View this email in your browser
PIMFA WEEKLY NEWS BULLETIN | 15 March 2021 Dear Nigel,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read this week's latest industry news impacting you and your firm.
OECD Economic Forecast, March 2021
According to the Organization for Economic Cooperation and Development’s latest economic forecast, activity in many sectors has picked up and partially adapted to pandemic restrictions. Vaccine rollout, although uneven, is gaining momentum and government stimulus is likely to provide a major boost to economic activity. But prospects for sustainable growth vary widely between countries and sectors. Faster and more effective vaccination deployment across the world is critical.
Global GDP growth is now projected to be 5.6% this year, an upward revision of more than 1% from the December OECD Economic Outlook. World output is expected to reach prepandemic levels by mid-2021 but much will depend on the race between vaccines and emerging variants of the virus.
The OECD advises governments to speed up implementation of new spending plans to boost growth and jobs, help businesses adapt to a digital future and invest in cleaner
infrastructure and digital technology to foster a transition to a more resilient and sustainable economy.
The Latest on Brexit: UK to Diverge from EU Data Rules
Secretary of State for Digital, Culture, Media and Sport, Oliver Dowden said that the UK will reform data protection law to allow information to flow more freely. The GDPR has been incorporated into UK data protection law as the UK GDPR, so in practice there is little change to the core data protection principles, rights and obligations found in the UK GDPR. Dowden said the UK would not water down data protection, but it would look for opportunities to drive growth. He added that the UK could take a slightly less European approach as set out in GDPR by focusing more on the outcomes and less on the burdens of the rules imposed on individual businesses.
He confirmed that he would draft proposals after consultation with industry.
Treasury Committee Seeks Clarity Over Andrew Bailey Evidence
The Treasury Committee is seeking clarity from Andrew Bailey, Governor of the Bank of England, and former Chief Executive of the FCA, regarding an evidence session on the FCA’s regulation of London Capital and Finance (LCF). Mr Bailey gave evidence to the Treasury Committee on 8 February 2021 on the FCA’s regulation of LCF.
Following the evidence session, Dame Elizabeth Gloster, the independent investigator into the FCA’s regulation of LCF, wrote to the Committee about the evidence that Mr Bailey provided. Mel Stride MP, Chair of the Treasury Committee, has written to Mr Bailey to clarify “the apparent contradictions” between what he told MPs and what his lawyer told Judge Elizabeth Gloster. Bailey has until 22 March to reply.
PIMFA's Vulnerable Customers Working Group
Following the publication of the FCA’s Guidance for firms on the fair treatment of vulnerable customers, PIMFA are setting up a Vulnerable Customers Working Group. The Group will be a forum for exchanging best practice and also act as a sounding board for passing round anonymised queries on how best to deal with specific situations and scenarios. It will also provide feedback to the draft update of the PIMFA Vulnerable Customers Guide and help with the collection of case studies. If you are interested in joining this Group, or think that a colleague would be, please get in touch with Alexandra Roberts.
Latest PIMFA Press Releases
PIMFA, Which?, UK Finance, FSCS and
Latest PIMFA Press Coverage
BBC: What's your pension invested in?
Work & Pensions Select Committee Chair Rt. Hon. Stephen Timms MP call for economic harm to be included in the Government’s forthcoming Online Safety Bill FCA recognises need to ‘up our game’ and admits FSCS levy is ‘unsustainable’ at PIMFA Virtual Fest
Empowering female talent through authentic leadership, forums and career masterclasses
Government committed to UK remaining a global hub for wealth management, Economic Secretary to the Treasury John Glen tells delegates at PIMFA’s Virtual Fest 2
The Times: City watchdog says sorry for mistakes
Reuters: Britain will do 'right thing' for City of London, says minister Daily Mail: Britain will do ’right thing’ for City of London, says minister Citywire Wealth Manager: ‘Profoundly sorry’: FCA admits mistakes and says FSCS levy ‘unsustainable’
The Guardian: Rishi Sunak's £65bn budget tax increases are highest in 28 years
Citywire Wealth Manager: Budget 2021: Eight key takeaways from a ‘messy set of
PIMFA calls on Government to grasp
cards’
Post-Brexit opportunity to improve financial services regulation
Online Harms Bill
PIMFA, the Financial Services Compensation Scheme, Which? and the Rt. Hon. Stephen Timms MP outlined some of the reasons why we've joined with UK Finance, Money and Mental Health, Carnegie UK Trust and many others in calling on the Department for Digital, Culture, Media and Sport (DCMS) and Culture Secretary Oliver Dowden CBE MP to include economic harm in the Government's forthcoming Online Safety Bill at our recent Virtual Fest V2.
