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PIMFA WEEKLY NEWS BULLETIN | 25 April 2022 Dear Nigel,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.
FCA publishes its policy statement on diversity and inclusion on listed company boards and executive committees
On the 20th April, the FCA published PS22/3, aiming to improve transparency on the diversity of company boards and their executive management and to drive further progress in this area.
The new Listing Rules require listed companies to include a statement in their annual financial report setting out whether they have met specific board diversity targets. The reporting requirements are also being expanded to cover the diversity policies of key board committees. The FCA will not be setting ‘quotas’ for companies to meet as the listing rule diversity targets are not mandatory. It will however provide a positive benchmark for issuers to report against by setting targets on a ‘comply or explain’ basis for the representation of women and people from a minority ethnic background. The targets are:
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At least 40% of the board are women.
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At least one of the senior board positions (Chair, Chief Executive Officer (CEO), Senior Independent Director (SID) or Chief Financial Officer (CFO)) is a woman.
•
At least one member of the board is from a minority ethnic background (which is defined by reference to categories recommended by the Office for National Statistics (ONS)) excluding those listed, by the ONS, as coming from a White ethnic background).
In-scope companies will also have to publish numerical data on the sex or gender identity and ethnic diversity of their board, senior board positions (Chair, CEO, SID and CFO) and executive management in a table. There is flexibility in the format of the prescribed table for reporting on sex or gender identity, in order for companies to reflect their approach to data collection. The new Listing Rules apply to UK and overseas issuers with equity shares, or certificates representing equity shares, admitted to the premium or standard segment of the FCA’s Official List, excluding open-ended investment companies and ‘shell companies’ but including closed-ended investment funds and sovereign controlled companies.
The corporate governance rules apply to certain UK issuers with securities admitted to UK regulated markets and, through the Listing Rules, to certain overseas listed companies subject to existing exemptions for small and medium companies.
The new rules will apply to in-scope companies for financial accounting periods starting from April 1, 2022. The FCA will review the rules in three years’ time to assess their impact and consider whether to revise the nature or level of the targets. You can read the Policy Statement in full here.
PIMFA Private Investor Indices Survey
The next PIMFA Private Investor Indices Survey closes at 5pm on 27th April. Please click here to complete the survey.
PIMFA's Latest Consultation Responses
Our latest Consultation Responses include PIMFA's response to: •
The FCA's Quarterly Consultation No 35 – CP 22/4
•
The FCA Compensation Framework Review
•
FCA’s Call for Evidence on Improving the Appointed Representatives Regime
Read these and all other PIMFA consultation papers here.
Latest PIMFA Press Releases
Latest PIMFA Press Coverage
PIMFA’s Financial Crime Conference to
New Model Adviser: Podcast: British Steel
be first in-person conference since Covid
redress scheme could fuel DB transfer
pandemic
claim frenzy
PIMFA’s Diversity & Inclusion Awards
Lexology: How HR in financial services
return for second year and open for new
can contribute to ESG goals
entries BBC: Grieving families face extra fees and National Audit Office report sets out how
paperwork, says consumer group
British Steel Pension members were failed in stark detail
FT Adviser: Marlene Outrim: ‘A lot of what the FCA is doing is with a broad brush’
PIMFA Events
PIMFA EVENT: FINANCIAL CRIME CONFERENCE 18 May 2022 As the financial crime landscape evolves with new techniques and technologies, the growing threat to firms and their clients is undeniable.
This conferences gives attendees access to industry leading insights and debates from professionals across the regulatory, law enforcement, innovators and providers in the Financial Crime space, to help firms better understand and combat these threats.
To find out more and register, please click here
PIMFA DIVERSITY & INCLUSION AWARDS ENTRIES ARE OPEN The Awards are FREE to enter and open to all firms and stakeholders in the sector you do not have to be a PIMFA member to enter.
Click here to find out more and enter
View Upcoming PIMFA Events & Learning here
PIMFA Learning
PIMFA Authentic Leadership for Women Programme Cohort 4 | 6 Month Programme | Begins 11 May The Authentic Leadership programme is PIMFA’s response to supporting women who face a unique set of challenges when progressing into senior leadership positions. Our research shows that women aiming to rise to leadership positions in wealth and finance still have to overcome a set of challenges, including the Imposter Syndrome, unconscious bias in the workplace, a peer group that shrinks as they assume more senior roles, and a struggle to find female role models even in the most progressive firms.
To find out more and register your interest, please click here.
PIMFA WEBINAR HOW TO TURN AN INCUMBENT WEALTH MANAGER INTO A DIGITAL LEADER 2022 17 May | 11-Midday Join next gen digital wealth tech providers Kidbrooke and investment provider Skandia (founded in 1855) as they go through their experience of turning a traditional, face-to-face wealth manager into an omni-channel, lean, and digitally empowered market leader. In this FREE 60-minute webinar, we discuss how Wealth Management firms can: •
Managing risks and overcome common challenges linked to updating an incumbent wealth business
•
Follow a simple blueprint to achieve their digital ambitions and demonstrate significant improvements in customer engagement
•
Learn how the clever application of financial analytics can help you shape frictionless, pedagogical, and visual customer experiences To find out more and register, please click here.
Partner Events
18th ANNUAL AML & FINANCIAL CRIME SEMINAR 27 - 28 April Join us at the seminar hosted by Herbert Smith Freehills, providing essential updates from the Home Office, FCA, HMRC, OFSI, FCDO, JMLSG, Companies House, CPS, Met Police and leading cross-industry experts!
The full programme and speaker faculty can be viewed here. Please click here to register and use code 'PIMFA' to get a 10% discount.
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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.
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