Featured: Sustainable Finance working group, Women's Symposium, P2P & Financial Promotions
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PIMFA WEEKLY NEWS BULLETIN 22 January 2024
FCA establishes industry-led Sustainable Finance working group for financial advisers Following its publication in November last year of a package of measures to support the UK’s position as a world-leading, competitive centre for asset management and sustainable investment, the FCA is convening the group to support industry in advising consumers on products making claims about sustainability. The FCA have appointed Daniel Godfrey as Chair and Julia Dreblow as Vice-Chair of this new group, focused on building capability in sustainable finance across the financial advice sector. We are delighted that PIMFA will provide the secretariat. The FCA will sit as an active observer of the group and has asked that it be ready to report on how the advice sector can be supported in delivering good practice in the second half of 2024. The chair will appoint the group’s
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membership from across the advice sector, including both small and larger industry participants. The working group will also engage with stakeholders outside of the group throughout its work to ensure a balanced representation of views, including those of consumers. If you have any queries on this, please contact Maja Erceg.
The 2024 Q1 PIMFA Asset Allocation Survey
CLOSES FRI 26 JAN at 5pm Complete this quarter's survey, and members can: •
Receive a complimentary, 40-page report, showing how the strategic asset allocations of your firm’s model portfolios compare to the peer average.
•
Ensure the index weight methodology for the MSCI PIMFA Private Investor and the Equity Risk Index Series’ remain relevant benchmarks for the UK wealth management sector.
Click here to submit
PIMFA is delighted to be launching our Women’s Symposium on the 16th and 17th of April this year! The inaugural annual summit is dedicated to the investment management, financial advice and wealth management communities, and will feature cutting edge thought leadership, high profile speakers, and lively discussions on a range of topics, aiming to create a safe space for professionals to network, learn and share best practice from across their professional world. The symposium is FREE to attend for PIMFA members and associate members and solely funded by our wonderful sponsors, and we encourage individuals at all stages of their career, from Chief Executives to Interns, to join us for two days of motivational talks, regulatory updates, industry panels, personal development roundtables and thought-provoking content related to our industry, and to career development.
BOOK YOUR FREE TICKETS NOW
FCA Portfolio letters: Loan-based Peer-to-Peer Lending platforms and Investmentbased crowdfunding platforms
The FCA has published supervisory letters sent to the Boards of firms in the loan-based peerto-peer (P2P) lending platforms and investment-based crowdfunding (IBCF) platforms portfolios. Key areas of focus for IBCF firms PS22/10 Strengthening our financial promotion rules for high-risk investments and firms approving financial promotions, which finalised our rules to strengthen the regime for how highrisk investments (HRIs) can be promoted PS23/11 Guidance on the trading venue perimeter, providing further clarity on when firms may be operating a multilateral system and hence require authorisation as a trading venue PS23/13 on introducing a gateway for firms who approve financial promotions Engagement Paper 5 on the Public Offer Platform Key areas of focus for P2P firms PS22/10 Strengthening our financial rules for high-risk investments and firms approving financial promotions A key feature of PS22/10 was to improve the customer journey into restricted mass market investments (which include P2P agreements) through: strengthening risk warnings banning inducements to invest introducing positive frictions including a coolingoff period improving client categorisation and appropriateness testing The publications also highlight the regulator's focus on the Consumer Duty. Firms are advised to review the letters and 'to take all necessary actions' to ensure that senior managers are delivering on regulatory requirements and expectations.
HM Treasury: Response to Resolution Liaison Panel comments on CCP Resolution Regime Code of Practice HM Treasury has published its response to concerns and questions raised by the Resolution Liaison Panel regarding the Central Counterparty (CCP) Resolution Regime Code of Practice addressing: •
the use of recovery versus resolution.
•
the use of certain powers and the impact on clearing members.
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practical steps to give effect to resolution.
•
cooperation with and effects on third countries.
•
the general drafting of the code.
FCA Financial Promotion Approval Gateway: Notification of the 6 February 2024 deadline to benefit from transitional arrangements Firms should be aware that if they approve financial promotions for unauthorised persons, they need to apply to the FCA for permission to approve financial promotions by 6 February 2024 to avoid any interruptions in their ability to do so (subject to exemptions). From 7 February 2024, all part 4A authorised firms will see the ‘What can this firm do in the UK?’ section of their Financial Services Register page change to reflect their ability to approve financial promotions. Once the new gateway comes into effect on 7 February 2024, authorised persons will only be able to approve financial promotions if: •
they have been granted specific permission by the FCA to do so;
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they benefit from the transitional regime; or
•
their approval falls within an exemption from the need for permission. In broad terms these exemptions cover approvals of firms’ own promotions, those of their group members and (to a certain extent) those of their appointed representatives.
Please see guidance at PERG 8.9.1A G, and for further details the FCA PS23/13 Introducing a gateway for firms who approve financial promotions policy statement here.
Euroclear Virtual Roadshow Euroclear have been working hard to further improve resilience and commence the transformation of the CREST system onto a new modern platform. This will enable them to continue to support firms as the UK financial market evolves. To bring clients up to date with these topics and upcoming changes that will impact the UK securities market, Euroclear have held a series of roadshows around the country. Kicking off 2024, they are now hosting their first virtual roadshow on Tuesday 30 January at 14:00. During this session, they will be focusing on the future development of CREST and their resilience work. If you were unable to attend the in-person roadshow, don't miss this opportunity to join this c. 45 minute virtual session, including live Q&A. To register for the roadshow, please click here.
PIMFA Regulatory Forum The next Regulatory Forum will take place online on Tuesday 23rd January from 3pm to 4pm. The agenda items include updates on: •
FCA CP23/24 Capital deduction for redress
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HMT/FCA DP23/5 Advice Guidance Boundary Review
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ICMA/IRSG Voluntary code of conduct for ESG ratings and data products providers
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UK-Switzerland agreement on mutual recognition in financial services (The Berne Financial Services Agreement)
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PTRA/BoE CP26/23 - Operational resilience: Critical third parties to the UK financial services sector
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FOS 2024/25 Plans and budget consultation
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 Regulatory Forum and are not currently on our distribution list, please email Heidi Bryant.
Accelerated Settlement Challenges Roundtable: 'The Impact on retail investors of T+1', 31 Jan, 12.15 - 14.45 The Accelerated Settlement Taskforce is now looking at a two-phase approach to implementing T+1, with phase 1 establishing market standards and ensuring that everything that needs to happen on Trade Date can do so; phase 2 would be the actual transition to T+1. We are grateful to Gary Wright and his colleagues at ISITC Europe who have agreed to facilitate a roundtable which will explore T+1 from a wealth management / retail investor perspective, and to Euroclear, who have kindly agreed to host the session at their 33 Cannon Street offices (London EC4M 6SB) and a sandwich lunch will be provided. If you would like to attend the roundtable, please complete the registration form on the ISITC Europe website: Please book early - attendance will be on a 'first come, first served' basis and if you have any questions, please contact Kevin Sloane.
PRESS RELEASES
PRESS COVERAGE
PIMFA’s Under 40 Leadership
Money Marketing: FCA creates
Committee report reveals need for
sustainable finance working group for
advice industry to focus on the future
advisers
PIMFA welcomes FCA proposals for
Citywire New Model Adviser: FCA
Sustainability Disclosure
kicks off advice ESG project with
Requirements
Dreblow and Godfrey appointed
PIMFA welcomes the Financial
FT Adviser: Simpler charges and less
Conduct Authority’s proposals for
jargon: how IFAs comply with
improving financial advice to
consumer duty
consumers
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