View in browser Featured: Autumn Statement Webinar, FCA AI Feedback Statement, Bristol Regional & Consumer Duty
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PIMFA WEEKLY NEWS BULLETIN 30 October 2023
PIMFA Webinar on The Autumn Statement (Member only) What are the implications for retail investors and a future general election? The Chancellor has announced that the 2023 Autumn Statement will occur on Wednesday 22 November 2023 as an update on the Government’s plans for the economy. This Statement is of particular interest based on a possible general election being called in 2024. Join Iona Martin, Head of Private Banking Tax, KPMG, and David Ostojitch, Director of Government Relations and Policy, PIMFA, for an update on what the Autumn Statement includes and what it means for the wealth management and advice industry.
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Bank of England / FCA Feedback Statement 2/23: Artificial Intelligence & Machine Learning
Readers may recall that, in October 2022, the UK supervisory authorities published a discussion paper (DP5/22) 'Artificial Intelligence and Machine Learning' to explore how AI might affect their objectives for the prudential and conduct supervision of financial firms.
PIMFA's response to DP5/22 appears on our website here.
The supervisory authorities have now produced a feedback statement (FS2/23), which seeks to acknowledge the responses to DP5/22, identify themes and provide an overall summary. It does not include any new policy proposals, or give any indication as to how the regulations could be changed to take account of the impact of AI / ML. FS2/23 appears here. From recent discussions it is clear that many PIMFA members are interested in Artificial Intelligence, and in AI developments which could help to enhance operational efficiency and reduce cost and risk within their firms. PIMFA has formed an AI Working Group, which will be looking at developments in this interesting and exciting area. If you are from a member firm and would be interested in joining this group, please contact Kevin Sloane.
Following March’s successful Roadshow, the PIMFA team are heading back to Bristol for another Regional on 14th December. This free event will provide attendees with the opportunity to hear rom subject matter experts on relevant industry topics (earn up to 3 hours Of CPD) and network.
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FCA Consumer Duty Webinar The FCA will be hosting a Consumer Duty webinar on 6 December 2023 to help firms understand their expectations now the Duty is in force and will focus on:
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Supervision and enforcement approach
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Sector specific areas of focus
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Examples of good practice
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Next steps for firms Q&As
You can sign up for the webinar here.
Edinburgh Reforms Update HM Treasury has published a letter responding to a request from the Chair of the Treasury Committee for an update on the delivery of the Edinburgh reforms. The letter sets out a full breakdown of the steps taken. This included:
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Publishing near final legislation to reform the UK’s prospectus regime on 11 July 2023, delivering the recommendations as made in Lord Hill’s UK Listing Review.
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Accepting all of the recommendations made to government by the independent Investment Research Review.
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Publishing a draft Statutory Instrument to deliver a regulatory framework for a UK consolidated tape by the end of 2023.
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Bringing forward legislation in December 2022 and March 2023 to implement reforms recommended in the Wholesale Markets Review.
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On 7 February 2023, launching a consultation on a UK retail central bank digital currency alongside the Bank of England.
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Launching the updated Green Finance Strategy on 30 March 2023.
You can read the letter in full here.
The Economic Crime and Corporate Transparency Act The Economic Crime and Corporate Transparency Bill received the Royal Assent on the 26th October. It introduces additional powers which will allow UK authorities to proactively target organised criminals. These include the following:
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Enhanced powers to Companies House to verify the identities of company directors, remove fraudulent organisations from the company register and share information with criminal investigation agencies
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·Greater powers to law enforcement agencies to seize, freeze and recover crypto-assets
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·Strengthened anti-money laundering powers, enabling better information sharing
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·Reforms to corporate criminal liability and the creation of the new offence of failure to prevent fraud – this will hold large organisations criminally liable if they benefit from a fraud that is committed by a member of staff
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Update to the identification doctrine to ensure businesses are held liable for the actions of their senior managers
You can read the government’s factsheet here.
The Global Green Finance Index 12 The 12th edition of the Global Green Finance Index (GGFI 12) was published on 26 October 2023. GGFI 12 evaluates green finance offerings from 94 major financial centres around the world. London retained its first position in the index, with New York retaining second place. Geneva took third place, with Zurich and Singapore moving into the top 10, replacing Amsterdam and San Francisco. Western European centres take six of the top 10 places, with US centres taking three. Singapore enters the top 10 - the only Asia/Pacific centre in this leading group.
New PIMFA blog: A deeper dive into SDR and Investment Labels Following the publication earlier this year of two reports by PIMFA and Alpha FMC on our membership’s ESG sentiment, PIMFA created a webinar - SDR & Investment Labels: How Can Firms Prepare For Upcoming ESG Regulation? - and has now published a supporting blog taking a deeper dive into the issues of Client Preferences & Reporting, Investments and Data and SDR & Upcoming Regulation.
