Featured: PIMFA WealthTech: Finding from our latest ESG and Sustainable Finance Tech Sprint 24 June 2024
PIMFA WEEKLY BULLETIN
PRESS RELEASES ABOUT PIMFA CONSUMER DUTY WEALTHTECH
PIMFA WealthTech: Finding from our latest ESG and Sustainable Finance Tech Sprint
PIMFA WealthTech, with strategic partner Morningstar, have recently conducted a tech sprint to investigate how new technologies and solutions make a difference to ESG and Sustainable Finance reporting, verification and disclosure.
Six FinTech’s were selected to participate in the tech sprint, during which they presented their solutions and how those solutions addressed the problem statement to an evaluation panel consisting of members of PIMFA WealthTech and its Advisory Council and Morningstar. Each participant was also provided a wide range of ESG-related data from Morningstar to incorporate into their demonstrations.
Read more about the tech sprint and its findings in our latest factsheet.
Input still needed for the PIMFA Benchmark Survey, in partnership with NextWealth
PIMFA, in partnership with NextWealth and the Chartered Institute for Securities & Investment, has launched its Financial Advice Business Benchmarks report. The Financial Advice Business Benchmarks report is an annual market research report which can help firms benchmark their own proposition and stature. The report provides measurement on benchmarking areas such as client growth, advice tech, advice charges and trends.
Last year’s report can be accessed here
Firms can access the survey for input into this year’s report here
Whilst we appreciate that feeding into this survey takes some time, this can be completed over multiple sittings and represents an excellent opportunity for firms to both feed into a broader
picture of industry which we use as part of our ongoing advocacy efforts, as well as provide a firm with a picture of where they are relative to the rest of the market.
Please contact Simon Harrington should you have further queries.
Interaction with SRA regulated CMCs
We are still seeking feedback from firms on their interaction with SRA regulated CMCs. We are aware of specific challenges some firms have been having with CMCs which sit under the SRA’s regulatory umbrella and continue to feedback to them on poor practice, in particular whilst we await the implementation of their proposals: Protecting consumers from excessive charges in financial service claims.
Could firms who have had experience of SRA regulated CMCs please contact Simon Harrington with any experiences they wish to share.
The Q3 2024 PIMFA Asset Allocation Survey IS OPEN
Complete this quarter's survey(s), and you 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 methodologies for the MSCI PIMFA Private Investor and Equity Risk Index Series’ remain relevant benchmarks for the UK wealth management sector.
Registered firms, simply click here to login and submit your firms quarterly strategic asset allocations using our new and improved dashboard.
We value and encourage participation from our member firms, email indices@pimfa.co.uk now for more information/sign-up.
PIMFA Financial Crime Microsite
Want to know more about Sanctions and Asset Freezing? Need information on sanctions lists? For helpful guides and useful resources, check out the PIMFA Financial Crime Microsite
Check out the Microsite
PIMFA Operations Forum
The next Operations Forum will take place online on Thursday 27 June 2024 from 15:0016:00.
The agenda includes:
• Euroclear update – latest news from Euroclear and CREST – Glenn Cooper & Charlie Pugh, UK Product Management, Euroclear
• Sustainability Disclosure Requirements (SRD) update – David Ostojitsch, Director of Government Relations & Policy, PIMFA
• Public policy – political briefings – David Ostojitsch, 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
The next Operations Forum will be held on Tuesday 30 July 15:00 – 16:00.
The PIMFA Forums are open to representatives from all PIMFA Member 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
New PIMFA Guest Blog: BlackRock swap vs Amundi prime: A tale of two low-cost world ETFs
It’s now two decades since iShares launched Europe’s first world ETF. Now, parent company BlackRock, is going head-to-head with the continent’s second-largest asset manager, Amundi, to vie for the crown of cheapest global equity ETF.
Here, ETF Stream’s Jamie Gordon compares simple and technical routes to low costs of ownership.
Read the blog here
New PIMFA Guest Blog: The Emergence of Chief AI Officers
Artificial Intelligence (AI) is a rapidly evolving landscape. As organisations strive to harness the benefits of AI while managing its potential risks, Tim Ryan, a Partner with DAC Beachcroft, discusses in this publication how the role of Chief AI Officers (CAIOs) is becoming increasingly necessary.
Read the blog here
Update on the FCA’s review of treatment of politically exposed persons
The FCA have been carrying out a review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms.
The findings were expected to be published in line with the end of June deadline set in the Financial Services and Markets Act 2023.
However, in light of the announcement of the general election, the findings will now be published in July once Parliament has returned.
You can read the FCA’s announcement here.
PRESS RELEASES
PIMFA calls on next Government to create a more attractive
PIMFA welcomes significant reduction in FSCS levy
PRESS COVERAGE
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Fintech Know Your Funds ties with Propelle for Best in Show
PIMFA joins financial services trade bodies in calling for Chancellor...
PIMFA raises serious concerns about FCA’s enforcement...
Fin Tech Global: PIMFA advocates for delay in SDR rules...
Funds Europe: PIMFA calls for delay to implementation of SDR rules...
Portfolio Adviser: We’ve seen great strides in embedding DEI...
PIMFA LEARNING AND EVENTS
19 September 2024
Live Event | 10:00 - 17:00
£250 - £600
PIMFA COMPLIANCE CONFERENCE
We are excited to announce the return of the PIMFA Compliance Conference 2024, the annual one-day event for compliance and risk
Accurate and complete MiFIR transaction reporting is a legal obligation. Yet many financial READ MORE READ MORE
08 October 2024
Live Online Learning | 10:00 - 12:30
£2500 - £3000
PIMFA TRANSACTION REPORTING ACADEMY
professionals in wealth and investment management.
We are finalising this year's agenda, focusing on the key issues and hot topics for compliance professionals. Here's a sneak peek of the themes we plan to spotlight this year:
• ESG Measures
• DE&I Regulation
• Prudential Updates
• CASS
• Consumer Duty
• Vulnerability
• AI Progression
• Crypto & Digital Assets
• Operational Resilience & Critical Third Parties
Find out more and take advantage of our Early-Bird discounted tickets - available until 12 July 2024.
REGISTER HERE
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 (TRA) is an innovative, practical and resultsfocused 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.
REGISTER HERE
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