PIMFA WEEKLY BULLETIN
PRESS RELEASES ABOUT PIMFA CONSUMER DUTY WEALTHTECH
Spring Budget 2024
The Chancellor of the Exchequer presented what may be the final timetabled financial statement to Parliament before the next General Election. The flagship measure of the statement was the widely reported cut to National Insurance with an indication of further cuts in future and the overall aim of abolishing National Insurance entirely. The main measures of interest outlined in the statement include:
• The abolition of the non-domiciled tax status which will, in turn, be replaced by a ‘modern, simpler and fairer system’ from April 2025.
• A commitment to bring forward requirements for Defined Contribution (DC) pension funds to publicly disclose the breakdown of their asset allocations, including equities, working with the Financial Conduct Authority (FCA).
• Trailing the upcoming Value for Money pension framework, which will highlight where schemes are focusing on short-term cost savings at the expense of long-term investment outcomes.
• A recommitment to the triple lock.
• The launch of a new UK ISA and British Savings Bonds to provide opportunities to save while supporting investment in the UK.
We will be responding to the consultation on the UK ISA. Initial feedback before the announcement has been largely negative and we would welcome further representations from firms on this issue – regardless of your views. Please contact Simon Harrington for further information.
The symposium is FREE to attend for PIMFA members and associate members and solely funded by our wonderful sponsors, and we encourage individuals at all stages of their career, from Chief Executives to Interns, to join us for two days of motivational talks, regulatory updates, industry panels, personal development roundtables and thought-provoking content related to our industry, and to career development.
The event is open to all! Women and men welcome.
Future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers
As announced by Chancellor of the Exchequer Jeremy Hunt at in this week’s Budget 2024, the Government will regulate the provision of ESG Ratings, where these assessments of ESG factors are used for investment decisions and influence capital allocation. This will improve clarity and trust in ESG ratings. A full consultation response and legislative steps will follow later this year.
The FCA warns firms over AML failings
The Financial Conduct Authority (FCA) has published a template version of the 'Dear CEO' letter sent to Annex 1 firms, which sets out the FCA's findings from its recent assessments of how firms are complying with anti-money laundering (AML) regulations.
The FCA identified common weaknesses in key areas such as business model, risk assessment, due diligence, ongoing monitoring, governance, management information and training.
The FCA requests All Annex 1 firms to assess their financial crime controls against the common weaknesses identified within the next six months, and take action where needed.
The FCA publishes second tranche of draft listing rules
The Financial Conduct Authority (FCA) has published a second tranche of the new draft UK Listing Rules (UKLR) with reforms aiming to make the UK's listing regime more accessible, effective and competitive.
The publication supersedes Appendix 1 of CP23/31 and should be taken as the full and complete draft UKLRs for consultation purposes.
The FCA has also published proposed consequential changes to other FCA Handbook sourcebooks in a separate instrument.
The CP23/31 closing date of 22 March 2024 remains unchanged with responses in relation to the additional tranche 2 draft instrument material and the consequential changes instrument due by 2 April 2024
The FCA is expected to consult on updating Technical and Procedural Notes in April and June 2024.
The FCA implements changes to exemptions to the Financial Promotions Order
The Financial Conduct Authority (FCA) has implemented changes to the eligibility to the high net worth exemption in line with statutory instrument The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment and Transitional Provision) Order 2024
In relation to the high net worth individual investor statements, for the purposes of the PCIS and FPO respectively: the annual income condition has been reduced from £170,000 or more to £100,000 or more, and the net assets condition has been reduced from £430,000 or more to £250,000 or more.
The statutory instrument comes into effect on 27 March 2024
An explanatory memorandum accompanies the legislation.
Sanctions: Foreign, Commonwealth and Development Office Post-Legislative Scrutiny Memorandum
The Foreign, Commonwealth and Development Office have published a memorandum providing a summary and preliminary assessment of the provisions and implementation of the Sanctions and Anti-Money Laundering Act 2018 (SAMLA).
Annex A includes a compendium of statutory instruments made pursuant to SAMLA Chapter 10 provides a case study of the UK’s Russia sanctions regime
The full memorandum can be accessed here
FSSC working with City of London to address shortage of women working in the industry
The Financial Services Skills Commission (FSSC) has launched a new blog on The Slow Leak in the Pipeline of Female Talent - Where Have All the Women Gone in Financial Services?
