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PIMFA WEEKLY NEWS BULLETIN | 16 May 2022 Dear Nigel,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.
PIMFA Under 40 Leadership Committee Report 2022
After a two-year Covid-induced absence, the PIMFA Under 40 Forum returns with another ground-breaking research paper, this year focused on ESG.
Among many other issues, the paper looks at how ESG can stimulate greater levels of investment across the adult population, the differing opinions of ESG across five age demographics,the sometimes stark contrasts in investor confidence between men and women, and provides recommendations for our industry, regulators and government on how these issues may be addressed. The paper can be read in full here.
PIMFA ESG Investment Survey
Sustainable finance is fast becoming one of the main priorities for the financial advice sector, along with government and regulators. In recognition of this, we invite you to complete a short survey to help us gain a better understanding of how we can further support your firm.
The survey - produced in partnership with specialist management consultancy Alpha FMC - has been constructed to gain maximum value from a minimal amount of input and has therefore been restricted to only 10 questions, and your responses will be aggregated and anonymised by PIMFA staff. We would be grateful to receive your response by 15 June 2022.
Thank you in advance for taking the time and effort to provide us with this valuable information and, if you have any questions, please contact Maja Erceg.
Latest PIMFA Press Release
Latest PIMFA Press Coverage
PIMFA launches ‘PIMFA WealthTech’
TheWealthNet: Online Safety Bill given
supported by Morningstar
prominence in Queen's Speech
Political and regulatory tension has
Citywire New Model Adviser: Analyst: The
created uncertainty over final salary
regulatory risk Transact faces from FCA
pension transfers
Consumer Duty
PIMFA’s Financial Crime Conference to
TheWealthNet: PIMFA launches
be first in-person conference since COVID
WealthTech hub
pandemic FT Adviser: PIMFA launches tech platform PIMFA’s Diversity & Inclusion Awards
with Morningstar for advisers
return for second year and open for new entries
Citywire Wealth Manager: PIMFA partners with Morningstar to help firms use AI and
National Audit Office report sets out how
Blockchain
British Steel Pension members were failed in stark detail
IFA Magazine: PIMFA launches ‘PIMFA WealthTech’ supported by Morningstar
PIMFA Events
PIMFA EVENT: FINANCIAL CRIME CONFERENCE 18 May 2022 As the financial crime landscape evolves with new techniques and technologies, the growing threat to firms and their clients is undeniable.
This conferences gives attendees access to industry leading insights and debates from professionals across the regulatory, law enforcement, innovators and providers in the Financial Crime space, to help firms better understand and combat these threats.
The full agenda for the day can be viewed here.
To find out more and register, please click here
PIMFA DIVERSITY & INCLUSION AWARDS ENTRIES ARE OPEN The Awards are FREE to enter and open to all firms and stakeholders in the sector you do not have to be a PIMFA member to enter.
Click here to find out more and enter
PIMFA Learning
PIMFA Authentic Leadership for Women Programme Cohort 4 | 6 Month Programme | Begins 8 June The Authentic Leadership programme is PIMFA’s response to supporting women who face a unique set of challenges when progressing into senior leadership positions. Our research shows that women aiming to rise to leadership positions in wealth and finance still have to overcome a set of challenges, including the Imposter Syndrome, unconscious bias in the workplace, a peer group that shrinks as they assume more senior roles, and a struggle to find female role models even in the most progressive firms.
To find out more and register your interest, please click here.
PIMFA WEBINAR HOW TO TURN AN INCUMBENT WEALTH MANAGER INTO A DIGITAL LEADER 2022 17 May | 11-Midday Join next gen digital wealth tech providers Kidbrooke and investment provider Skandia (founded in 1855) as they go through their experience of turning a traditional, face-to-face wealth manager into an omni-channel, lean, and digitally empowered market leader. In this FREE 60-minute webinar, we discuss how Wealth Management firms can:
•
Managing risks and overcome common challenges linked to updating an incumbent wealth business
•
Follow a simple blueprint to achieve their digital ambitions and demonstrate significant improvements in customer engagement
•
Learn how the clever application of financial analytics can help you shape frictionless, pedagogical, and visual customer experiences To find out more and register, please click here.
