PIMFA Wins at Association Excellence Awards
We are absolutely thrilled to have won the 'Best New Event by an Association' for our Women's Symposium at the Association Excellence Awards last week.
We received the award for 'creating an empowering, safe space for over 370+ women and their allies that offered true value, learning and development both personally and professionally'.
Our 63 strong speaker agenda was the product of a truly collaborative effort across the sector which encouraged individuals from all backgrounds and stages of their careers to join us for keynote speeches and motivational talks, industry panels, developmental roundtables and practice-based streams.
Early Bird Tickets for our 2025 event are available here
PIMFA Operations Forum: October Recording Now Available
The Operations Forum recording from Thursday 31 October has now been posted on the PIMFA website.
The recording includes the following presentations:
• Euroclear CREST update – Charlie Pugh, UK Product Management, Euroclear
• Regulatory news – Alex Roberts, Head of Regulatory Policy and Compliance, PIMFA
• Introducing the PIMFA Guide to Vulnerable Customers - Alex Roberts, PIMFA
• ‘Why change is necessary in Wealth Management and what can be achieved?’ –James Brown, Director of Client Services, Compeer
If you work for a PIMFA member or associate firm and would like to be added to the distribution list to attend the next Operations Forum on 28th November from 3pm to 4pm, please contact Heidi Bryant.
FCA
Policy Statement
24/15: Regulatory Framework for Pensions Dashboard Service Firms
The Financial Conduct Authority (FCA) has published PS 24/15 'Regulatory framework for pensions dashboard service firms (PDS)'. The framework applies the same standards expected of regulated financial services firms to PDS firms, for example:
• Principles for Businesses (including the Consumer Duty)
• Perimeter Guidance
• Senior Management Arrangements
• Systems and Controls
• Dispute Resolution for complaints handling
• Fees Manual (see Chapters 2 and 5)
Read the policy statement here.
Home Office Guidance: Failure to Prevent Fraud Offence
On 6 November the Home Office has now published guidance relating to the new offence of failure to prevent fraud which will be in force from 1 September 2025.
• The new corporate offence aims to influence changes in compliance and culture as with the UK Bribery Act 2010.
• Where a fraud (linked to the UK) has taken place and the firm did not have reasonable fraud prevention procedures in place, it may be criminally liable if an employee, agent, subsidiary, or other “associated person” commits a fraud intending to benefit the firm.
• Although the offence applies only to large firms, the publication notes that the principles outlined represent good practice and may be helpful for smaller firms.
• The outcomes focused guidance considers elements of the offence, the types of risks that should be assessed and provides advice on reasonable fraud prevention procedures.
• Noting that the guidance is not intended to provide a safe harbour, firms must consider their own fraud risks and any mitigating actions required - the publication also notes US guidance as a reference for effective compliance programmes.
Access the Home Office Guidance here.
What does it involve?
EY Foundation Sustainable Finance Futures - Building a diverse talent pipeline for the Wealth and Asset Management sector
The EY Foundation is running their third Sustainable Finance Smart Futures, an 8-day employability programme for young people aged 16-17 from lowincome households, with ambitions to work in Wealth and Asset Management.
Thanks to funded places, they are inviting new organisations to join their programme and experience the benefits employers have reported from working with talented young people. This is a fantastic opportunity for firms to connect to diverse young talent, raise brand awareness with future employees and customers, support DE&I and ESG goals, while also providing valuable volunteering opportunities.
Hosting a small group (2-5) of young people for a 3-day work experience placement Firms will be fully supported by the EY Foundation, who do all the heavy lifting and provide young people with laptops.
Volunteering
Firm's staff can join in as expert speakers, mock interviewers, and mentors as young people take the first steps in their careers.
So far the Foundation has been delighted to work with James Hambro, Handelsbanken Wealth and Asset Management, Citco, Brooks Macdonald, and Raymond James on our programmes and are keen to introduce young people to more employers in this sector.
Please contact Nia Lonergan for more information.
FCA Consultation (CP24/21): Investment research payment optionality for fund managers
The FCA is consulting on proposed changes to the COBS 18 Annex 1 rules, and other related rules, allowing fund managers to purchase investment research with joint payments.
The FCA’s proposals reflect rules introduced to COBS 2.3 but in the context of pooled funds and will apply to:
• UCITS management companies.
• Full scope UK Alternative Investment Fund Managers (AIFMs).
• Small authorised UK AIFMs and residual collective investment scheme operators.
• An investment platform provider.
The deadline for submitting responses to the consultation is 16 December.
Access the paper here.
FCA Policy Statement (PS24/14): Improving transparency for bond and derivatives markets
The FCA has published the above, including a Discussion Paper on the Future of the SI regime.
Access the policy statement here.
PRESS RELEASES
Budget changes will be hard felt by retail investors and the Government must now prioritise stability to build investor confidence
FT Adviser: Could clients be the focus of the FCA's consolidation review?
PIMFA celebrates winners of its 2024 Diversity & Inclusion Awards
PIMFA welcomes 600 professionals at launch of customer vulnerability guide
Wealth Investment News: Tax changes in Budget risk 'stymying' future investment - PIMFA
WealthNet: PIMFA launches customer vulnerability guide
£400 - £500
The FCA review of Consumer Duty implementation within payment firms published in October 2024 pulls no punches.
The review of 23 firm found that just over half were satisfactory, while nearly half were categorised as needing “significant work” to meet the Duty’s requirements.
In yet another reminder, the FCA expects your firm to identify gaps in your compliance with the Duty and “act immediately, putting plans in place to address shortcomings.”
In this live, tutor-led online training masterclass, led by consultancy firm Square 4, our tutors help you:
• Demonstrate that the FCA’s latest guidance has been considered
• Identifying gaps, shortfalls, and actions required to evidence that your firm is meeting their ongoing obligations with the Duty.
By attending this masterclass you will be confident to provide robust evidence of an approach to delivering good outcomes should the FCA review your activities in the future.
To reserve your place on this masterclass and bring your colleague along for free click here
Live Event and Online| 10:00 - 17:00
£250 - £600
We are delighted to announce the return of our Financial Crime Conference in 2025.
The pace of criminal activity targeting our sector continues to build and the landscape is evolving all the time. This event will be dedicated towards giving attendees the information they need to protect themselves and their clients to be able to stay ahead of those with malicious and harmful intent.
Join us for this annual one-day conference in London that has been exclusively created for compliance experts, financial crime specialists, and financial advisers that will feature:
• Keynote speech from the FCA on regulatory priorities for 2025 in the FinCrime space
• Keynote address from the Homeland Security Group at the Home Office, on the latest updates to the ongoing Economic Crime Plan 2
• Special session from the National Economic Crime Command at the National Crime Agency on SARS
• Legal update on what firms need to know within fraud and regulatory for 2025, featuring hosts Shoosmiths LLP
More details to be announced! Book your earlybird tickets here.
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