Featured: PIMFA joins cross trade body industry group to publish guidance on SDR ConsumerFacing Disclosure 28 May 2024 View in browser
PIMFA WEEKLY BULLETIN
PRESS RELEASES ABOUT PIMFA CONSUMER DUTY WEALTHTECH
PIMFA joins cross trade body industry group to publish guidance on SDR Consumer-Facing Disclosure
In line with FCA recommendations, a cross-trade industry body including PIMFA, The Investment Association, AIC, UKSIF, TISA, the ABI and Eversheds have come together to develop a proposed framework and associated guidance for firms adding consumer-facing disclosures to their sustainable investment products.
The guidance and frameworks cover both products with an SDR label and those unlabelled products using sustainability related terms in naming and/or marketing. Whilst the guidance and frameworks are not mandatory, they aim to encourage more consistent disclosure between firms, improve product comparability for retail investors and, in turn, allow consumers to make more informed choices when it comes to sustainable investment.
Read the full member-only report.
Want to know more about Sanctions and Asset Freezing? Check out the PIMFA Financial Crime Microsite for useful resources and downloadable guides.
New PIMFA Guest Blog: The Data-Driven Wealth Manager: AI’s Insights into Client Retention
Love it or loathe it, Artificial Intelligence is here to stay. In this new Guest Blog, Morningstar’s Josh McAlpine discusses how important it is to understand AI’s potential in identifying and reducing customer churn.
Read the blog.
Financial Conduct Authority speech: UK asset management
The Chair of the Financial Conduct Authority (FCA), Ashley Alder, has given a speech relating to the FCA's regulatory agenda for the asset management sector.
Mr Alder addressed issues such as the Smarter Regulatory Framework (SRF), private finance, non-bank financial intermediation (NBFI), retail investments, sustainability disclosure requirements and innovation.
Read the full speech here.
Financial Ombudsman Service consultation: Charges for professional representatives
The Financial Ombudsman Service (FOS) has published a consultation on its proposal to charge claims management companies (CMCs) and other professional representatives up to £250 to lodge a case, reduced to £75 if the case outcome is in favour of the consumer.
The proposals will still enable consumers to bring cases directly free of charge, however, the new fees would be applied to cases brought by professional representatives.
The deadline for responses is 4 July 2024 Access the consultation here
Financial Conduct Authority speech: Market reforms
The Financial Conduct Authority (FCA) has published a speech by Sarah Pritchard (Executive Director, Markets and Executive Director, International).
The speech notes:
• Confidence in the market is essential, underpinned by a clear regulatory regime
• The FCA’s commitment to ensuring that regulation supports the UK’s position in global wholesale markets as well as facilitating the UK’s economic growth and international competitiveness
• That the FCA’s outcomes based approach will continue to support innovation, helping UK markets remain efficient
• To provide certainty and encourage the safe adoption of AI, the FCA will also consider digital infrastructure, resilience, consumer safety and data
• Industry views and engagement on the reform agenda are welcomed to help support the continuation of effective and efficient capital markets
Access the full speech here
PRESS RELEASES
PIMFA welcomes significant reduction in FSCS levy
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...
Culture in financial services still needs to improve to better serve
PRESS COVERAGE
Financial Times: Advisers worry as social media investment scams
The Times: All change at the top of private bank Hampden & Co
The Scotsman: Change of chief at top Scottish bank after more than
FT Adviser: 'FCA should publish rules broken rather than...
FT Adviser: Advisers see contribution to FSCS levy slashed
PIMFA LEARNING AND EVENTS
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24 June 2024
Live Online Learning | 11:00 - 12:00
PIMFA WEBINAR: AVOIDING A CULTURE OF COMPLACENCY
Culture lies at the heart of strengthening your approach to Consumer Duty, Financial Crime, DEI and Vulnerable customers. Yet, despite the frequent reminders from the FCA, wealth management firms still need to work on demonstrating to the regulator how they can positively shift the culture needle.
In this FRE 60-minute webinar, our experts unpack:
1. Why Culture remains central to the FCA’s supervisory model
2. How to reset and refocus your approach to Culture to meet heightened FCA expectations
3. How leading firms cut through the complexity to stay ahead of emerging Culture and Conduct risks
Presented by: David Sims, Partner, DAC Beachcroft LLP and Angela Hayes, Partner, DAC Beachcroft LLP.
10 October 2024 Live Event | 18:30 - 23:59
D&I AWARDS: ENTRIES CLOSE JUNE 14
Do you know an individual in a senior position who has made a sustained contribution to Diversity and Inclusion in the sector? Would you like their contributions recognised?
Click here to find out the full criteria and get started on your entry today!
The Awards are not only FREE to enter, but they are also open to all firms and stakeholders within the sector - you do not have to be a PIMFA member to enter.
If you have a story to tell about the great work you or your firm have been doing, we would love to hear all about it!
The Gala Awards night will take place on 10 October in London.
Click here to download the entry guidelines for further help and information.
FREE
FREE TO ENTER!
PIMFA
REGISTER HERE
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