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PIMFA NEWS BULLETIN | 19 June 2020 Welcome to your Weekly PIMFA Bulletin Grab a coffee and take 10 minutes to read this week's highlights and key issues affecting you and your firm
WE ARE IN THIS TOGETHER Dear Nigel,
We hope you and your loved ones are safe and well during this difficult time. Due to the virus, PIMFA is continuing to work remotely, and we remain committed to representing our members and providing as much useful information as possible.
This Bulletin contains the latest news on the impact of the virus and other key issues PIMFA are working on for our members. If there is anything we can be of assistance with,
please contact us at enquiries@pimfa.co.uk.
Best wishes The Team at PIMFA
COVID 19 & What's happening in PIMFA
Call for FSCS Working Party participants
In line with our Manifesto commitment to ensure appropriate and proportionate Regulation as well as promote access to the Sector, PIMFA is exploring alternative funding models for the FSCS. To do this, we are reliant upon firm’s feedback so we can understand how different models will impact upon different firms across the spectrum of our membership.
We are therefore looking for a number of firms to participate in an FSCS Working Party in order for us to work through potential alternative solutions. Should this be of interest to you or your firm please get in contact with Simon Harrington.
Brexit: UK – EU High Level
UK FTA negotiations with
Conference
Australia and New Zealand
On 6 June, a high-level meeting on the
This week, the UK Government has
UK’s future relationship with the EU took
published its objectives for free trade
place via video conference. Prime Minister
agreements with Australia and New
Boris Johnson held talks with European
Zealand and the talks with the two
Commission President Ursula von der
countries will start via video conference
Leyen, European Council President
shortly. The objectives are aimed at
Charles Michel and European Parliament
increasing trade in goods and services
President David Sassoli. The UK and EU
while maintaining environmental
agreed to intensify negotiations in July
protections and standards for consumers
and expressed a need for ‘new
and workers.
momentum’ to create the most conducive conditions for concluding a deal.
The value of UK exports to the two nations could increase by around £1 billion a year,
The statement expressed hope that the
according to the UK Government.
intensified negotiations will result in an
Opportunities for UK businesses include
‘early understanding’ on the basic
additional access for UK services and
principles of an agreement. The UK Prime
investment, the removal of tariffs and
Minister said he did not want the talks
other barriers, and the chance to shape
“going on until the winter” and urged both
the future of digital trade. On the
sides to show “oomph” in negotiations
movement of people, the two sides are not
because they were not “that far apart.” On
expected to push for unrestricted access
the EU side, President of the European
but are expected to agree to allow
Council Charles Michel tweeted after the
professionals to move between the
meeting that a “level playing field is
countries more easily.
essential”’ making it clear that any ‘early understanding’ is still conditioned on level
The UK sees these prospective deals, as
playing field rules.
well as the ongoing negotiations with Japan, as a crucial staging post toward
The weekly rounds through July and
joining the Comprehensive and
August are expected to take place in
Progressive Agreement for Trans-Pacific
person, instead of via video-call. The EU
Partnership.
also formally acknowledged the UK’s decision not to extend the transition period and confirmed that the transition period will end on 31st December 2020.
Comprehensive and Progressive Agreement for Trans-Pacific Partnership
Webinar Wednesday: Brexit: What happens next?
At next week's Webinar Wednesday (24 June, 3pm) we will be discussing approaches to effective communications in light of the impact of COVID-19.
On 17 June the UK formally announced
In light of the pandemic, it is vital for firms
plans to join the Comprehensive and
to maintain effective communications with
Progressive Agreement for Trans-Pacific
their clients and uphold the value and
Partnership (CPTPP). The Department for
reputation of their brand. Day-to-day
International Trade says that accession to
communications planning and strategies
CPTPP would secure increased trade and
have been put on hold for firms, but as we
investment opportunities that will help the
approach the end of full lockdown, how
UK economy overcome the challenge
should your communication strategy
posed by coronavirus and open up new
change?
opportunities for UK exporters post Brexit. Book your place here (members only). Joining CPTPP would help the UK diversify trading links and supply chains, and increase the economic security as
PIMFA Pension Transfers Working Party
well as the country’s future place in the world. Membership is an important part of the Government’s strategy to turn the UK
We are seeking firms to engage with our
into a global hub for businesses and
Pension Transfer working party in order to
investors wanting to trade with the rest of
assess best practice and respond to the
the world.
FCA’s Guidance Consultation on Pension Transfers. PIMFA Website:
COVID-19 Information
Visit our members only COVID-19 web area for the latest information on the
Firms and individuals who are interested should contact Simon Harrington.
PIMFA Podcasts
virus, to access webinar recordings, download briefing notes, and view the
Don't forget to access the latest freely
latest global response tracker.
available PIMFA podcasts on topics such as Wellbeing, Cyber Resilience & SM&CR
Click here if you have forgotten your
etc, all in our online learning library.
password or to create a user account. The public COVID-19 page can be accessed here.
The Pensions Regulator (TPR) publishes guidance on Pension Superfunds
The Pensions Regulator has published further guidance on the establishment of Pension SuperFunds – pension consolidation vehicles for DB schemes. PIMFA will be engaging with entrants in the market over the coming weeks to fully understand their models and viability.