Find out what was discussed here: https://bit.ly/38yFVLq
Google UK & Ireland’s letter to the FCA on Tackling Scams
Google UK & Ireland’s Managing Director, Ronan Harris, wrote a letter on 26 February 2021 to the FCA Chairman and CEO about the work Google have been doing to tackle scam advertisements on their platform.
This followed a meeting on 23 February between Mr Harris and the FCA Chairman, Charles Randell, FCA CEO, Nikhil Rathi, FCA Executive Director of Enforcement and Market Oversight, Mark Steward, and FCA Executive Director, Consumers and Competition, Sheldon Mills.
Upcoming PIMFA Committees
Week commencing 15 March: Tuesday 16 March: Regulatory Forum - contact Giulia Lupato Wednesday 17 March: Business Forum - contact Heidi Bryant Thursday 18 March: DFM Connect - contact Sarah McGuffick
Week commencing 22nd March:
Tuesday 23 March: Strategic Markets Oversight Committee - contact Mike Cahill Thursday 25 March: CEO Forum - contact Heidi Bryant
EVENTS & LEARNING
PIMFA Webinar AUTHENTIC LEADERSHIP: HOW TO THRIVE AS A FEMALE LEADER IN WEALTH AND FINANCE COHORT 2 Course begins: 23 March 2021 The Authentic Leadership programme is PIMFA’s response to supporting women who face a unique set of challenges when progressing into senior leadership positions. Following the successful inception of our first cohort in 2020, we are delighted to be starting Cohort 2 on 23 March. To find out more about the course, you can catch up with the ‘Find Out More’ Webinar here: https://bit.ly/3e3BrQo.
The Authentic Leadership programme has been specifically designed for like-minded women in wealth management, financial advisory and private banking.
It offers an opportunity for learning, growth and building confidence, all of which will help women take their careers to the next level. This CPD approved six-month group coaching programme, endorsed by the Institute of Leadership & Management, delivers the knowledge, skills and confidence required for female leaders and
managers in wealth management and financial services to thrive in a rapidly changing and highly complex business environment.
To join the programme, please click here to complete the application form: https://www.pimfa.co.uk/authentic-leadership-application-form/.
For more info and to book your place, please download the Brochure.
PIMFA Event FINANCIAL CRIME & CYBER RESILIENCE CONFERENCE 2021 21-22 April 2021 Early-Bird Rates (Available until 31 March): Member: £75 Non-Member: £150
The PIMFA Financial Crime & Cyber Resilience Conference is a 2-day event where attendees will have access to industry leading debates from professionals across the regulatory, law enforcement, innovators and providers in the Financial Crime and Cyber Security space.
For more info and to book, please click here.
View all other upcoming PIMFA Events and Learning here.
The Sunday Times 'Wealth and Asset Management' Report
The 'Wealth and Asset Management' report, appearing in The Sunday Times, is going to be published again this year on 16 May, showing who the major players are and what they're focusing on this year. As this is on the same day that 'The Sunday Times Rich List' is published, it is likely to create quite a buzz in the industry.
PIMFA is joining the report as an association partner in order to provide thought leadership and also discounted access for its members to the commercial partnership opportunities in this report.
If you would like to have a discussion about involvement, please contact Jamie Oglesby, the report publisher, stating that you are a PIMFA member firm.
PIMFA's Consultation Responses & Member-Only Guides
PIMFA’s latest Consultation Response is to HM Treasury on the Future Regulatory Framework Review. Read this and all other PIMFA consultation papers here. PIMFA also regularly produces member only guides on key industry topics such as remuneration, vulnerable clients, cyber resilience, pension transfer advice etc.
Members can log in and access these guides at https://www.pimfa.co.uk/members/commspublications/guides-for-members/
Find Out More about PIMFA ...
Bulletin is just one of the many insights and publications PIMFA produces on the latest industry news and issues - most of which are accessible to PIMFA members only.
If you have a query on how to become a member firm, the work we undertake or anything in Bulletin, please contact us at info@pimfa.co.uk.
BECOME A MEMBER Find out more about becoming a PIMFA member here.
Read our membership brochure or chat to our team at membership@pimfa.co.uk.
www.pimfa.co.uk Personal Investment Management & Financial Advice Association (PIMFA) 22 City Road, Finsbury Square, London EC1Y 2AJ (registered in England No 2991400) Unsubscribe | Manage Profile | Terms and Conditions
This email was sent to NigelRS@pimfa.co.uk why did I get this?
unsubscribe from this list
update subscription preferences
PIMFA · 22 City Road · Finsbury Square · London, EC1Y 2AJ · United Kingdom