WEEKLY BULLETIN
New PIMFA Plus member – Tikker
Tikker is on a mission to create simple SaaS products that streamline portfolio rebalancing processes so that tasks can be performed once and then automated across the multitude of platforms they are repeated on. This frees up your team to focus on investment outcomes and growing the business. Working together, we can remove repetition and release potential.
Please contact Richard Adler if you would like to know more.
Reminder: Exclusive Free Trial of VENDOR iQ Platform for PIMFA Members
Last month, VENDOR iQ participated in the PIMFA Operational Resilience Working Group meeting, where we explored with them the latest concerns surrounding risks in managing thirdparty suppliers from an operational resilience perspective, as highlighted by the recent CrowdStrike incident. During the presentation, they highlighted the increasing regulatory pressures, rising costs, compliance risks, and fragmented data that the industry faces.
"VENDOR iQ is at the forefront of revolutionising how financial services companies optimise their operations, manage their supply chains, and embrace data-centric strategies. Our platform transforms billions of data points into actionable insights, enhancing decision-making, mitigating risks, and achieving regulatory compliance with unprecedented ease." - Antony Bream, VENDOR iQ
As a special offer for PIMFA members, they are providing an exclusive 30-day free trial of the VENDOR iQ Platform. This trial will enable firms to experience how the platform can enhance
decision-making, streamline processes, and provide real-time insights and alerts on your critical third-party suppliers.
For more details, or to register for the trial, visit www.vendoriq.co.uk or contact info@vendoriq.co.uk
PIMFA Operations Forum – recording from Tuesday 30 July 15:00 - 16:00
The July Operations Forum has now been posted on the PIMFA website here
The recording includes the following presentations:
• Euroclear CREST update – Charlie Pugh, Euroclear
• Regulatory news – Yasmin Ataullah and Julia Sage-Bell, PIMFA
• Technology and the future of funds – Paul Clarke, Clearstream
• Digitisation Taskforce – Kevin Sloane, PIMFA
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 Thursday 26 September 15:00 - 16:00, please contact Heidi Bryant
Financial Services Regulation Committee Inquiries and Call for Evidence
The Financial Services Regulation Committee (FSRC) has been re-appointed by the House of Lords.
The FSRC will resume its work on the following inquiries:
Call for Evidence (CfE) on FCA Consultation Paper 24/2: Our Enforcement Guide and publicising enforcement investigations a new approach (CP24/2).
• The FSRC will invite the FCA to provide oral evidence in due course.
• Feedback to the CfE is requested by 11 October 2024
Call for Evidence on the secondary competitiveness and growth objective (FCA and PRA)
The CfE contains 11 questions to seek views on how the secondary objective is being implemented by both the Financial Conduct Authority and the Prudential Regulation Authority as well as the potential impact of those objectives for the financial services industry.
Written submissions should be submitted by 29 November 2024
Financial Conduct Authority Dormant Asset Scheme PS 24-10
The Financial Conduct Authority (FCA) have published a policy statement regarding the expansion of the Dormant Assets Scheme to enable dormant assets in new sectors to be included.
This policy statement relates to phase 2 and covers investments and client money.
Read the policy statement here.
Financial Conduct Authority Value for Money Framework
The FCA, the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) aim to implement a joint framework for workplace defined contribution schemes.
• The joint framework would be used by pension providers and those making decisions on behalf of savers to provide greater transparency over how schemes are performing.
• The FCA are consulting on detailed rules and guidance for a new value for money (VFM) framework (the Framework) for savers invested in default arrangements of workplace defined contribution (DC) pension schemes.
• The FCA are proposing that firms will be required to produce a machine readable 'flat file' that contains the raw data they will be publishing, presented within a specific template.
Members can access the consultation paper here
Feedback is requested by 17 October 2024
PRESS
RELEASES
PIMFA sets out 5-year agenda for government to create a UK Culture of Thriving Financial Health
PIMFA calls on next Government to create a more attractive environment for investors after General Election
PIMFA welcomes significant reduction in FSCS levy
PRESS COVERAGE
Investment Week: 'Not easy but doable': The implications of adopting an SDR label
FT Adviser: FCA right to look at 'prescriptive' handbook, says industry
TheWealthNet: PIMFA appoints senior policy adviser
PIMFA LEARNING AND EVENTS
12 September 2024
Live Online Learning | 11:00 - 12:00
PIMFA HR FORUM
Keeping pace with the shifting landscape of HR issues, changes in workplace law and upcoming regulation is challenging.
The PIMFA HR Forum, supported by the employment team at Clyde & Co., is an engaging, deep-dive review of the most pressing HR concerns that impact PIMFA member firms. In each quarterly online session, we tackle real HR issues and collectively provide new perspectives, ideas and solutions that senior HR, DEI, Talent and L&D professionals within Wealth can immediately put into practice.
Attendance at The PIMFA HR Forum is FREE to all PIMFA member firms.
24 October 2024
Online Event | 14:00 - 17:00
There is currently a significant industry and regulatory spotlight on consumer vulnerability, and it is paramount that firms are able to identify, support and achieve good outcomes for vulnerable customers. The data requests of the wealth management industry and subsequent Dear CEO letters since November 2023 have shown this as a high priority and the expectation from the FCA that this is led from the top.
PIMFA has been working closely with the regulator and member firms this year to understand better the extent and range of vulnerabilities that customers may face and to ensure that firms can correctly identify and support those customers.
As part of our work, we will be launching a PIMFA Guide on Vulnerable Customers. To celebrate this launch, we're hosting our inaugural Vulnerable Customers Event - and we invite you to join us virtually for FREE.
PIMFA GUIDE ON VULNERABLE CUSTOMERS LAUNCH
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