View other upcoming PIMFA Events & Learning here
Partner Events
ETF ECOSYSTEM UNWRAPPED 2022 24-26 MAY
PIMFA are delighted to be partnering with ETF Ecosystem Unwrapped for their 2022 event taking place in May. To find out more about the event and register, please click here.
The Queen’s Speech
On 10 May, the Prince of Wales stood in for the Queen to open Parliament and deliver the Queen’s Speech, setting out the Government’s priorities and legislative agenda for the coming year. Of the 38 bills announced, five will be published in draft form and subject to pre-legislative scrutiny and another five bills have already begun their Parliamentary passage, means that 28 new bills will be introduce in the coming months. Highlights are; •
Financial Services Bill
The most significant legislation in the area since the sector’s post-crisis financial reforms, the main elements of the Bill are: revoking retained EU law on financial services and replacing it with an approach to regulation that is designed for the UK, updating the objectives of the financial services regulators to ensure a greater focus on growth and international competitiveness, reforming the rules that regulate the UK’s capital markets to promote investment, ensuring that people across the UK continue to be able to access their own cash with ease, introducing additional protections for those investing or using financial products, to make it safer and support the victims of scams. •
Data Reform Bill
Data Reform Bill’s purpose is to take advantage of the benefits of Brexit to create a world class data rights regime. The main elements of the Bill are: ensuring that UK citizens’ personal data is protected to a gold standard while enabling public bodies to share data to improve the delivery of services, using data and reforming regulations to improve the everyday lives of people in the UK, for example, by enabling data to be shared more efficiently between public bodies, so that delivery of services can be improved for people, designing a more flexible, outcomes-focused approach to data protection that helps create a culture of data protection, rather than “tick box” exercises. •
Brexit Freedoms Bill
The main elements of the Bill are: creating new powers to strengthen the ability to amend, repeal or replace the large amounts of retained EU law by reducing the need to always use primary legislation to do so, removing the supremacy of retained EU law as it still applies in the UK, clarifying the status of retained EU law in UK domestic law to reflect the fact that much of it became law without going through full democratic scrutiny in the UK Parliament.
The whole speech can be found here.
UK punishes Putin with new round of sanctions on £1.7 billion of goods
On 9 May the UK announced a third wave of sanctions on Russia and Belarus, targeting £1.7 billion worth of trade and designed to further weaken Putin’s war machine. It will bring the total value of products subjected to full or partial import and export sanctions to more than £4 billion. The sanctions include import tariffs covering £1.4 billion worth of goods – including platinum and palladium – and export bans intended to hit more than £250 million worth of goods in sectors of the Russian economy most dependent on UK goods, targeting key materials such as chemicals, plastics, rubber, and machinery.
NCSC joins industry to offer unprecedented protection for public from scams
Citizens across the UK are set to benefit from a landmark partnership between government and industry which will see access to scam websites instantly blocked.
A new data sharing capability developed by the National Cyber Security Centre (NCSC), a part of GCHQ, in collaboration with industry partners will present Internet Service Providers (ISPs) with real-time threat data that enables them to instantly block access to known fraudulent sites. The new capability is being made available to all ISPs operating in the UK and will significantly bolster the nation’s ability to protect citizens from cyber criminals. In due course, even more defenders will be invited to join, including browser and manager service providers. If people do encounter a suspicious website, the NCSC’s website reporting tool allows anyone to send URLs to be analysed and, if found to be malicious, a notice will be issued to the host requesting that the site be removed. People who receive suspicious emails
should forward them to report@phishing.gov.uk and suspicious texts to 7726 where they will be analysed by the NCSC and removed if found to be fraudulent.
FCA reminds consumers of the risks of investing in cryptoassets
The FCA reminds consumers that it has not been given regulatory oversight over direct investments in cryptoassets and NFTs. There are no consumer protections for those who buy any cryptoassets and NFTs, and they are not FSCS protected. As a result, if consumers buy cryptoassets, they should be prepared to lose all the money they have invested. Those marketing cryptoassets must stick to the guidelines set out by the Advertising Standards Authority (ASA) and state that cryptoassets are not regulated by the FCA.
Marketing must also make clear that cryptoassets are not protected by financial compensation schemes. The ASA has investigated multiple adverts for cryptocurrencies which did not make it clear that the product was not regulated or protected in the UK.
Consumers can learn more about high-risk investments at https://www.fca.org.uk/investsmart.
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