief executive Denisz Nagy was fined £324,800 and former finance director Sanjay Maraj £122,000, with both banned from financial services. Co-founder Roman Joukovski was also banned. At least 99 people obtained visas through the scheme, which generated £35.5m in fees for Dolfin-connected businesses and immigration agents.
The case is a reminder that regulatory risk is not confined to investment or advice failures. Governance failures at the senior level, even in relatively niche corners of the market, carry consequences that end careers and reputations.
Estate planning, probate and the case for practical preparation
Quilter’s tax and trusts specialist Tom Archer outlined how probate trusts can ease cashflow pressure for grieving families, particularly given that probate delays have jumped 140% since 2020. Frozen assets create real problems when inheritance tax bills fall due. Archer’s point is worth holding: probate trusts do not reduce the tax liability, but they allow trustees to unlock liquidity quickly. For clients with substantial estates, practical planning of this kind can matter more, in the short term, than further tax-efficiency engineering.
Chesnara results and Aviva’s high-value push
Chesnara reported strong first-half results: assets under administration rose 38% to £21bn, operating capital generation climbed 79% to £96m, and adjusted operating profit increased 46% to £31m following its £260m HSBC Life acquisition. The solvency ratio fell to 185% post-acquisition, a level that still sits well above the regulatory minimum. Chesnara also raised its interim dividend by 6% to 8.16p per share and is continuing to progress its planned Scottish Widows Europe purchase.
Aviva, meanwhile, launched an integrated high-value protection proposition, merging expertise from Aviva and the former AIG Life to serve high-net-worth clients. Faster automated pricing and bespoke underwriting teams for multimillion-pound policies are the headline features. For advisers managing complex estates, the combined proposition may simplify what has historically been a fragmented process.
