PIMFA Regulatory Forum
This monthly forum provides updates on regulatory hot topics from the PIMFA team and select associates, giving an opportunity to share best practice and get the latest intelligence on policy matters.
The next Virtual Regulatory Forum is on Tuesday 21 February between 3pm-4pm and topics will include:
• Consumer Duty - Update on the cross TA collaboration on the value assessment framework
• FCA Discussion Paper - Finance for positive sustainable change: governance, incentives and competence in regulated firms
• FCA report on approaches to D&I in financial services
• PRIIPs & retail disclosure - Overview of the key themes in our responses to both the HMT and FCA papers
Attendance of the PIMFA Forums is open to any representatives from Member and Associates firms. If you or any of your colleagues would like to attend next weeks’ or future forums, please email Heidi Bryant
Personal Injury Compensation
The Ministry of Justice is currently conducting a call for evidence reviewing the discount rate for personal injury compensation.
PIMFA has been approached to provide input into this call for evidence with a request for firms who have experience working with clients who have received compensation with a view to fully or partially investing what they have received. The intention is to build an evidence base of client behaviour as well as their broader risk profile.
We are looking for firms who have experience in this field to provide their input to feed into the review. If your firm has expertise in this field, please contact Simon Harrington
How do The Financial Services Skills Commission Tackle the UK Skills’ Challenge? The Corporate Conundrum
Read Claire Tunley, CEO, FSSC’s new Guest Blog on how the sector is working hard to develop the required skills to remain competitive and tackle the UK skills’ challenge.
The FSSC has identified the priority skills for the sector in a Future Skills Framework closely aligning with their new Skills Gap Analysis Toolkit. Read more here
See what else PIMFA has been doing on the Talent issue and the PIMFA make.it campaign.
The
full PIMFA response can be read here
HM Treasury Consultations
HM Treasury have published two Consultations in the digital assets space; Future financial services regulatory regime for cryptoassets, marking the next stage of the UK’s phased approach and, in conjunction with the Bank of England, The digital pound: a new form of money for households and businesses?, setting out analysis by HM Treasury and the Bank of England on the potential case for a UK central bank digital currency – a “digital pound” - and consulting on the key features of a potential model.
Whilst PIMFA do not intend to respond to these particular consultations, we are very aware of the potential future role that digital assets might play in the propositions of PIMFA member firms.
We are continuing to expand our thinking on this area and would welcome input from firms. Should you have any views, please contact Simon Harrington
FCA DP23/1: Finance for Positive Sustainable Change
On 10 February the FCA published a Discussion Paper: Finance for positive sustainable change: governance, incentives and competence in regulated firms, which aims to encourage an industry-wide dialogue on firms’ sustainability-related governance, incentives, and competence.
The first part examines how governance, incentives and competence are considered in the TCFD’s recommendations, and how expectations in these areas are evolving with the work of the International Sustainability Standards Board (ISSB), the TPT and GFANZ.
The second includes the commissioned articles which may help firms to reflect on how their approaches to governance, incentives and competence to support positive change.
PIMFA’s Sustainable Finance Working Group will meet to discuss the proposals and provide a response by the deadline of 10 May 2023.
If you wish to join the Working Group, please contact Maja Erceg.
FCA Seeks Applicants for New Advisery Group on Synthetic Data
The FCA is inviting firms to submit an expression of interest (EOI) to join its new Synthetic Data Expert Group (SDEG), a sub-group of the Innovation Advisory Group (IAG).
The SDEG will run for approximately 18 months with the first meeting held in April 2023, with the possibility of extending for another six months.
EOI’s should be submitted by 8 March 2023
FOS: Quarterly Complaints Data for Q3 2022/23
The Financial Ombudsman Service has published its quarterly complaints data for Q3 2022/23.
The updates on financial products and services include the number of enquiries and cases received (41,303 new complaints in Q3) and the proportion of complaints resolved in favour of customers (35% of complaints upheld).
UKJT Issues Legal Statement on Digital Securities
The UK Jurisdiction Taskforce (UKJT) of LawtechUK has issued a legal statement on the issuance and transfer of equity or debt securities using blockchain/distributed ledger technology (DLT) under English law.
Research, commissioned from Oxera, has also been published which explores the value of English law to facilitate the commercial use of blockchain and DLT in capital markets.
Review of The Pensions Regulator
The DWP have announced the appointment of Mary Starks to lead the TPR review, to examine how TPR is performing its role and where it can improve, providing greater efficiency and value to taxpayers.
Latest PIMFA Press Releases PIMFA calls for Financial Conduct Authority to have greater role in protecting public from fraud PIMFA Press Coverage
Strategy: FCA review talks of Consumer Duty ‘complacency’
Mortgage
PIMFA delighted to welcome Paul Stockton and Stuart Dodson to its Board of Directors
Consumer Duty a ‘watershed moment’ that firms must take seriously, FCA warns at PIMFA conference
PIMFA welcomes update from FCA on the FSCS levy but continues to argue for a “polluter pays” model
Read more press releases here
Professional Paraplanner: FCA financial promotions clamp down welcomed but more needed, says PIMFA
Actuarial Post: PIMFA calls for FCA to have greater role in fraud protection
FT Adviser: What will the Edinburgh reforms mean for advisers?
EVENTS & LEARNING
PIMFA LIVE ONLINE LEARNING: MARKET ABUSE – ARE YOU DOING ENOUGH?
15 March | 09:30 - 12:30
PIMFA FINANCIAL CRIME CONFERENCE
LONDON
18 May | 10:00 - 18:00
In this 3-hour interactive, online training course leading consultants Bovill reveal where wealth firms are falling foul of regulatory expectations and what they need to implement effective policies and procedures to control market abuse risks posed by remote working.
For more information and to register, please click here
Early Bird Tickets Available until 3 March!
The PIMFA Financial Crime 2023 gives attendees access to industry leading debates from professionals across the regulatory, law enforcement, innovators and providers in the Financial Crime space.
See more of PIMFA in the press
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