PIMFA Weekly News Bulletin - 3 October 2022

PIMFA

PRESS RELEASES ABOUT PIMFA D&I AWARDS WEALTHTECH

PIMFA Webinar: Consumer Duty is here: What's next?

4 October 2022 | 10:00 11:00

The new Consumer Duty is looming with boards being required to approve their firm’s implementation plans by the end of October 2022. However, with proper planning, ensuring compliance with the new higher standards doesn’t need to be all consuming to you or your firm.

Through this FREE, must attend 90 minute webinar, our panel of regulatory experts and lawyers will unpick for you the key elements of the FCA’s final rules, exploring the practical steps required to understand, analyse, implement and test compliance with Consumer Duty across your firm.

For more information and to register, please click here

FCA backs PIMFA call on Simplified Advice

The FCA has given its support to PIMFA’s call for a Simplified Advice regime. In two speeches the Regulator made clear it would work with PIMFA on how to best create a Simplified Advice model.

At the Future of UK Financial Services Regulation Summit on Tuesday (27 September) Sarah Pritchard, FCA's Executive Director committed the Regulator to transforming advice and guidance rules to support the development of a Simplified Advice regime.

The following day ( 28th September) Therese Chambers, FCA's Director of Consumer Investments, told delegates at the PIMFA Compliance Conference that the Regulator was committed to pursuing the concept of a Simplified Advice mode.

The announcement follows PIMFA’s call for the creation of just such a Simplified Advice model in its policy paper, Up the Ladder published in July.

FCA gives more guidance on Consumer Duty

The FCA is organising a series of Consumer Duty related webinars in October and November that will consider the impact of the Duty across the sector, the FCA's expectations for firms, and key milestones for implementation.

For example firms will be required to support their clients if they begin to struggle financially said Sheldon Mills (Executive Director, Consumers and Competition at the FCA) in a speech on FCA’s expectations for the Consumer Duty at the Consumer Protection in Financial Services Summit last week.

Members are encouraged to join the consumer investments, pensions, and asset management webinar on 18th October.

The FCA has also published a new firm page on the Consumer Duty, containing all relevant publications, key milestones, and information on the latest events.

You can sign up to the webinars and to email alerts so you can stay up to date on all correspondence from the FCA in relation to Consumer Duty.

For a comprehensive list of scheduled webinars and registration, please visit the FCA's website.

Economic Crime and Corporate Transparency Bill published

On 22 September 2022, the House of Commons published the Economic Crime and Corporate Transparency Bill. The Bill is effectively the second part of a legislative package to prevent the abuse of UK corporate structures and tackle economic crime.

It follows on from the Economic Crime (Transparency and Enforcement) Act 2022, which received Royal Assent on 15 March 2022. The Bill aims to increase the powers of Companies House and improve transparency.

PIMFA Press

PIMFA adds more content to its Consumer Duty microsite

PIMFA and our associate members have released various additional helpful resources on our microsite this week including;

• PIMFA Consumer Duty Implementation Plan Template

• Clyde & Co Preparing for the new Consumer Duty What role does HR play?

• Howden FCA Consumer Duty new regulations what do the final rule changes mean?

Sarah Wulff-Cochrane joins PIMFA from UK Finance on secondment

Sarah Wulff-Cochrane has joined PIMFA on secondment from UK Finance for the next three months in place of Tim Fassam, as interim Director of Government Relations and Policy.

Members are encouraged to get in touch if they would be interested in having any bilateral discussions with her at sarahw@pimfa.co.uk

PIMFA delighted to welcome Courtney Havers’ Ray Tuffield to its Board

Fiscal Statement reaction from Liz Field, Chief Executive of PIMFA: “Inflation remains key problem facing households and the economy.”

PIMFA welcomes extension of the

director warns

Money Marketing: Liz Field:

The WealthNet: PIMFA adds

consumer redress scheme

Consumer Duty implementation timeline

PIMFA announces shortlist for second Diversity & Inclusion Awards

PIMFA updates Future of Supervision paper and calls for more improvements from the FCA

Read more press releases here

CapaData: CA Summit 2022: New advice regime could be on the cards

Financial Planning Today: PIMFA helps members get ready for FCA Consumer Duty

The New York Daily Paper: Fears over public servants who quit their gold plated pensions

See more of PIMFA in the press

advice to transfer out of the British Steel Pension Scheme

PIMFA calls for FCA to be given power to direct Ofcom to remove fraudulent content in Online Safety Bill

PIMFA’s response to the FCA Compensation Framework Review

Read them all here

THE PIMFA ESG ACADEMY FOR WEALTH MANAGERS

Get the ESG knowledge and confidence you need to take advantage of the rising demand for sustainable investment products, and keep pace with the rapidly changing ESG landscape. Click here to find out more

EVENTS & LEARNING

PIMFA LIVE ONLINE TRAINING: OUTSOURCING, THIRD-PARTY RISK AND RESILIENCE HOW WEALTH MANAGEMENT FIRMS CAN MINIMISE RISK 26 October 2022 | 09:00 12:30

Change is happening. Governments are legislating for mandatory climate disclosures, new rules and regulations are constantly being announced while impacts on firms are still being evaluated.

The Conference 2022 aims to provide attendees with the latest information firms will require to ensure they are ready for what is coming and the opportunities these changes will create for their clients and the sector.

Super Early Bird tickets available now!

For more information and to register, please click here

In this live, interactive, online training session provides Wealth Managers with both a checklist and framework they can use to minimise risk much more effectively, even with a complex network of third party relationships.

For more information and to register, please click here

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