PIMFA Weekly News Bulletin - 24 April 2023

PIMFA Weekly News Bulletin

PIMFA Operations Forum

The next Operations Forum is on Wednesday 26 April between 3pm-4pm

The agenda includes:

• Charlie Pugh, Senior Business Change Manager, UK Product Management at Euroclear will be talking about CREST and their development plans;

This monthly virtual forum provides updates on operational hot topics from the PIMFA team, Euroclear and other Associates.

• PIMFA's Head of Regulatory Policy and Compliance Alex Roberts will give an update on the latest regulatory issues, including the implementation of Consumer Duty;

• Gary Wright, Director ISITC Europe has been researching the impact of a move to T+1 settlement and has been talking to some PIMFA members about their views and concerns, the work involved and their readiness for T+1. Gary will be presenting the initial research findings from that research.

If you or any of your colleagues would like to attend next week's meeting, please email Heidi Bryant

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 25th April between 3pm-4pm.

Topics will include:

• Consumer Duty Updates - Update on data frameworks

• FCA/BoE (DP1/23) and HMT CfE: Senior Managers and Certification Regime (SM&CR)

• Mobilising Green Investment – 2023 Green Finance Strategy

• HMT consultation paper on future regulatory regime for ESG ratings providers

• FCA update on SDR and investment labels consultation

• Department for Science, Innovation & Technology Policy paper 'A pro-innovation approach to AI regulation'

• HMT Investment Research Review

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 week’s or future forums, please email Heidi Bryant

Consumer Duty Disclosure Framework: FinDatEx publishes EMT V4.1

• On 11 April FinDatEx published the European MiFID Template (EMT V4.1) making the necessary changes to comply with the UK consumer duty regime for financial products and services

• The accompanying press release notes EMT V4.1 includes 10 new optional fields (required for funds being distributed in the UK) as agreed by PIMFA, in partnership with others

FOS: Wider Implications Framework report published

The Financial Ombudsman Service (FOS) has published its Wider Implications Framework annual report for 2022

The Wider Implications Framework aims to achieve better outcomes for consumers, firms and the industry as a whole, through building on existing collaborative work.

Key achievements in 2022 include:

• working together to ensure consumers who were unsuitably advised to transfer out of the British Steel Pension Scheme are aware of their rights and to make the complaints or claim journey as accessible as possible;

• sharing information on complaints about mortgage Standard Variable Rates which ensured fair and consistent complaint outcomes with redress paid if appropriate; and

• joint work to ensure that the Financial Ombudsman Service is prepared for the introduction of FCA’s Consumer Duty, including internal training sessions and engagement with external stakeholders to understand their concerns.

Maternity & Paternity Survey

In partnership with Clyde & Co, we are conducting research into the approaches across our industry to maternity and paternity benefits.

The purpose of the questionnaire is to undertake benchmarking amongst our members on parental leave and benefits.

Your expertise is required

Please take 5 minutes to complete the short survey. If you would prefer, you can also email your responses directly to Nyan San Lwin.

Please note, the survey is completely anonymous. Your information will be treated confidentially and not circulated outside of the PIMFA team and neither will any information be attributable to your company.

Join us at the Morningstar Investment Conference on 4 July 2023

The discounted early-bird price to attend is £19 if you book before 31 May. You can find out more and register your place here

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EVENTS & LEARNING

26 April | 14:00 - 15:00

A CANDID CONVERSATION - THE CHALLENGES FACING WOMEN AS THEY PROGRESS THEIR CAREERS IN WEALTH AND FINANCIAL ADVICE

Join Caroline Holt, leader of PIMFA’s Authentic Leadership programme for women, Sarah WulffCochrane, Principal at UK Finance and Jayne Newton, Head of Policyholder Tax for Royal London

18 May | 10:00 - 18:00

PIMFA FINANCIAL CRIME CONFERENCE

LONDON

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.

PIMFA Webinar

PIMFA Event

on Wednesday, 26th April 2023, from 2.00 pm to 3.00 pm for a candid conversation to explore the unique set of challenges facing women as they progress their careers within the wealth and financial advice sector.

The Conference will be taking place in-person in London and will also be live-streamed. In-person tickets are limited and early booking is recommended.

Please note that responses to this email address are not monitored. If you wish to get in contact, please email info@pimfa.co.uk

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