PIMFA WEEKLY NEWS BULLETIN 18 September 2023
FCA - PS23/13: Introducing a Gateway for firms who approve financial promotion
The Financial Conduct Authority (FCA) has published its final policy statement for introducing a gateway for firms who approve financial promotions.
The final policy statement includes targeted changes to the FCA’s proposals and sets out the following:
• How firms are assessed at the gateway and the basis of being accepted or refused applications.
• Reporting requirements for firms permitted to approve financial promotions.
• Not extending the compulsory jurisdiction of the FOS to approval of financial promotions.
• Non-Handbook guidance updates for firms that approve financial promotions for investment.
• A review of the FCA's approach within 24 months of the rules coming into effect.
To read the policy statement in full, please visit the FCA’s website
PIMFA Transaction Reporting Working Group
Next meeting: Monday 25 September, 10:00 - 12:00
The next Transaction Reporting Working Group meeting will take place via Teams on 25 September, starting at 10:00.
Matthew Vincent and Simon Appleton from Kaizen have kindly agreed to explore the FCA's recent MarketWatch 74 newsletter and to run through some of the transaction reporting issues they have encountered recently when working with their clients. We will also have a Q&A session.
If you or a colleague would like to attend the meeting, please email KevinS@pimfa.co.uk
Home Affairs Select Committee launches inquiry into fraud
The Home Affairs Committee has launched a new inquiry into fraud to understand the current landscape of fraud prevention and detection.
The Committee will:
• examine the impact of fraud on victims and how they are supported in the aftermath
• investigate how effective Government and law enforcement agencies are at identifying and combatting existing and emerging forms of fraud
• consider how new technologies (e.g. the growth of AI) could transform fraud
• consider the role of technology and social media companies in tackling this form of crime
• consider whether the UK Government’s Fraud Strategy does enough to combat fraud.
The deadline for written evidence is Friday 20 October.
PIMFA Operational Resilience Working Group
Next meeting: Tuesday 26 September, 14:00 - 16:00
The next Operational Resilience Working Group meeting will take place via Teams on 26 September, starting at 14:00.
We will be looking at:
• the recent FCA Operational Resilience questionnaire, 'severe but plausible scenarios' identified at the BoE / PRA roundtable in July
• reputational risk and wider resilience
• the usual round-up of current issues.
If you or a colleague would like to attend the meeting, please email KevinS@pimfa.co.uk
PIMFA Operations Forum
Next meeting: Wednesday 27 September. 15:00
At the Operations Forum this month, we will have updates on:
• the latest developments at Euroclear CREST, and a round-up of current and future regulatory changes.
• the Digitisation Taskforce's Interim Report, and PIMFA's response to the questions raised in the report.
In addition with interest rates rising, firms have been looking at ways to secure the best available rates on deposits. Insignis Cash Solutions will be giving a presentation on the benefits of using a cash management platform.
If you or a colleague would like to attend the meeting, please email HeidiB@pimfa.co.uk.
Draft SI: The Dormant Assets (Distribution of Money) (England) Order 2023
The Statutory Instrument (SI) for dormant assets has been drafted and laid before the Parliament.
The SI draft expands the distribution of the English portion of dormant assets which are previously restricted to youth, financial inclusion, and education, and social investment wholesalers to flow to community wealth funds.
The draft SI can be found on the Government’s legislation website
Listen in to the latest free podcasts from PIMFA and guest expert speakers to ensure your CASS knowledge is up to date:
• CASS: Crush Your Next Audit Not Your Budget
• CASS Compliant? Prove It!
• CASS: Why Finding Breaches Is Not All Bad News
PIMFA CASS Podcasts
PIMFA COMPLIANCE CONFERENCE
Last few ticket remaining for this week's PIMFA’s Compliance Conference.
Don’t miss out on the latest thought leadership for the industry’s compliance professionals, the agenda includes:
REGULATORY UPDATES
Including a session with the FCA’s Director, Consumer Investments, Lucy Castledine
CONSUMER DUTY DISCUSSION
Including a member experience panel featuring City Asset Management, Courtney Havers and Quilter
SAFETY & SECURITY
Including a session with the government’s Anti-Fraud Champion, Anthony Browne MP
