Featured: PIMFA sets out policy agenda for the next Parliament and beyond 22 July 2024
WEEKLY BULLETIN
PRESS RELEASES ABOUT PIMFA CONSUMER DUTY WEALTHTECH
PIMFA sets out policy agenda for the next Parliament and beyond
Last week PIMFA set out its policy agenda for the next Parliament and beyond. PIMFA’s paper ‘Creating a UK Culture of Thriving Financial Health’ builds on the policy priorities previously set out by this government and identifies ways in which our industry can help and, in some instances needs support.
This agenda identifies 3 areas of focus it believes government and regulators should look at.
To create a thriving culture of financial health, we believe that government and regulators should focus on:
• Giving consumers the tools and incentives to save and invest for their financial futures
• Maintaining and growing the UK as a destination of choice for investors and investment
• Providing regulatory and legislative clarity for firms to invest and grow
Over the course of the next 5 years we will be working with government and regulators to develop these positions further. Should you have any queries or views more generally, please contact Simon Harrington
PIMFA Shortlisted for three industry awards
PIMFA are proud to announce that we have been shortlisted for three awards at the Association Excellence Awards in the following categories:
• Best Awareness Campaign or Advancement of a Cause - for our work on Diversity, Equity & Inclusion, including the D&I Awards, the Women’s Symposium, the Authentic Leadership Programme and the Make it campaign
• Best New Event by an Association – for the Women’s Symposium
• Association Leadership Award (up to 2000 members) – highlighting the great leadership of our CEO, Liz Field
We look forward to finding out the results in November and best of luck to all the other finalists.
New PIMFA Guest Blog: ETF industry divided on biggest challenges facing primary market servicing
The European ETF space is divided on the biggest challenges facing primary market processes amid concerns asset servicers will be unable to adapt to the growing market.
In this blog Tom Eckett, Editor for ETF Stream, discusses how automation is critical to service growth in the European ETF ecosystem.
Find the blog here
New PIMFA Guest Blog: The professional indemnity market for financial advisers in the UK: A decade of change and the path ahead
The professional indemnity insurance (PII) landscape for financial advisers in the UK has experienced significant shifts from 2014 to the present.
Here, Onyx Insurance’s Director of Business Development Richard McGrath gives an overview of the past, current, and future state of this critical market, shedding light on the challenges and opportunities that have emerged, including the impact of increased Financial Ombudsman Service (FOS) limits.
The blog is available here
Financial Conduct Authority PS 24-7: Implementing the Overseas Funds Regime: Feedback to CP23/26 and final rules
The Financial Conduct Authority (FCA) has published Policy Statement 24-7, setting out the final rules and guidance to implement the Overseas Funds Regime (OFR), as well as the FCA’s response to the feedback received to Consultation Paper CP23/26.
• The new Handbook rules and guidance to support the implementation of the OFR will come into force on 31 July 2024 and the FCA have also updated their authorised and recognised funds page
Read the full policy statement here
Financial Conduct Authority Review: The treatment of politically exposed persons
The Financial Conduct Authority (FCA) has published findings of their multi firm review on the treatment of politically exposed persons (PEPs) for anti money-laundering purposes.
• The review found most firms had designed systems and controls to implement the guidance but also noted issues, such as firms failing to provide a clear rationale for their risk rating.
• The FCA’s expectation is for all firms to refer to the review’s findings, including the good practices noted and ensure their policies, procedures and controls are in line with the guidance.
Members can access the review findings here
Financial Conduct Authority: GC 24-4 consultation on proposed changes to FG 17-6 Guidance
Following their review of the treatment of politically exposed persons (PEPs), the Financial Conduct Authority (FCA) have issued a consultation on proposed clarifications to FG17-6, for example, to reflect the new legal starting point that UK PEPs should be treated as lower risk and to provide greater flexibility around who can approve or sign off PEP relationships within firms.
Following the consultation the FCA will publish a new version of the guidance.
Access the FCA’s proposed amendments here
The consultation closes on 18 October 2024 and PIMFA will be submitting a response. Any firms who would like to share their views or comments are asked to contact Yasmin Ataullah or Alexandra Roberts
FCA Webinar: Consumer Duty - Questions to the FCA
The FCA are livestreaming an event on 31 July 2024 that will focus on the impact of Consumer Duty, examples of good practice and areas for improvement, and the regulator’s priorities for the year ahead.
PIMFA will be attending and we would like to ask members for any questions that you would like us to put to the FCA at that session. Firms are also invited to join the event online and can register here.
Members are asked to share any questions for the FCA with PIMFA's Senior Policy Adviser, Yasmin Ataullah by close of business 26 July.
Digitisation of Capital Markets (the preparedness and implications of T+1 settlement)
An ISITC Europe T+1 Forum Event in association with the CISI, PIMFA, IA and Fintech NI.
Date: Tuesday, 17 September 2024 Time: 16:00 – 18:00
Location: Ulster Business School Centre for Financial and Regulatory Technology, Ulster University, Belfast Campus, York Street, Block BC, Room BC-09-101
At this special event, kindly hosted by the Ulster Business School's Centre for Financial and Regulatory Technology, the ISITC Research team, led by Gary Wright, along with industry guests, will explore lessons learned from the North American move to T+1 in May 2024, and discuss the challenges created, and efficiencies that can be achieved, through accelerating the settlement cycle.
The panel will also be discussing the future of financial markets and the risks and opportunities arising from the move to digitalisation and tokenisation.
To sign up for this in person event, please click here
PRESS RELEASES
PIMFA calls on next Government to create a more attractive
PIMFA welcomes significant reduction in FSCS levy
Fintech Know Your Funds ties with Propelle for Best in Show...
PRESS COVERAGE
FT Adviser: King's Speech 2024: 'surprise' pension schemes bill unveiled
Finextra: PIMFA sets out five-year plan for govt to boost UK financial health...
Investment Week: Talking points for H2: How can the investment sector respond to period of transformation?
PIMFA LEARNING AND EVENTS
19 September 2024
Live Event | 10:00 - 17:00
£250 - £600
PIMFA COMPLIANCE CONFERENCE
This long-standing event is a must for compliance professionals in the wealth management and financial advice world – join us to hear from leading industry experts on the key issues impacting you, your firm and your clients.
There will also be ample opportunity for lively and practical discussions questions and networking.
Here's a sneak peek of the themes we will spotlight this year:
• ESG Measures
• DE&I Regulation
• Prudential Updates
• CASS
• Consumer Duty
• Vulnerability
• AI Progression
• Crypto & Digital Assets
• Operational Resilience & Critical Third Parties
08 October 2024
Live Online Learning | 10:00 - 12:30
£2500 - £3000
PIMFA TRANSACTION REPORTING ACADEMY
Accurate and complete MiFIR transaction reporting is a legal obligation. Yet many financial firms, even those with significant resources dedicated to this complex requirement, are falling short of regulatory expectations. Quality assurance testing by regulatory specialists Kaizen Reporting has found that only 13% of MiFID II transactions are reported accurately. The consequences of incorrect reporting are serious, and include regulatory scrutiny and sanctions, as well as the significant cost and resource involved in remediating incorrect reports.
The PIMFA Transaction Reporting Academy is an innovative, practical and results-focused learning experience that augments your core reporting skills while deepening your knowledge in key areas of the MiFIR transaction reporting requirements.
Find out more and view the schedule here.
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