The £625 million merger of two longstanding wealth brands, Tilney and Smith & Williamson, is facing delays due to a hold-up by the FCA.

Canadian firm AGF, which owns about a third of Smith & Williamson’s equity, said in its annual report this week that the merger “has not met with [FCA] approval”.

“All parties remain fully committed to the merger and continue to believe very strongly in the underlying strategic rationale of bringing the respective businesses together,” AGF’s report said.

“It is anticipated that the completion of the transaction, which remains subject to regulatory approv...