10% Depreciation Rule
Following a number of member queries, PIMFA can confirm that the 10% depreciation rule, as set out in COBS16A.4.3 UK, has been repealed as of the 18th January.
The FCA has confirmed that the Handbook will be updated to reflect this in due course and the FCA statement of 22 December is still valid.
FOS award limit Increased
Firms should note that the Financial Ombudsman Service (FOS) has increased the award limit – the maximum amount a financial services firm is required to pay when upholding complaints. The new award limit will increase from £375,000 to £415,000 for acts or omissions by insurance firms on or after 1st April 2019. This represents a 20% increase over the preceding two years, and the new compensation limit will be effective from 1st April 2023.
For further information or to provide additional views, please get in touch with Simon Harrington
Joint HM Treasury and FCA statement on the Criminal Market Abuse Regime
HM Treasury and the Financial Conduct Authority (FCA) have completed a review of the criminal market abuse regime, fulfilling the commitment made in the Economic Crime Plan 2019-22.
The statement can be read here
CMA Annual Plan 2023/2024
The Competition and Markets Authority (CMA) has published its Annual Plan for 2023 to 2024.
It sets out the CMA's purpose and new strategy to help people, businesses and the UK economy by promoting competitive markets and tackling unfair behaviour and outlines the CMA's medium-term priorities for the next three years and its specific areas of focus for 2023 to 2024.
FCA DP23/2 - Improving the UK regime for asset management
Open for comment to 22 May 2023, DP23/2 outlines a range of potential proposals that could have significant impacts not only for managers of funds but also for discretionary managers of retail portfolios and for firms that trade funds and hold clients’ fund assets through their nominees.
We will be holding a meeting - at 14.30 on Tuesday 4 April - to discuss the proposals and to collect feedback from members that will be incorporated into the PIMFA response. If you would like to attend, please contact Sarah McGuffick
Latest PIMFA Press Releases
PIMFA WealthTech Advisory Council grows to 20 firms with more expected to join in the coming months
PIMFA welcomes abolition of pensions lifetime allowance
PIMFA outlines six-point plan to reform disclosure requirements in wake of PRIIPs reforms
PIMFA welcomes FCA proposals for core investment advice but warns they risk being undermined by unnecessary restrictions
PIMFA calls for Financial Conduct Authority to have greater role in protecting public from fraud
Recent PIMFA Press Coverage
FT Adviser: Fos compensation limit hike risks ‘disorderly exit’ of firms
Citywire Wealth Manager: FCA goes back to drawing board on simplified advice
Managers of Wealth: PIMFA welcomes abolition of pensions lifetime allowance
TheWealthNet: PIMFA partners with mental health charity
Today's Wills & Probate: Budget 2023: Pensions reforms and more
Actuarial Post : Chancellor announces 4 billion pound pension tax giveaway
See more of PIMFA in the press
EVENTS & LEARNING
WEBINAR: CONSUMER DUTY THROUGH A TRAINING AND COMPETENCY LENS
30 March | 10:30 - 11:30
PIMFA FINANCIAL CRIME CONFERENCE
LONDON
18 May | 10:00 - 18:00
Would your organisation be confident to hand over their Training & Competence records to the regulator? If asked, could your firm demonstrate the gap analysis and subsequent development plans for each new starter you’ve onboarded in the last few years? Would being asked to demonstrate “role relevant” training on conduct rules to staff make you start to feel a little uncomfortable?
For more information and to register, please click here
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.
For more information and to register, please click here
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