View this email in your browser
PIMFA WEEKLY NEWS BULLETIN | 28 August 2020 Welcome to your Weekly PIMFA Bulletin Grab a coffee and take 10 minutes to read this week's highlights and key issues affecting you and your firm
WE ARE IN THIS TOGETHER Dear Nigel,
We hope you and your loved ones are safe and well during this difficult time. In addition to the latest industry news, Bulletin contains information on the impact of the virus and other key issues PIMFA are working on for our members. We remain committed to representing our members and providing as much useful information as possible during this difficult time and if there is anything we can help you with, please contact us at enquiries@pimfa.co.uk.
Best wishes The Team at PIMFA
COVID-19 & What's happening in PIMFA
Brexit negotiations
EU no deal planning
The German government, which currently
The European Commission has prepared
holds the rotating EU Presidency, has
its contingency legislation to prevent a
taken Brexit off the agenda of a meeting of
cliff-edge scenario in case there is no
EU27 Ambassadors next week because
agreement on the future UK – EU
there has not been enough progress in the
relationship by the end of the transition
negotiations. This decision is significant
period. The Commission informed
because it shows that pessimism among
governments in Member States about how
the EU officials is deepening and they
to prepare for the end of the transition
increasingly believe that the UK is
period, regardless of whether there is a
prepared to leave the EU at the end of the
deal. Next week, in his virtual tour of EU
transition period without a deal.
capitals, the EU’s Chief Negotiator Michel Barnier will discuss the readiness of
German Chancellor Angela Merkel, who is
Member States for the end of the
often perceived as a potential Brexit
transition period.
dealmaker, discussed the negotiations with French President Emmanuel Macron
While some Member States want to move
last week. Germany and France have
forward with contingency planning, doing
realigned on many issues, including on
so could be seen as a sign that the EU
Brexit, and many now believe that neither
has lost faith in the negotiations. The
will come to the rescue of Brexit talks. The
Commission will hold off until the Special
UK – EU negotiations resume on 7
European Council summit on 24/25
September.
September, assuming that the next round of negotiations in the week of September 7 does not yield any progress.
Recruiting from the EU Equivalence process
In order to sponsor skilled workers from
There are concerns that the EU
the European Economic Area after the
equivalence decisions will not be settled
end of the Brexit transition, UK firms must
for some parts of the UK financial services
get a licence from the Home Office. As of
by the end of the year, despite the
June 2020, the number of UK firms with a
expectation to have regulatory
Tier 2 sponsor licence was up by just 3%
equivalence recognition in place in
compared to last year and reached 29,300
September. The EU said in its July
licence holders.
preparedness guidelines that “in a number of areas, the Commission has not initiated
The Home Office takes on average 28
an assessment, either because
days to review an application so
equivalence decisions have already been
businesses who depend on EEA nationals
granted or because, for instance, the EU
are advised not to leave it until December
legal framework is not yet fully in place.
to start the process. With regard to the latter areas, the Homes England: Short Survey
Commission will not adopt an equivalence decision in the short or medium term.” The UK – EU cooperation in financial services
The Help to Buy team at Homes England
is in the interest of both sides but there
are looking for Mortgage Advisers to
are some concerns that in the current
complete a 10-minute survey so they can
political climate UK investment firms could
understand your experience of the Help to
end up having to rely on individual deals
Buy: Equity Loan application process.
between the UK and national supervisors in Member States. This would be an
A new Help to Buy: Equity Loan scheme
undesirable outcome resulting in
will be available from 1 April 2021. At the
fragmentation, higher costs and loss of
end of the survey you will have the
market efficiency across the EU.
opportunity to sign up to receive further information on the new scheme. The closing date for the survey is Friday 18th September.
Complete the survey here.
25% OFF ALL HARRIMAN BOOKS - FOR PIMFA MEMBERS ONLY
In partnership with Harriman House, PIMFA is delighted to offer members an
PIMFA Website: COVID-19 Information
exclusive 25% discount on high quality books from over 300+ titles in print, eBook and audio form.
Visit our members only COVID-19 web area for the latest information on the
To order, please click here.
virus, to access webinar recordings, download briefing notes, and view the
PIMFA Podcasts
latest global response tracker.
Click here if you have forgotten your
Don't forget to access the latest freely
password or to create a user account.
available PIMFA podcasts on topics such as Open Finance, Wellbeing, Operational
The public COVID-19 page can be
Resilience, SM&CR etc, all in our
accessed here.
online learning library.
Sustainable Finance
Sustainable finance remains high on the EU agenda. The European Commission’s sustainable finance strategy, expected in the late autumn, will go beyond the financial sector and include biodiversity, social policies and corporate governance. The Commission wants to bring the tools developed for the private sector into the public domain and make sure that all the investments going into the economic recovery, irrespective of whether they have a green objective or not, do no harm to the environment. The sustainable finance strategy is likely to include an EU database that will help investors access information on the green credentials of companies.
Also considered is a so called “green supporting factor,” which would lower capital requirements to encourage banks to lend to environmentally friendly companies or projects. There are also signs that the Commission will start work on a brown taxonomy or a significant harm taxonomy as having a classification scheme for polluting activities is increasingly seen us a useful tool.
