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

As part of the regulatory process to approve the proposed transaction, the financial watchdog 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 ...