PIMFA Weekly News Bulletin - 20 May 2024

Featured: PIMFA report: Feedback on the FCA 2023 Wealth Data Survey 20 May 2024

PIMFA WEEKLY BULLETIN

PRESS RELEASES ABOUT PIMFA CONSUMER DUTY WEALTHTECH

PIMFA report: Feedback on the FCA 2023 Wealth Data Survey

PIMFA has published its feedback on the Financial Conduct Authority (FCA) 2023 Wealth Data Survey, setting out eight recommendations for ongoing data collection.

The report notes that feedback from PIMFA member firms suggests that improvements can be made to the quality of the FCA Wealth Data Survey collection, which can also minimise the burden on firms.

Members can access the full report here

New PIMFA Plus Partner

We are pleased to welcome Onyx Insurance Brokers as PIMFA Plus Partner.

Specialising in the financial services sector, Onyx Insurance Brokers is committed to offering tailored insurance solutions that address the specific risks and challenges faced by professionals in this dynamic industry. Their expertise and direct market access make us the preferred choice for firms seeking comprehensive and reliable professional indemnity insurance coverage.

Find out more here

PIMFA response to FCA Consultation Paper CP24/6: Regulatory fees and levies: policy proposals for 2024/25

PIMFA has submitted a response to the Financial Conduct Authority’s (FAC) consultation (CP 24-6) on their proposals for regulatory fees and levies.

Members can access the response here

PIMFA AI Webpages

Are you up to date with the latest AI lingo? Take a look at the PIMFA AI webpages where you can find useful information, helpful resources and more.

PIMFA Operations Forum

The next Operations Forum will take place online on Thursday 23 May from 3pm to 4pm.

The agenda includes:

• Euroclear update – latest news from Euroclear and CREST – Glenn Cooper & Charlie Pugh, UK Product Management, Euroclear

• Regulatory update – Alex Roberts, Head of Regulatory Policy and Compliance, PIMFA

• Gretel – helping financial institutions and customers to reconnect – Duncan Stevens, CEO, Gretel

• VendorIQ - From Data to Decisions: Empowering Boardrooms with Actionable Insights - Kevin Mitchell, Founder, VendorIQ

Next Operations Forum – Thursday 27 June from 3pm to 4pm.

The PIMFA Forums are open to representatives from all PIMFA Members and Associate firms.

If you or any of your colleagues would like to attend the Operations Forum and are not currently on our distribution list, please email Heidi Bryant

PIMFA New Financial Crime Microsite

Check out PIMFA’s newly launched Financial Crime Microsite, including sections on investment fraud, market abuse, sanctions, Economic Crime Plan 2 and anti-money laundering and terrorist funding.

Financial Conduct Authority Dear CEO letter: Implementing the Consumer Duty for closed products and services by 31 July 2024

The Financial Conduct Authority (FCA) has issued a series of Dear CEO letters related to the implementation of the Consumer Duty for closed products and services by 31 July 2024. The letter for Consumer Investment firms includes action prompts (e.g. to address data gaps) to help firms meet the deadline, and sets out:

• The application of the Duty to closed products and services.

• Priority issues that are particularly acute or widespread in closed products and services.

• Action prompts to ensure firms are prepared for the 31 July 2024 deadline for closed products and services.

• The definition of closed products and services and an overview of the rules (Annex 1). Members can access the full letter here (a summary is available on our Consumer Duty microsite).

Financial Conduct Authority Response to Financial Services Regulation Committee (listed investment companies and cost disclosure)

The Financial Conduct Authority (FCA) has published its response to the House of Lords Financial Services Regulation Committee (FSRC) letter which raised concerns regarding cost disclosure requirements for listed investment companies.

The FCA response:

• Acknowledges that disclosure reforms are needed.

• Confirms that it is working with HM Government as it considers the legislative steps necessary to enable the FCA to put in place a new regime.

• Addresses the seven questions raised in the FSRC letter Access the response here.

HM Treasury Policy paper: Sustainability Disclosure Requirements: Implementation Update 2024

On 16 May HM Treasury published the Government’s Sustainability Disclosure Requirements (SDR):

Implementation Update 2024 document that delivers on one of the Government’s key commitments, as set out in the 2023 Green Finance Strategy, to provide industry with clear information, timeframes, and milestones for each of the core elements of SDR.

The document provides stakeholders with a concise summary of how SDR fits together across the financial services sector, wider economy, and when they can expect to engage with proposals.

• The Government aims to make the UK-endorsed ISSB standards available in Q1 2025.

• The FCA will be able to use the UK Sustainability Reporting Standards to introduce requirements for UK-listed companies to report sustainability-related information.

• The FCA plans, through its consultation on implementing UK-endorsed ISSB standards, to consult on strengthening its expectations for transition plan disclosures with reference to the TPT Disclosure Framework.

• The Government intends to consult on whether to broaden the scope of SDR to include funds under the Overseas Funds Regime in Q3 2024.

• The Government continues to work at pace and expects to consult on the UK Green Taxonomy in due course, seeking feedback on both the overarching framework and use cases, as well as the specific activity level criteria which defines green activities.

Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024

HM Treasury has published regulations outlining the conditions under which the Treasury can approve a country or territory for specific collective investment schemes authorised outside the UK, subsequently recognised by the FCA.

• UCITS authorised in EEA states are included in the Treasury’s approval, except for money market funds, which could influence how PIMFA member firms manage and advise on such investments.

The statutory instrument can be accessed here

Financial Conduct Authority update: UK MiFID transparency calculations

The Financial Conduct Authority has published the latest data for MiFID transparency calculations for the UK.

The results of the MiFID transparency calculations are available in the FCA Financial Instruments Transparency System (FCA FITRS) accessible via the dedicated FCA Registers portal

Firms can access the latest published data here

Financial Conduct Authority: Authorisations operating service metrics 2023/24 Q4

The Financial Conduct Authority has published quarterly data (January to March 2024) on Authorisations metrics.

The data shows 10 metrics are green, six are amber and none are red, with 98.1% of applications being determined within the statutory deadline.

The FCA metrics can be accessed here

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PIMFA LEARNING AND EVENTS

13 June 2024

Live Online Learning | 11:00 - 12:00 FREE

PIMFA HR FORUM - SESSION 2

New legislation coming into effect on 26 October 2024 strengthens the protections available to employees from sexual harassment, by introducing a new duty on employers to “take reasonable steps” to prevent sexual harassment.

19 June 2024

Live Event | 09:00 - 17:00 £125 - £250

PIMFA ESG SEMINAR

We are delighted to announce our updated speaker roster, including Sacha Sadan, Director of Environment, Social & Governance, FCA, who will be delivering a keynote speech at the event.

The new duty comes hot on the heels of the Treasury Select Committee’s Sexism in the City inquiry and the PRA and FCA’s recent consultations on measures to improve diversity and inclusion and to revamp how firms should manage allegations of non-financial misconduct, which of course includes sexual misconduct and harassment.

This FREE 60-minute session will cover all these latest developments and focus on what HR and legal teams in members firms should be doing to prepare now.

Join us for a full day of cutting-edge industry thought leadership, and guided Chatham House peer-peer roundtable discussions on the latest topics affecting ESG and sustainability implementation.

Numbers for this event will be restricted so early booking is recommended. This event is the perfect opportunity for participants to discuss with experts and peers, pressing issues related to ESG and Sustainable Finance.

Discounts are available for bookings of three or more. Contact events@pimfa.co.uk to receive your discount code.