UK trade negotiations
International Trade Secretary Liz Truss has launched 11 new trade advisory groups (TAGs) this week, as part of a major new business engagement drive designed to support the UK’s ambitious trade negotiations. The Department for International Trade is stepping up its engagement with key industries across the UK. As trade talks with Japan, the US,
Australia and New Zealand continue, new trade advisory groups will help inform the Government’s negotiating position and deliver key industry asks, including securing new market access.
The groups will meet at least 3 times a year, or as required by developments in the free trade negotiations process. The TAGs cover key sectors vital to the prosperity of the British economy including agri-food, automotive, aerospace and marine, manufactured and consumer goods, investment, transport services, professional advisory services, financial services, telecoms and technology, chemicals, life sciences and creative industries. Members have been selected on the basis that they are able to provide the relevant understanding, insight and expertise necessary.
LATEST PIMFA BLOGS & PRESS RELEASES
•
PIMFA welcomes Work and Pensions Select Committee investigation into pension scams and wider inquiry into pension freedoms
•
PIMFA welcomes Government consultation into greater regulatory oversight of financial promotions
•
PIMFA supports TheCityUK report on recapitalising businesses post-Covid19
•
PIMFA welcomes appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority
•
PIMFA welcomes proposed permanent FCA marketing ban for mini-bonds
•
Blog: ESG and Covid 19
EVENTS & LEARNING
PIMFA Training CASS CLIENT MONEY: What you should know in 2020.
Identify weaknesses in your firms' client asset systems to prevent causing serious financial detriment to customers and counterparties. The aim of this online course is to support you to: •
Stay up to date and compliant with current CASS rules
•
Recognise the FCA’s concerns regarding Client Assets
•
Clarify your firm’s responsibilities when handling client money and safe custody assets
•
Design effective controls and governance to reduce the possibility of regulatory and reputational damage
•
Create and maintain robust oversight arrangements of client assets
•
And more...
For more info and to book your place, please click here.
PIMFA Webinar THE POWER OF POISE, HOW TO DEVELOP CORE CONFIDENCE
The Imposter Syndrome is now recognised as a common experience amongst professionals. Even though their skills and talents are recognised by others, they can struggle to see the value that they bring and fear being found out as a fraud.
Join Caroline Holt, the UK’s go-to expert on the Imposter Syndrome, on the 8th of September 2020 from 12.00 to 13.00 for an exploration of confidence – what it is and what it isn’t. For more info and to book your place, please click here. PIMFA Event VIRTUAL ASSOCIATE MEMBERS UPDATE
We will explore topics such as regulation, operations, Brexit, financial crime, ESG and others and provide an opportunity to discuss with PIMFA staff specific issues important to the membership. This event also showcases our ongoing events and publications programme providing examples of how Associates can engage with Members and maximise the value they receive from their membership.
This event is FREE for PIMFA Associate Members. For more info and to book your place, please click here.
The PIMFA ESG Academy, which starts on 15th September 2020, is a self-paced online programme that is definitely NOT your traditional online class! As you learn at your own pace and in your own time, you will have access to an evergreen library of ESG content that you can engage and interact with on your tablet, computer and mobile – all free for PIMFA members! The PIMFA ESG Academy, supported by Morningstar, is our response to the growing demands by advisers for an immersive, engaging, CPD-approved learning experience that supports them in making the most of the growing ESG opportunity by having more effective ESG conversations with their clients.
Please click here to find out more.
PIMFA are delighted to be partnering with WLTH 2020. The event takes place entirely online on 15-16 September.
As a PIMFA member, we are delighted to be able to offer you a FREE ticket to the event. You can book your place here.
PIMFA IN THE PRESS
City AM: Share and share alike: electronically? Professional Adviser: Anthony Rafferty; Keeping your clients' information secure FT Adviser: FCA wants evidence of 'informed decisions' in DB advice FT Adviser: The FCA wants advisers to be more resilient FT Adviser: People need advice more than ever
LATEST PIMFA CONSULTATION RESPONSES
PIMFA’s latest consultation response is to HM Treasury regarding their consultation on expanding the Dormant Assets scheme
Read this and all of our other PIMFA consultation papers here.
WHAT'S HAPPENING IN OUR INDUSTRY
FCA and TPR team up with legendary football commentator Clive Tyldesley
A total of £30,857,329 has been reportedly lost to pension scammers since 2017 according to complaints filed with Action Fraud, says the FCA and The Pensions Regulator. Scammers targeted pension pots big and small, with reported losses ranging from under £1,000 to as much as £500,000 and the average victim being a man in his 50s.
But the true number of victims is likely to be much higher as savers fail to spot the signs of a scam and don’t know how much is in their pots. New research shows that’s particularly true for football fans approaching retirement, with just 43% knowing how much is in their pot and nearly half (45%) not knowing how to check if an approach about their pension is legitimate. The full press release is available here.
www.pimfa.co.uk Personal Investment Management & Financial Advice Association (PIMFA) 22 City Road, Finsbury Square, London EC1Y 2AJ (registered in England No 2991400) Unsubscribe | Manage Profile | Terms and Conditions
This email was sent to NigelRS@pimfa.co.uk why did I get this?
unsubscribe from this list
update subscription preferences
PIMFA · 22 City Road · Finsbury Square · London, EC1Y 2AJ · United Kingdom