Despite improvements in the number of women in senior positions and on boards, data shows the overall number of women working in the industry has been steadily dwindling over the last two decades. There are now 100,000 fewer women working in the sector than there were 20 years ago.
FSSC data shows this is due in part to the gradual elimination of low and medium-skilled roles, like administration, sales, customer service, and clerical positions roles predominantly held by women. Many firms are making progress but more needs to be done.
The FSSC will be working with the City of London Corporation on an upcoming project to address the underrepresentation of women working in digital and highly skilled roles and take action to future-proof the digital workforce and boost the female talent pipeline.
Read the Blog here to find out how industry can turn the tide and secure the skills we urgently need.
And see what else PIMFA has doing in this important area
Empowering the next generation of female leaders on International Women’s Day
In celebration of this year's International Women’s Day on 4 March, PIMFA was proud to host an online event to help inspire and empower the next generation of young females in our industry.
Over 90 delegates attended and hear the stories of industry leaders who had shattered glass ceilings, paving the way for future generations.
The event included an interactive Question and Answer and Virtual Networking Session where delegates were able to engage directly with industry leaders, foster meaningful connections, and gain knowledge about entering and thriving in the industry.
We are also lucky enough to each year work with a cohort of rising talent in our industry, called the Under 40 Leadership Committee, and as part of the most recent round of research the committee have investigated some great ways to help firms better engage with female clients, find out more here and as below…
PIMFA Operations Forum
29 February 2024 Recording now available on PIMFA website.
The February Operations Forum has now been posted on the PIMFA website here The recording includes:
• CREST update – latest news from Euroclear - Glenn Cooper, Euroclear
• PIMFA Regulatory update – Alex Roberts, Head of Regulatory Policy and Compliance
• PIMFA Learning update - forthcoming Academy and training courses – Philip Allen, Head of Learning
• Retail Capital Markets and ‘Rex’ – Kit Atkinson, Head of RCM, Peel Hunt
If you are from a PIMFA member or associate firm and would like to be added to the distribution list to attend the next Operations Forum on Thursday, 28th March from 3pm to 4pm please contact Heidi Bryant
PRESS RELEASES
Budget 2024: PIMFA raises concerns about appetite for British ISA
PIMFA urges Financial Conduct Authority to provide firms with the
PIMFA WealthTech and Morningstar invite FinTechs to showcase ESG...
PIMFA welcomes FCA proposals for Sustainability Disclosure
PIMFA welcomes the Financial Conduct Authority’s proposals for
READ MORE
PRESS COVERAGE
Which? The British Isa: does it pay to be patriotic with your savings?
FT Adviser: How to assess AI's threats and opportunities
Citywire Wealth Manager: The big trick government missed with the
The Armchair Trader: UK Spring Budget and investors: what the...
FundsTech: PIMFA and Morningstar launch ESG 'Tech Sprint'
READ MORE
PIMFA LEARNING
7 May 2024 Start Date
Live Online Learning
THE PIMFA CASS ACADEMY 2024
The PIMFA CASS Clients Academy (CCA) will change the way you and your firm approach CASS. You will emerge better able to tackle your firms toughest CASS audit challenges, lead with greater CASS knowledge, and inspire assurance at all levels in your firm that your next CASS audit is a success. CCA rapidly upskills CASS Officers, Operations, Compliance, Certification Function Holders, and Custodians to manage your next CASS audit and withstand scrutiny from regulators, auditors and senior managers.
Buy one place, get one FREE: Please use Coupon CASS2024 at checkout for 50% OFF two tickets.
REGISTER HERE
24 May 2024
Live Event | 10:00 - 17:00
PIMFA FINANCIAL CRIME CONFERENCE 2024
The PIMFA Financial Crime Conference is returning in 2024 and will aim to update attendees on the evolving financial crime landscape. Firms and their clients remain at risk and the event will aim to give PIMFA members the know how to protect themselves. Attendees will get access to industry leading debates from professionals across the regulatory and law enforcement in the Financial Crime space, as they discuss the current threat landscape emerging from new techniques and technologies, and what can be done to operate in a safer and more resilient environment.
REGISTER HERE
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