FCA orders Tilney and S&W to rethink terms of £45bn merger

'Number of issues' found

Anna Fedorova
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Tilney/S&W merger delayed
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Tilney/S&W merger delayed

The £45bn merger of Tilney and Smith & Williamson has been put on the back burner, after the Financial Conduct Authority (FCA) uncovered “a number of issues” with the current proposal.

As part of the regulatory process to approve the proposed transaction, the financial regulator has identified a number of concerns with how the deal was being structured. In a joint statement, Smith & Williamson and Tilney said: "As a result, Tilney is engaging with the FCA to seek to address its concerns and understand what requirements need to be met for a new application that are consistent with the strategic rationale and investment case. "Both parties continue to believe that a merger of Tilney and Smith & Williamson represents a significant opportunity to create the UK's leading...

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