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PIMFA WEEKLY NEWS BULLETIN | 19 April 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.
FCA publishes Thematic Review (TR22/1) on Wind-Down Planning
On the 11th April, the FCA published a piece of thematic work on wind-down planning across a number of different business models. The focus was on liquidity needs during wind-down and examined firms' intra-group dependencies and wind-down triggers.
The following key observations were made: •
Significant further work is needed to ensure that the wind-down planning of firms is credible and operable. This particularly relates to liquidity and cashflow modelling, intra-group dependency and wind-down trigger calibration.
•
Firms should consider the impact liquidity needs in wind-down have on their assessment of resource adequacy, their risk appetite and point of non-viability.
•
Testing the outcomes of wind-down planning is the best way of showing the firm’s Board/ governing body, as well as the FCA, that the plan and process is credible and operable.
The review concluded that there was widespread weakness in wind-down planning amongst firms and that there was a need for firms to improve their wind-down planning and processes as well as their wind-down planning documentation. The FCA therefore encourages all firms to review the Wind-Down Planning Guidance (WDPG) section of the FCA handbook and FG20/1, in addition to the specific points raised in the Thematic Review, and consider whether any changes need to be made to the firm’s wind-down planning process.
You can read the Thematic Review in full here.
PIMFA Private Investor Indices Survey
The next PIMFA Private Investor Indices Survey closes at 5pm on 27th April. Please click here to complete the survey.
PIMFA's Latest Consultation Responses
Our latest Consultation Responses include PIMFA's response to: •
The FCA's Quarterly Consultation No 35 – CP 22/4
•
The FCA Compensation Framework Review
•
FCA’s Call for Evidence on Improving the Appointed Representatives Regime
Read these and all other PIMFA consultation papers here.
Latest PIMFA Press Releases
Latest PIMFA Press Coverage
PIMFA’s Diversity & Inclusion Awards
New Model Adviser: Podcast: British Steel
return for second year and open for new
redress scheme could fuel DB transfer
entries
claim frenzy
National Audit Office report sets out how
Lexology: How HR in financial services
British Steel Pension members were failed
can contribute to ESG goals
in stark detail BBC: Grieving families face extra fees and FCA sets out aims to increase consumer
paperwork, says consumer group
confidence in investment market at PIMFA’s Virtual Fest 2022
FT Adviser: Marlene Outrim: ‘A lot of what the FCA is doing is with a broad brush’
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.
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
View Upcoming PIMFA Events & Learning here
PIMFA Learning
PIMFA Authentic Leadership for Women Programme Cohort 4 | 6 Month Programme | Begins 11 May 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.
Partner Events
18th ANNUAL AML & FINANCIAL CRIME SEMINAR 27 - 28 April Join us at the seminar hosted by Herbert Smith Freehills, providing essential updates from the Home Office, FCA, HMRC, OFSI, FCDO, JMLSG, Companies House, CPS, Met Police and leading cross-industry experts!
The full programme and speaker faculty can be viewed here. Please click here to register and use code 'PIMFA' to get a 10% discount.
FOS Publishes Half Yearly Data
The Financial Ombudsman Service (FOS) has published half yearly data on their website showing the number of complaints received about individual businesses between 1 July and 31 December 2021. The FOS received a total of around 73,200 complaints in this period and upheld 37% of complaints received. For the full data set and analysis, go to half-yearly complaints data page.
The FOS has also published the latest half-yearly data showing the number of complaints received about individual claims management companies.
The Future of International Data Transfers – A New Report
The IRSG and KPMG Law have published a new report, The Future of International Data Transfers, exploring the current trajectory of current data transfer restrictions, and the impact that this could have on financial services firms and their customers.
The paper also proposes a number of recommendations as to actions and measures that can be taken to better achieve a consistent level of protection to allow data flows today and in the digital world of the future. As the pace of technological innovation accelerates and the sharing of data across borders is more prevalent, the collection, creation, use, transfer, and protection of data is increasingly subject to legal, regulatory, political, and societal scrutiny.
Financial services are key to helping facilitate the global economic recovery, and in the global digital economy, this is reliant on timely access to data. Facilitating safe and practical methods to ensure data is protected needs new tools to be developed to support the reality of global and dynamic data flows. However, achieving compliant data sharing is increasing complex, costly and risky.
The current mechanisms are heavily focused on legal, binary and simplistic data transfer scenarios (i.e. via contracts) or adequacy assessments (of which there are very few, takes years to implement and can be revoked).
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.
CONTACT US If you have a query on becoming a PIMFA member, the work we undertake, or any of the articles in this Bulletin, please contact us.
www.pimfa.co.uk Personal Investment Management & Financial Advice Association (PIMFA) 5th Floor, 10 St Bride Street, London EC4A 4AD (registered in England No 2991400)
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