Should you have any queries, in the first instance please contact Simon Harrington.
ESMA Revised Work Programme 2020
On 15 June ESMA published its revised Work Programme for 2020. Like the European Commission, ESMA has acknowledged that some of its plans for 2020 will necessarily have to be delayed due to the COVID-19 pandemic.
As with the Commission’s adjusted Work Programme, the main changes are timetable alterations rather than substantive ones. 2020 will be marked by the response to COVID19 and maintaining markets that are open and orderly but ESMA also needs to implement the significant new mandates that were agreed by the co-legislators and prepare for the usage of its new powers.
The UK's decision to leave the European Union is changing financial markets in Europe and ESMA will continue to prioritise responding to the risks and challenges posed by Brexit. For more information, please contact Maja Erceg.
LATEST PIMFA BLOGS & PRESS RELEASES
•
PIMFA welcomes proposed permanent FCA marketing ban for mini-bonds
•
PIMFA welcomes FCA Chairman Charles Randell’s comments regarding the FSCS Levy
•
Regulator working on how to avoid ‘lumpy bills’ for firms in future, FCA Executive Director of Supervision, Megan Butler, tells PIMFA’s Virtual Fest
•
Financial services has a chance to help consumers in the aftermath of COVID-19, Baroness Morgan tells PIMFA’s Virtual Fest
•
UN Special Envoy Mark Carney says financial services sector has ‘jumped ahead of government’ on issue of climate change at PIMFA’s inaugural Virtual Fest
•
Blog: ESG and Covid 19
EVENTS & LEARNING
VIRTUAL FEST The inaugural PIMFA Virtual Fest took place on 3 and 4 June 2020. If you missed it, you can still catch up with all the sessions using our on-demand service for 2 months. Simply register your place to gain access. The content is FREE to members, (paid for tickets are also available for non-members).
Catch up with sessions from 30+ high profile experts such as Mark Carney, Megan Butler, John Glen and Baroness Morgan of Cotes (Nicky Morgan) on topical areas which you have identified to us as key priorities for the profession. ALL SESSIONS ARE AVAILABLE ONDEMAND. BOOK NOW
BEST PRACTICES IN BUSINESS CONTINUITY: HOW YOUR FIRM CAN RESPOND PROACTIVELY TO DISRUPTIVE EVENTS To support member firms meet their regulatory obligations and proactively assess, review and update their business continuity plans, PIMFA is running a live interactive online learning course to ensuring your business continuity plan is fit for purpose not just now but for the future.
What you’ll learn: •
Recognise what makes an effective business continuity plan and a disaster recovery plan
•
Understand what information goes into each document and how to obtain that information
•
How to implement and audit a business continuity management system
•
Identify and address in your firm the known and unknown risks, threats, and incidents
•
and more.
You can click here to register your place.
22 June 2020
BUILDING OPERATIONAL RESILIENCE IN WEALTH MANAGEMENT FIRMS This online course will explore the FCA’s interpretation of Operational Resilience as it applies to wealth management firms and their expectations of those firms who will be required to evidence that they are have identified their critical business services and set challenging impact tolerances for each of them. What you’ll learn: •
Understand what the regulator means to achieve operational resilience in your firm
•
Recognise the business value of operational resilience and business continuity
•
Co-ordinate people and resources to build an effective resilient management
•
Leverage proven approaches to set impact tolerances for each important business service you provide
•
and more.
You can click here to register your place.
29 June 2020
PIMFA IN THE PRESS
•
Professional Adviser: FCA permanently bans marketing of mini-bonds
•
Money Marketing: We need more FCA oversight
•
International Investment: PIMFA welcomes FCA chairman Randell's comments regarding FSCS Levy
•
Citywire: Gov't trailing financial services on climate investing, Carney says
•
Financial Adviser: Carney says advisers are central to climate change
LATEST PIMFA CONSULTATION RESPONSES
PIMFA’s latest consultation response is to the European Commission regarding their Review of MiFID II and MiFIR.
Read this and all of our other PIMFA consultation papers here.
WHAT'S HAPPENING IN OUR INDUSTRY
FCA's Chris Woolard discusses emergency regulation and learning from the coronavirus crisis
In his first Inside FCA podcast interview, Interim Chief Executive Chris Woolard discusses how the FCA has rapidly reprioritised work in light of the coronavirus (Covid-19) pandemic, and talks about future business planning.
In the interview Chris Woolard talks about the FCA's work to reduce economic impact while helping to protect consumers, outlining their regulatory approach to recent crisis planning.
To listen to the podcast, please click here.
City and Financial: Meeting the Regulators’ Expectations About Treating Customers Fairly During the Coronavirus Crisis
City and Financial Global’s virtual roundtable series: ‘Meeting the Regulators’ Expectations About Treating Customers Fairly During the Coronavirus Crisis’ (16th – 25th June 2020), will cover the key issues lenders and other regulated firms need to be aware of to ensure they are meeting regulatory expectations to treat customers fairly. Click here for more information and PIMFA members are entitled to a 20% discount please use the discount code ‘VULC1PIMFA’ when registering.
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