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PIMFA WEEKLY NEWS BULLETIN | 22 November 2021 Dear Nigel,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.
Urgent Scam Warning - Person Impersonating PIMFA Staff
We have been made aware of an individual contacting our members pretending to be associated with PIMFA and claiming their name is Annette Dore.
This person is not affiliated with PIMFA in any way. Please do not give them any information and let us know if you are contacted by emailing info@pimfa.co.uk.
PIMFA Operations Forum - date change
Due to our Operational Resilience event with PwC on Thursday 25th, we are now changing the date of the Operations Forum, delivered via Zoom, to Tuesday 30th November 3p.m. We do apologise for any inconvenience caused.
We have a new way to access the information and RSVP. Please click on this link to RSVP and download the meeting to your diary. The Agenda and papers will be added in due course. As always, your feedback is welcomed.
HM Treasury: Future Regulatory Framework Review
Following its October 2020 consultation, HM Treasury has now published a second consultation setting out government proposals aimed at maintaining "a coherent, agile and internationally-respected approach to financial services regulation that is right for the UK". Building on the existing FSMA model of regulation, the paper puts forward a range of measures that seek to enhance the flexibility, transparency and accountability of the regulatory framework. These include changing the regulators' statutory objectives to require a greater focus on growth and competitiveness; empowering the regulators to make "direct regulatory requirements" that apply to firms in relation to matters that are currently governed by on-shored EU legislation; establishing new statutory mechanisms to strengthen HM Treasury's engagement with/oversight of the regulators; strengthening the statutory panels so that they provide earlier input into regulatory policymaking, and creating a new statutory panel to review and make recommendations on the regulators' cost-benefit analysis processes. PIMFA will be responding to the consultation which is open for comment to 9 February 2022. We will provide a fuller outline of the proposals in due course as well as identifying the areas where input from members would be particularly helpful.
PIMFA MSCI Index Series – New asset allocations effective from 01.12.2021
The PIMFA Indices Committee have made changes to the portfolio weights of the MSCI PIMFA Index Series’. Changes below will be effective from Wednesday 1st December.
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MSCI PIMFA Private Investor Index Series
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MSCI PIMFA Equity Risk Index Series
For further details please contact us at indices@pimfa.co.uk
Latest PIMFA Press Releases
FCA pledges to work with PIMFA & the industry to stabilise, and eventually reduce, the FSCS levy at PIMFA’s Leadership Summit PIMFA welcomes lower Financial Services Compensation Scheme levy forecast PIMFA delighted to welcome Geoff Towers to board as non-executive director
Latest PIMFA Press Coverage
Investment Week: FCA joins forces with PIMFA to ease FSCS levy 'burden' on firms
Yorkshire Post: New health campaign aims to fight work-related stress
FT Adviser: Clarity needed on FCA’s consumer duty proposals
PIMFA delighted to announce winners in first Diversity & Inclusion Awards Citywire Wealth Manager: FCA promises to FCA must focus attention on
bring down ballooning FSCS levy
transformation programme following departure of Chair Charles Randell
ESG Clarity: How are ESG, sustainability and impact investing different?
Professional Paraplanner: FCA makes pledge to stabilise FSCS levy
PIMFA's Latest Consultation Responses
PIMFA’s latest Consultation Response is to the FCA CP 21/28 on the New Cancellation and Variation Power; Changes to the Handbook and Enforcement Guide. Read this and all other PIMFA consultation papers here.
COP26 Roundup
COP26 conclusions After extending the COP26 climate negotiations an extra day, 200 countries meeting in Glasgow adopted on 13 November 2021 an outcome document that, according to the UN Secretary-General, “reflects the interests, the contradictions, and the state of political will in the world today”.
The outcome document, known as the Glasgow Climate Pact, calls on 197 countries to report their progress towards more climate ambition next year at COP27, which will be held in Egypt. The outcome also firms up the global agreement to accelerate action on climate this decade. However, COP26 President Alok Sharma struggled to hold back tears following the announcement of a last-minute change to the pact, by China and India, softening language circulated in an earlier draft about “the phase-out of unabated coal power and of inefficient subsidies for fossil fuels”. As adopted on the last day of the conference, that language was revised to “phase down” coal use. It was disappointing for many that the stronger language did not make it into the final agreement.
