PIMFA Weekly News Bulletin - 11 April 2023

HM Treasury Call for Evidence –UK Investment Research Review

Published for comment on 3rd April and open until 24 April, the Call for Evidence is an independent review of investment research and its contribution to UK capital markets competitiveness. The review was announced in December 2022 as part of the Government’s Edinburgh Reforms, which aims to increase the attractiveness of the UK as a location for large and small companies to raise capital.

The Call for Evidence is the first step in a broader consultative process, which will evaluate options to improve the UK market for investment research and provide recommendations to this effect.

Due to the short timeframe allowed for comments and this falling over the holiday period, we intend to submit a summary of our previous work on the impact of MiFID II research requirements and request a roundtable with HM Treasury to discuss this topic further with members.

If you would like to provide any initial comments on the review or would like to join a future roundtable (i.e. Heads of Research or similar), please get in touch with davido@pimfa.co.uk and sarahm@pimfa.co.uk

PIMFA Consumer Duty Working Group

Our next working group session on 11 May will focus on MI and governance. If you or a colleague are from a member or associate member firm and would like to join this meeting please contact us

PIMFA Data Gathering Guide

Data in general is essential for providing insight and informing decision making. It allows us to set objectives, benchmark performance and identify areas for improvement. This is particularly the case in the equity, diversity and inclusion (EDI) space, where there are still a lot of unknowns, and we need to work to gain a clearer picture of the current position of our industry.

EDI data collection is the groundwork for creating an effective D&I strategy and measuring progress. It can help guide important decision making and prompt action where needed, and may also help make your business more appealing to new talent.

The Guide is available here

A Guide to Manufacturers, Distributors and Co-manufactures under the Consumer Duty

PIMFA, DFM Connect and compliance and technical specialist consultants threesixty services have produced a guide which aims to provide some clarity on the roles of manufacturers, distributors and co-manufacturers under the Consumer Duty.

The guide focuses on investment business and, specifically, the relationships between discretionary managers and advisor firms / intermediaries. Copies of the guide are available upon request from the threesixty services website

CP23/7 Regulatory Fees and Levies: Policy Proposals for 2023/24

0n 5 April the FCA published a consultation on the rates for regulatory fees and levies for the next financial year (the consultation closes on 11 May 2023).

• The consultation sets out how the FCA proposes to recover the costs of carrying out the work detailed in the Business Plan 2023/24

• The FCA is also consulting on the Ombudsman Service general levy and levies collected on behalf of government departments for the next financial year

• Feedback on responses received will be published along with final fees and levy rates in a policy statement - expected June/July 2023

PIMFA will consider this consultation. Members with an interest should contact SimonH@pimfa.co.uk

FCA Business Plan 2023/24

The FCA's Business Plan 2023/24 sets out how the regulator will deliver on the three themes of their Strategy (reducing and preventing serious harm, setting and testing higher standards, promoting competition and positive change).

• The plan notes that the Consumer Duty will be an integral part of their regulatory approach, with a £5.3m investment to ensure the Duty is embedded effectively throughout authorisation, policy development, supervision and enforcement priorities and processes

• The plan also sets out other areas of focus, e.g. data and technology led regulation, fees consultation, and cryptoassets

• The FCA’s Annual Report (due later in 2023) will note progress against the activities set out in the Business Plan 2022/23 and will provide the latest data against outcomes and metrics.

PIMFA urges for greater role for retail investors to deliver Net Zero

PIMFA WealthTech Advisory Council grows to 20 firms with more expected to join in the coming months

PIMFA welcomes abolition of pensions lifetime allowance

PIMFA outlines six-point plan to reform disclosure requirements in wake of PRIIPs reforms

PIMFA welcomes FCA proposals for core investment advice but warns they risk being undermined by unnecessary restrictions

Read more press releases here

FT Adviser: We have an opportunity to radically rethink our disclosure regime

Actuarial Post: PIMFA welcomes updated guide for advice firms and DIMs

Money Marketing: The Morning Briefing: Another IFA deal and does anyone care about Consumer Duty?

Professional Adviser: March 2023: Month in review with editor Hope William-Smith

FT Adviser: Advisers hit back at FCA fee hike

See more of PIMFA in the press

EVENTS & LEARNING

TRAINING: CONSUMER DUTY SERIES –SESSION 1: PRACTICAL STRATEGIES & APPROACHES FOR TESTING

CONSUMER OUTCOMES

19 April | 09:30 - 11:30

LONDON

18 May | 10:00 - 18:00

The PIMFA Financial Crime 2023 gives attendees access to industry leading debates from

The Consumer Duty series tackles the implementation of Consumer Duty head-on to provide PIMFA member firms with a wellstructured approach for Project Leads, Compliance & Risk Heads alongside Senior Managers to confidently meet the July deadline.

For more information and to register, please click here.

professionals across the regulatory, law enforcement, innovators and providers in the Financial Crime space.

For more information and to register, please click here

Personal Investment Management & Financial Advice Association (PIMFA) 69 Carter Lane, London, EC4V 5EQ (registered in England No 2991400)

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