PIMFA WEEKLY NEWS BULLETIN
PIMFA Index Series Questionnaire
PIMFA would like to gain a deeper understanding of how your firm is using the PIMFA Index Series, so we have constructed a brief questionnaire, featuring mainly multiple-choice responses, which should take no more than 5-7minutes to complete.
To access the survey, simply click here or scan the QR code below using your mobile device.
Your response is important to us and we very much appreciate the time taken to provide this information.
Deadline for entries extended to 5 July
Share your story and inspire others!
There is still plenty of time to get started on your entry. Our expert judges look forward to reading your success stories again this year.
PIMFA CEO to address Morningstar event
PIMFA CEO Liz Field will be speaking at the Morningstar Investment Conference UK on the 4th July at 11am to discuss recent progress on the PIMFA WealthTech initiative, partnered with Morningstar, including the recently-launched Duty of Care Tech Challenge.
You can register here for your conference ticket.
CONSUMER DUTY CORNER
The consumer duty (CD) introduces new rules and guidance to ensure firms deliver on the four outcomes. The expectation for the consumer understanding and consumer support outcomes is that firms:
• Communicate in a way that supports consumer understanding and equips consumers to make effective, timely and properly informed decisions (Ch 8 FG 225)
• Provide support that meets consumers’ needs throughout the life of the product or service (Ch 9 FG 22-5)
The FCA acknowledge (Dear CEO letter - consumer investments) that many aspects of these outcomes will be familiar as they align with previous FCA messaging regarding communications, financial promotions, behavioural science, and firms’ operations. The sectoral letters also set out areas of concern in relation to advice such as the cost and impact of poor advice being too high, unclear charging, and a lack of support resulting in consumers unable to make timely, informed decisions.
To meet consumer understanding and support obligations Financial Advisers (FAs) need to ensure they devise effective communications strategies that deliver clear accessible and understandable information to consumers.
FAs will already have a focus on effective engagement and establishing long term relationships based on trust that enable clients to make well informed decisions. Given the FCA’s concerns relating to the advice process and their focus on delivering fair value and good outcomes, the helpful techniques utilised by Money Alive (as noted in FT Adviser Ask the expert) can enhance consumer understanding and support - when drafting new customer communications or providing support to meet consumer needs, firms should consider the following:
• Ensure communications are consistently set out with a clear flow of information.
• Consider layering to provide detailed information – be concise to facilitate better understanding.
• Avoid using jargon and technical terms as these can be barriers to consumer understanding and making informed decisions. Providing clear explanations of any technical terms used will aid consumer understanding. Present information in an objective and unbiased manner.
• Present complex information in smaller portions to enable understanding - don't overwhelm clients with too much complex information.
• Ensure key points of information are clearly visible – summarise the main points in your comms and present them in an objective manner.
• Select formatting to accelerate understanding, e.g., clear headings, bullet points, size, and easily read fonts - use colour sparingly and purposefully to highlight key points.
• Use visual aids to present complex information, e.g. tables and diagrams.
• Examples and case studies can enhance consumer understanding and make the messages more relatable.
• Accessibility is an important consideration for CD – firms should ensure their communications are accessible to all consumers (e.g. audio and video captions, braille, etc.).
Below are some helpful tips from Money Alive for firms to consider:
• Ensure communications are consistent (tone, style, format).
• Consider timing and placement of communications in the context of the larger advice process.
• Use client feedback to improve the clarity and effectiveness of your communications.
• Consider the use of interactive elements to increase engagement.
• Digital engagement - video technology can facilitate consumer understanding of financial topics by presenting them through visuals and spoken explanations that set out technical terms in a simple clear manner.
PIMFA Consumer Duty Microsite
Visit our microsite to access key information to help your firm prepare for Consumer Duty, including:
• 10 things you need to know
• Four outcomes
• Key actions
• Join our Working group
• Useful resources
Economic Crime and Corporate Transparency Bill 2022: Factsheets
HM Government have published a series factsheets giving details of the different measures contained in the Economic Crime and Corporate Transparency Bill:
• Cryptoassets - key terms and definitions
• Cryptoassets - technical
• Cryptoassets – legislation
• Information sharing measures
• Failure to prevent fraud offence
• Beneficial ownership
PIMFA/ Clyde & Co HR Survey
Initially launched earlier this year, this survey is looking to benchmark member firms’ approaches to maternity and paternity benefits across our industry.
Whilst we thank those who have taken the time to complete it, the survey remains very much open and we are keen to get more input from other firms to help get a more comprehensive picture.
The HR Survey is completely anonymous and takes only 5 minutes to complete. If you would prefer, you may also send details of your scheme details directly to Nyan San Lwin
PIMFA is a proud partner of the Morningstar Investment Conference
The Morningstar investment conference is built around cutting-edge research and key insights from this research, in addition to analysis that spots trends and patterns to help firms see the big picture.
To join us on 4 July register here.
PRESS RELEASES
PIMFA calls on Government to embrace a generational opport...
PIMFA warns of ‘halo effect’ from FCA marketing rules for crypto...
PIMFA calls for ‘surgical approach’ to any changes to the SM&CR...
Wealth Managers and Advisers want more support in...
PIMFA welcomes reduction in FSCS levy but a longer term
READ MORE
PRESS COVERAGE
Forbes Advisor UK: Rise In Gilt Yields Confirms Market Fears...
Professional Paraplanner: PIMFA urges Govt to embrace...
Money Marketing: Advisers play a key role in 'spectacular' ESG...
Dispatchist: PIMFA calls on Government to embrace...
IFA Magazine: PIMFA warns of 'halo effect' from FCA...
READ MORE
PIMFA Compliance Conference
Attend in-person or virtually
21 September | 09:00 - 17:00
Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world.
Bringing together a high-level audience who can engage with the experts, this conference will facilitate fruitful discussions with opportunity for questions and networking.