Read the blog here.
FCA Review of rules extending SME access to the Financial Ombudsman Service
The FCA have reviewed their 2019 rules for SME access to the Financial Ombudsman Service, to assess whether they should be further extended to larger SMEs.
The current thresholds provide access to the Ombudsman for more than 99% of the 5.6 million private sector businesses in the UK. Thery have decided that this level of coverage remains appropriate and that it would not be proportionate to extend access to larger SMEs.
Read the full findings from the FCA review.
Global Wealth Management Summit: Retaining trust for a global wealth industry in flux (In-Person & Digital) 8 - 9 November 2023 | Sheraton Grand, Park Lane PIMFA are pleased to be partnering with the Financial Times on this event and members are offered 20% off ticket prices.
US-China tensions and banking collapses have placed the world of wealth management under strain. Portfolio managers are seeking respite in alternative allocation strategies. However, whilst private markets are progressively accessible, adoption of digital assets poses regulatory roadblocks. Join the 6th Global Wealth Management Summit, presented by @PWM and FT Live. This flagship event convenes private banks, family offices, and wealth managers to explore effective investment strategies and evolving business models in this ever-changing wealth industry. Don't miss the chance to gain invaluable insights, network with industry leaders, and steer your wealth management strategy towards success. Secure your spot today and use the code 'PIMFA' for 20% off at here.
ISITC Europe T+1 Accelerated Settlement Challenges - Roundtable series in association with the CISI, the IA and PIMFA - kindly hosted by EY. With the US markets planning to move to T+1 for equities settlement in May 2024, and the UK Accelerated Settlement Taskforce looking at when the UK could follow suit, the ISITC Europe T+1 Forum has arranged a series of roundtables to facilitate an in-depth, cross-industry understanding of the business, technology and process challenges T+1 could bring to the UK market, and to explore potential solutions.
The roundtables are designed to increase industry knowledge and understanding of the impact of T+1 settlement, to explore potential solutions, assist with strategic planning and development, and to find a successful path to T+1 settlement implementation for everyone. The next T+1 roundtable is: Accelerated Settlement Challenges: Treasury/FX/Prefunding Date: 1 November 2023 - 12.30 (working lunch provided) hard start 12.45 - 14.15 Venue: EY, 25 Churchill Place, Canary Wharf, London, E14 5EY This will focus on treasury challenges facing the provision of foreign exchange and prefunding, which is especially challenging with the US migration to T+1, and will need to be considered for T+1 in the UK and Europe. To register to attend this roundtable, please click here and watch Bulletin for further updates.
PRESS RELEASES PIMFA continues to urge for FCA to have a role in combatting fraud PIMFA WealthTech partners with WealthOS in latest Tech Sprint on the Client Onboarding process PIMFA celebrates winners of its third Diversity & Inclusion Awards PIMFA calls for clarity on cold calling ban and public awareness campaign
PRESS COVERAGE The Daily Telegraph: MPs pension scheme abandons UK stocks FT Adviser: PIMFA calls for FCA to have a role in combating fraud MoneyAge: PIMFA continues to urge for FCA role in combatting fraud Yahoo Finance: MPs pension scheme abandons UK stocks
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PIMFA WEBINARS
23rd November
9th November
11:00 - 12:00 | Free
13:30 - 14:30 | Free
M&A in wealth management: trends, challenges and opportunities
Imposter or talented over-achiever? The Imposter Syndrome is now recognised as a
Whether your firm is preparing to acquire or ready to
commonplace work experience – especially for
sell, implementing a best practice approach to M&A
career women. It has them attributing their success
is very often what separates long-term value creation
to luck, discounting their capabilities and fearing
from value destruction.
being ex-posed as a fraud. They constantly strive for better results and are generally high achievers as a
In this FREE 60-minute webinar discussion, industry
result – although are very unlikely to recognise this.
advisors Maurice McDonald, Director at Cosegic, alongside Anthony Turner and Andy Peterkin,
However, this over-achieving can lead to burn-
Partners at the law firm Farrer & Co., specialists in
out fear of failure and being 'found out as a fraud'
sale and acquisitions, outline the strategic issues
can stop them from stepping up to opportunities that
PIMFA member firms should know to enable them to
will help them develop their skills, gain experience
realise value from transactions.
and progress their careers.
Key topics for discussion include:
During this interactive session, we will investigate
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How M&A deals are shaking up the industry
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What really support a deal’s price
•
Making a success of M&A deals
the Imposter Syndrome – what it is, how it can
impact performance and how to shift the attitudes
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that underpin it. Webinar take-aways:
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A greater recognition and appreciation of the value that you bring to a project or organisation
•
Increased motivation to reach for more
•
A powerful technique in your toolkit for building core confidence and inspiring yourself and others to step up to bigger challenges
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