TMA Annual Review/Preview, 7 January 2026 - Event write up

At the recent TMA UK Annual Review & Preview event, which S&W was proud to co-host alongside Howden Insurance Brokers Limited, I had the privilege of moderating a panel of industry leaders to reflect on lessons from 2025 and explore what lies ahead this year. 115 delegates attended.

The event was opened by Johnny Abraham of J9 Advisory with an introduction and setting out that 2026 marked not only his personal milestone of 25 Years in the industry, but also the 25 Year Anniversary of TMA UK, so an exciting time to be stepping into his two-year presidency,

His goals include:

• Positioning: To build upon the TMA UK's current position and make it the premier membership body for thought leadership and networking opportunities for turnaround and restructuring professionals, together with wider industry stakeholders.

• Regional Integration: Bridging the gap between London-centric activities and the rest of the UK to tap into regional talent and business opportunities.

• Mentoring: Continuing the growth of the TMA UK mentoring scheme, a free service for members and sponsors.

• Government Relations: Increasing links with the government to ensure the TMA is the "go-to" for business rescue policy development.

Dan Williams of Howdens Group, the co-sponsor of the evening, then ran through the intriguing story of the humble founding of Howdens, and how it has grown to the global insurance giant that it is today.

Then onto our main event where the conversation was robust and wide-ranging, but one theme dominated: the transformative power of data and AI—and the human adaptability required to harness it responsibly.

2025 in review: resilience and reinvention

Our panellists—Mike Stubbs (Mishcon de Reya LLP), Isabella Adamson (Retail Economics), Terry Shephard (S&W), and Simon Featherstone (NACFB)—shared insights that painted a picture of resilience amid uncertainty.

• Entrepreneurial Intent remains strong, as Terry highlighted: “36% of the UK’s working population was running or considering starting a business in 2025.” Despite rising costs, entrepreneurial spirit is thriving, particularly among female-led ventures.
• In retail, Isabella noted the explosive growth of social commerce, with TikTok Shop accounting for a quarter of Christmas spending last year. Yet, physical retail is far from dead—experiential and omni-channel strategies are driving reinvestment.
• Simon pointed to high liquidity in the market, but warned of “loan stacking” among SMEs—a risk that lenders and advisors must address proactively.
• Mike shared fascinating developments in fraud detection, including military-grade technology now deployed commercially to track assets and AI-driven tools recovering late payments—proof that innovation is reshaping even the most traditional areas of law.

AI and data: opportunity meets responsibility

If one topic defined the evening, it was AI. Across sectors, its potential is undeniable: efficiency gains, cost control, and new revenue streams. But as I reflected during the discussion, technology alone doesn’t solve problems—how we apply it does.

• Professional Services: Mike and Terry explained how AI is automating repeatable tasks and generating reports, freeing professionals to focus on higher-value advisory work. Yet, this shift demands new fee models and a rethink of training pathways.
• Retail and Banking: Isabella and Simon described AI’s role in driving operational change and compliance, with early adopters expecting margin growth while laggards risk decline.
• Risks and Limitations: We tackled concerns around “AI hallucinations,” data ownership, and the erosion of junior staff development. My view? Human oversight and soft skills will become more—not less—critical as automation scales.

Preparing for an AI-driven future

One of the most compelling threads was the impact on talent development. As routine tasks disappear, how do we train the next generation? The panel agreed: mentorship, client exposure, and strategic thinking must take centre stage. Isabella added a valuable perspective from education: teach AI as a tool for problem-solving, not a shortcut.

This resonates deeply with me. At S&W, we see that adaptability and emotional intelligence are the differentiators in an AI-enabled world. Technology can process data; it cannot replicate judgment, creativity, or trust.

Looking ahead

2026 will be a year of integration—of technology and human insight, of data and judgment. Businesses that embrace AI thoughtfully, invest in people, and maintain agility will thrive. Those that don’t risk being left behind.

Additionally, the audience was clearly of the opinion that whilst 2025 was a challenging year in many ways, the practical consequences will appear this year, and our organisation members will be busy!

As I stated in my closing on the night, the future isn’t just about smarter machines—it’s about smarter decisions. And that requires us all to stay curious, collaborative, and committed to continuous learning.

Thank you to my fellow panellists—Mike Stubbs, Isabella Adamson, Terry Shephard, and Simon Featherstone—for their invaluable insights, and to TMA UK, Howden, and our S&W team for making this event possible.

Here’s to a transformative year ahead.

Andrew Pepper

TMA Director

Head of Special Situations and Restructuring - S&W