Through various decisions, resolutions and statements agreed at COP26, governments around the world were asked to provide tighter deadlines for updating their plans to reduce emissions. The conclusions emphasize the need to mobilize climate finance “from all sources to reach the level needed to achieve the goals of the Paris Agreement, including significantly increasing support for developing countries, beyond $100 billion per year. Overall, the Glasgow Climate Pact, was a balanced outcome given the differences among countries at this moment in time.
Other key COP26 achievements Beyond the political negotiations and the Leaders’ Summit, COP26 brought together about 50,000 participants online and in-person to share innovative ideas, solutions, attend cultural events and build partnerships and coalitions. The conference heard many encouraging announcements. One of the biggest was that leaders from over 120 countries, representing about 90% of the world’s forests, pledged to halt and reverse deforestation by 2030, the date by which the Sustainable Development Goals (SDGs) to curb poverty and secure the planet’s future are supposed to have been achieved.
There was also a methane pledge, led by the US and the EU, by which more than 100 countries agreed to cut emissions of this greenhouse gas by 2030. More than 40 countries agreed to shift away from coal, one of the biggest generators CO2 emissions. The private sector also showed strong engagement with nearly 500 global financial services firms agreeing to align $130 trillion – some 40 per cent of the world’s financial assets – with the goals set out in the Paris Agreement, including limiting global warming to 1.5 degrees Celsius. Also, the US and China pledged to boost climate cooperation over the next decade. In a joint declaration they said they had agreed to take steps on a range of issues, including methane emissions, transition to clean energy and decarbonization. They also reiterated their commitment to keep the 1.5C goal alive. COP26 – a sustainable event The COP26 UN Climate Summit has received international recognition for delivering a sustainable event. This included demonstrating the positive impacts of the summit on local communities and leaving a positive legacy. COP26 has attained the ISO20121 certificate, an international standard, which sets out the requirements to establish, maintain and continually improve an event sustainability management system. This requires event organisers to demonstrate consideration to all key financial, economic, social and environmental factors related to planning and operations. Large ‘in-person’ events can put a strain on local resources such as water and energy, and create significant waste, or tensions related to culture or proximity with neighbouring communities. COP26 was able to illustrate, using the ISO20121 framework, its commitment to sustainability and that the event was managed in a sustainable way.
EVENTS & LEARNING
Operational Resilience for Firms
25 November | Click here to register
This half-day PIMFA Virtual event with PwC on Operational Resilience will offer insights on key topics including: •
Executive and Board engagement on operational resilience (and the self-assessment)
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Operational resilience meets financial resilience: how ICARA fits with the operational resilience
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Managing your third parties
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Testing your resilience: the importance of robust scenario testing
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Level of sophistication” how much is enough? Click here to register
View other upcoming PIMFA Events and Learning here.
New: Cyber Emergency Button
PIMFA & Mitigo have launched the first Cyber Emergency Hotline, available at the click of a button on the PIMFA Homepage.
If you are experiencing a cyber issue, you can access this at any time and PIMFA PLUS Partner - Mitigo will provide a rapid response, containment and investigation service, and can assist you with reporting obligations to regulators and clients.
As a PIMFA member, you are entitled to a discounted rate to use Mitigo's cyber services. To find out more about this service, please click here.
EU publishes The IPSF’s Common Ground Taxonomy
The EU has published a guiding Common Ground Taxonomy (CGT) on COP26, part of the EU’s global sustainable finance efforts as part of the International Platform on Sustainable Finance (IPSF).
The report was produced by the IPSF Taxonomy Working Group, co-chaired by Marcel Haag for the European Commission and Dr Ma Jun for the People’s Bank of China. It was written by the IPSF Technical Expert Group with inputs by IPSF members and observers. The CGT report results from an in-depth comparison exercise that puts forward areas of commonality between the EU and China’s taxonomies. This first publication covers the initial phase of work which will be expanded over time.
Find Out More About PIMFA ...
Bulletin is just one of the many insights and publications PIMFA produces on the latest industry news and issues - most of which are accessible to PIMFA members only.
CONTACT US If you have a query on becoming a PIMFA member, the work we undertake, or any of the articles in this Bulletin, please contact us.
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