Platform engine FNZ must sell its recent acquisition of competitor GBST, but will have the right to repurchase a “narrower package of assets”, according to the final reassessment report from the Competition Markets Authority (CMA).

Ignition Advice UK, the fintech helping M&G Wealth launch a hybrid digital advice service, has appointed former FNZ CEO Paul McMahon to its board as a non-executive director.

The Competition and Markets Authority has provisionally found that platform engine FNZ’s £150m purchase of rival GBST would raise “significant competition concerns” following a review of the deal.

Platform engine FNZ has submitted a detailed case document against the Competition and Markets Authority’s order to sell off its recent acquisition and rival GBST.