WEEKLY BULLETIN
The FCA sets out final rules for new UK listing regime
The Financial Conduct Authority (FCA) has published Policy Statement PS24/6 setting out final rules for a new, simplified UK listing regime.
The streamlined rules aim to encourage more companies to choose to list in the UK as well as removing frictions to growth once companies are listed. Changes include removing ‘premium’ and ‘standard’ listing segments in favour of a new commercial companies category for equity shares.
The new UK Listing Rules (UKLR) sourcebook will come into force on Monday 29 July 2024
Read the full policy statement here
FCA: Primary Market Bulletin 50 and consultation GC24/3: Additions to Knowledge Base in relation to UK Listings Regime
The FCA have published Primary Market Bulletin (PMB) 50 to:
• Provide an update on work in relation to the sponsor regime.
• Consult on the introduction of new technical notes relating to supervisory reviews of sponsor firms, the FCA’s expectations of a sponsor in relation to specialist due diligence, and an update to the existing technical note on sponsor record keeping (GC24/3).
To reflect the proposed changes to the UK Listings Regime the FCA is also consulting on the following changes to the Knowledge Base:
The addition of two new Technical Notes:
• Primary Market/TN/ 722.1 - Responsibilities of a Sponsor - Specialist Due Diligence
• Primary Market/TN/ 723.1 - FCA Reviews of Sponsor Services Amendments to:
• UKLA/TN/717.1 Sponsors: Record Keeping Requirements
The FCA have summarised their proposals in PMB 50 , with further details regarding the consultation here.
The deadline for responses is 5 September 2024.
FOS annual complaints data and insights for 2023/24
On 12th July, the Financial Ombudsman Service (FOS) published its annual complaints data and insights for 2023/24.
Key points to highlight include:
• Banking complaints have hit a 10-year high. Concerns about current accounts, credit cards and fraud and scams have driven a significant increase in banking and payment complaints. Overall, FOS is investigating more fraud and scam complaints than ever before.
• Across the board, the five most complained about products have seen cases rise year-on-year (current accounts, credit cards, motor hire purchase, motor insurance, motor conditional sale). However, the most complained about product remained current accounts.
• CMCs are bringing increasing levels of complaints across all categories: 25% of cases in 2023/24, up from 18% in 2022/23.
• 198,798 new complaints in 2023/24 were received, compared with 165,149 in 2022/23.
• On average, across all products, the uphold rate of complaints resolved was 37%, which is slightly higher than the 35% recorded in 2022/23.
The full report and data can be found here.
The FCA has set up an industry led working group, the Advisers’ Sustainability Group, to focus on enhancing sustainable finance capabilities within the financial advice sector. PIMFA provides the Secretariat and the FCA sits as an active observer.
Led by Daniel Godfrey (Chair) and Julia Dreblow (Vice-Chair), the Group is tasked by the FCA with developing guidance for good practice to help Financial Advisers include consideration of long-term sustainability risks in their financial planning and, where it meets client needs, to support them in the incorporation of sustainable investment related activities.
The Group is currently focused on four main areas: sustainability issues, good practice, regulation and training and is seeking opinions and suggestions via two surveys published on the Advisers’ Sustainability Group’s pages on PIMFA website. The aim is to ensure that the Group hears a balanced representation of views from across the advice sector and its clients on the issues the Group should consider, how to approach them, what good looks like - and any other suggestions.
To share your views, please go here for Survey 1 and here for Survey 2.
If you have any queries, please contact PIMFA’s Senior Policy Adviser, Maja Erceg
PIMFA WealthTech and EY have published a new report titled “New Technology and Client Expectations in the Wealth Management Industry: A Focus on Client Analytics and
Onboarding” which follows the completion of our two tech sprints on Client Analytics and Onboarding.
The report outlines the changing expectations of clients in the wealth management industry and where firms need to consider investment in new technology and data. It also features findings from our PIMFA WealthTech tech sprints where we have worked with a cohort of Fintech firms to explore new technologies which are being developed to address the challenges and opportunities of changing client expectations.
Download the report and find out more here
PIMFA’s Benchmark Survey in partnership with NextWealth – input still needed
PIMFA, in partnership with NextWealth and the Chartered Institute for Securities & Investment, has launched its Financial Advice Business Benchmarks report. The Financial Advice Business Benchmarks report is an annual market research report which can help firms benchmark their own proposition and stature. The report provides measurement or benchmarking areas such as client growth, advice tech, advice charges and trends.
Last year's report can be accessed here
Firms can access the survey for input into this year’s report here.
Whilst we appreciate that feeding into this survey takes some time, this can be completed over multiple sittings and represents an excellent opportunity for firms to both feed into a broader picture of industry which we use as part of our ongoing advocacy efforts, as well as provide a firm with a picture of where they are relative to the rest of the market.
Please contact Simon Harrington should you have further queries.
FCA Webinar: Consumer Duty - Questions to the FCA
The FCA are livestreaming an event on 31 July 2024 that will focus on the impact of Consumer Duty, examples of good practice and areas for improvement, and the regulator’s priorities for the year ahead.
PIMFA will be attending and we would like to ask members for any questions that you would like us to put to the FCA at that session. Firms are also invited to join the event online and can register here
Members are asked to share any questions for the FCA with PIMFA's Senior Policy Adviser, Yasmin Ataullah by close of business 26 July.
PRESS RELEASES
PIMFA calls on next Government to create a more attractive...
PIMFA welcomes significant reduction in FSCS levy
Fintech Know Your Funds ties with Propelle for Best in Show
PRESS COVERAGE
Private Banker International: PIMFA urges Financial Ombudsman Service to rectify economic gap
Citywire: 'I'd like a holiday this year': Advice firms ask for SDR extension...
FT Adviser: PIMFA urges FOS to charge CMCs more to lodge complaints...
PIMFA LEARNING AND EVENTS
19 September 2024
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PIMFA COMPLIANCE CONFERENCE
The PIMFA Compliance Conference is known as a 'must not miss' event for compliance and risk professionals in the wealth management and financial advice profession.
The final agenda will be announced shortly and will focus on the key issues and hot topics for compliance professionals.
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08 October 2024
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PIMFA TRANSACTION REPORTING ACADEMY
Accurate and complete MiFIR transaction reporting is a legal obligation. Yet many financial firms, even those with significant resources dedicated to this complex requirement, are falling short of regulatory expectations. Quality assurance testing by regulatory specialists Kaizen Reporting has found that only 13% of MiFID II transactions are reported accurately. The consequences of incorrect reporting are serious, and include regulatory scrutiny and sanctions, as well as the significant cost and resource involved in remediating incorrect reports.
The PIMFA Transaction Reporting Academy is an innovative, practical and results-focused learning experience that augments your core reporting skills while deepening your knowledge in key areas of the MiFIR transaction reporting requirements. Find out more and view the schedule here.
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