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PIMFA WEEKLY NEWS BULLETIN | 10 January 2022 Dear Nigel,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.
PIMFA & Accenture Survey
PIMFA, in collaboration with Accenture, are currently conducting a short survey on what Wealth Management firms are doing to meet current challenges and opportunities and how they intend to future proof and secure their franchises. This survey forms an integral part of our research to provide a view of the key impacts on the industry post pandemic and reflect on how firms are evolving.
We expect the Survey to take you no longer than 20 -30 minutes to complete.
To complete the survey, please click here.
Latest PIMFA Press Releases
PIMFA welcomes extension of 10% depreciation notification rule flexibility but calls for longer term reform Coalition of consumer groups, charities & industry bodies welcomes
Latest PIMFA Press Coverage
CityAM: Exclusive: SIPP godfather John Moret on half a century in the City’s competitive pensions industry
FT Adviser: 2022 will see more digitalisation as tech sector grows
recommendation by committee of MPs to include paid-for digital ads in Online Safety Bill & calls on Government to act
Money Marketing: The second consultation on the Consumer Duty is still woolly
PIMFA calls for FCA to make better use of data in supervising Appointed Representatives
Sunday Times / Raconteur: New returns: banks move back into wealth management
PIMFA calls for greater ambition to solve FSCS levy funding issues PIMFA raises concerns about FCA’s
Credit Connect: New Online Safety Bill proposals welcomed
‘woolly’ Consumer Duty proposals
PIMFA's Latest Consultation Responses
PIMFA’s latest Consultation Response is to the FCA CP 21/28 on the New Cancellation and Variation Power; Changes to the Handbook and Enforcement Guide.
Read this and all other PIMFA consultation papers here.
PIMFA Guest Blog
GoSimpleTax (GST) - The Tax Tool that all Wealth Managers Need
Investing in Self Assessment support is becoming more popular amongst wealth managers. By offering to simplify or help with the tax return process for your high net worth clients, wealth managers are able to further support with tax planning and boost the value of their service - in this blog PIMFA Plus Partner, GoSimpleTax explains more. Read the blog here.
PIMFA Events & Learning
PIMFA WEBINAR:
HOW WOMEN IN WEALTH & FINANCIAL ADVICE CAN DO SUCCESS
DIFFERENTLY IN 2022
According to the latest 2021 ‘Women in the Workplace report’ from consulting firm McKinsey, the pandemic continues to take its toll on women in corporate life. Women are even more burnt out now than they were a year ago, and burnout is escalating much faster among women than among men. In this FREE, interactive webinar Caroline Holt, course leader of The PIMFA Authentic Leadership programme shares how: •
Women in Wealth and Financial advice can ‘do success’ differently in 2022
•
Women in senior roles can stop being busy, slow down and get better results
•
Women can minimise stress, manage emotions and live a more joyful life
•
PIMFA member firms can begin to address burnout in female employees
To register your FREE place, please click here.
PIMFA Live Online Training: Understanding CASS - How to Spot CASS Risks to your Business
25 January 2022 CASS is an ongoing area of interest for the FCA and we continue to see reminders that firms must regularly review CASS controls to ensure they’re robust and fit for purpose.
Specialist trainers from Bovill will look at the CASS rules in detail whilst also following a firm case study through the
key areas of CASS to look at how the rules might impact a firm and the risks that firms should look out for. We aim to make the session as interactive as possible and encourage firms to talk about their experiences and ask questions.
To find out more and register, please click here.
View Upcoming PIMFA Events & Learning here
UK-US Financial Regulatory Working Group
UK and US participants held the fifth meeting of the UK-US Financial Regulatory Working Group on 15 December 2021. Participants included officials and senior staff from HM Treasury and the U.S. Department of the Treasury, along with independent regulatory agencies from UK and U.S.
The Working meeting focused on seven themes: international and bilateral cooperation, sustainable finance, crypto-assets and central bank digital currencies, benchmark transition, cross-border regimes, critical third-party providers, and banking and insurance. Participants took stock of ongoing international and bilateral cooperation and discussed areas of mutual interest where cooperation can continue to be strengthened to promote global standards. They also provided respective domestic updates, with UK participants discussing the UK’s Green Finance Roadmap and U.S. participants discussing work undertaken by a number of US agencies, including as outlined in the US Financial Stability Oversight Council’s Report on Climate-Related Financial Risk.
In particular, participants provided an update on the development of climate-related financial disclosures and the management of climate-related financial risks, consistent with their respective mandates. In that regard, participants discussed ongoing work undertaken in the UK and United States on climate-related scenario analysis and supervisory expectations, noting the importance of continued international cooperation in these areas.
FCA updates its IFPR webpage
On the 31st December, the FCA updated its Investment Firms Prudential Regime (IFPR) webpage, with the new regime coming into force on the 1st January 2022. The page provides links to the final rules and guidance, the remuneration policy statement templates, MIFIDPRU applications notifications, the MIFIDPRU forms and links to the FCA’s recent webinars.
You can sign up to the FCA IFPR newsletter by emailing IFPR-newsletter@fca.org.uk with ‘sign up’ in the subject line. The IFPR newsletter provides updates on the IFPR, IFPR resources and on any upcoming regulatory deadlines.
You can read the webpage here.
JMLSG publishes revised guidance on transaction monitoring
In December, the Joint Money Laundering Steering Group (JMLSG) published amendments to Part I, chapter 5.7 (monitoring customer activity) together with a clarificatory amendment to Part II Sector 16 (first page).
You can read the revised text here.
FCA confirms final rules and guidance for climate-related financial disclosures for listed companies and certain regulated firms
Following the June 2021 consultation (CP21/17) on proposals for asset managers, life insurers and FCA-regulated pension providers to make climate-related disclosures consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), the FCA published on 17 December 2021 a Policy Statement summarising the feedback received from the industry and confirming the final policy position.
This PS also contains the final rules and guidance. The final rules form part of a broader strategic theme to promote transparency on climate change and support the UK’s commitments to implement the TCFD’s recommendations and its wider ambitions for sustainability disclosures. The Government has committed to work towards mandatory TCFD-aligned disclosure obligations across the UK economy by 2025.
The FCA is also introducing a new ESG Sourcebook to the FCA Handbook, containing rules and guidance for asset managers and certain FCA-regulated asset owners to make disclosures consistent with the TCFD’s recommendations. The rules require in-scope firms to make disclosures on an annual basis at entity-level – an annual TCFD entity report published in a prominent place on the main website of the firm’s business setting out how they take climate-related matters into account in managing or administering investments on behalf of clients and consumers; product-level – disclosures (including a core set of climate-related metrics) on the firm’s products and portfolios made publicly in a prominent place on the main website of the firm’s business and included or cross-referenced in an appropriate client communication, or made upon request to certain eligible institutional clients.
The rules are accompanied by guidance to help firms determine whether their disclosures are consistent with the TCFD’s recommendations and recommended disclosures. The rules apply from 1 January 2022 to 34 asset management and 12 asset owner firms in the first phase of implementation.
JMLSG and Digital Identity
In its December Newsletter, the Joint Money Laundering Steering Group (JMLSG) highlighted the increasing interest in digital identities and their use as part of AML/CTF procedures and made reference to DCMS’s work on the UK’s digital identity and attributes trust framework.
The JMLSG indicated that it will continue to monitor the regulatory framework governing AML/CTF to ensure that the Guidance assists in interpreting regulatory obligations in an appropriate and pragmatic manner, including within the digital identity arena.
You can read the Newsletter here.
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