PIMFA Weekly News Bulletin - 31 January 2022

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PIMFA WEEKLY NEWS BULLETIN | 31 January 2022 Dear Nigel,

Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.

PIMFA UNDER 40 FORUM SURVEY

PIMFA have again brought together some of the brightest upcoming talent from within our industry to participate in our Under 40 Forum to investigate ideas for broadening the appeal of our industry, fostering a culture of savings and investment, and tackling financial exclusion.

The Forum are conducting primary research to support their analysis, and your help in gathering as much data would be invaluable.

To complete the 5-minute survey, please click here.

Compensation Framework Review

Following extensive lobbying from PIMFA, the FCA have published a discussion paper on potential changes to the Compensation Framework.

We are committed to continuing to shape the dialogue around this issue and, as a result, are inviting interested parties to participate in our response to the Review. We will be hosting a roundtable with FCA colleagues in March but would like to work through issues arising from the review more closely with firms.

Should you have interest in participating, please contact Simon Harrington.

PIMFA & Accenture Survey

PIMFA, in collaboration with Accenture, are currently conducting a short survey on what Wealth Management firms are doing to meet current challenges and opportunities and how they intend to future proof and secure their franchises.

This survey forms an integral part of our research to provide a view of the key impacts on the industry post pandemic and reflect on how firms are evolving.

We expect the Survey to take you no longer than 20 -30 minutes to complete.

To complete the survey, please click here.

Responses are due by 4 February.

Latest PIMFA Press Releases

PIMFA delighted to welcome Redmayne Bentley’s Nick Bettison to its Board

Latest PIMFA Press Coverage

Managers of Wealth Europe: PIMFA boosts board

MyRegData becomes latest PIMFA Plus Partner

The WealthNet: FCA reporting tool becomes PIMFA Plus Partner

PIMFA welcomes FCA’s move to strengthen financial promotions rules to

Reuters: Britain to curb marketing of

protect consumers

crypto investments

PIMFA welcomes extension of 10%

Managers of Wealth: PIMFA welcomes

depreciation notification rule flexibility but

FCA’s move to strengthen financial

calls for longer term reform

promotions rules to protect consumers

PIMFA's Latest Consultation Responses

PIMFA’s latest Consultation Response is to the FCA DP 21/4 on Sustainability Disclosure Requirements (SDR) and investment labels

Read this and all other PIMFA consultation papers here.

PIMFA Events & Learning

Following on from the HUGE success of the PIMFA Virtual Fest series in 2021, PIMFA is proud to announce the Virtual Fest is back for 2022, this time taking place over 2 weeks.

Registration is open now, please click here to confirm your place.

Unlike previous years (where the conference took place over 2 days), the Virtual Fest 2022

will be taking place over 2 weeks, with exclusive and limited content released each day and available on demand throughout so that you can enjoy at a time which suits you best.

The Virtual Fest 2022 is a great opportunity for attendees to gain valuable insights, hear from industry experts, earn CPD hours and make connections with fellow colleagues.

View Upcoming PIMFA Events & Learning here

London and the UK’s competitive strengths in a critical time

New figures published on 27 January 2022 by the City of London Corporation, show that London continues to hold the top spot globally for financial and professional services in terms of overall offer. The research is the second annual study looking at 95 different metrics, adding new areas, including green finance activity, across all asset classes compared to the previous year.

London received an overall competitiveness score of 61, followed by New York (58) and Singapore (53), Frankfurt (45), Hong Kong (39) and Tokyo (36). For the first time, the research includes Paris, with a competitiveness score of 41.

Key areas where London and the UK excel on the global stage include: the UK’s international financial reach continues to be unmatched; UK financial services exports increased and the UK’s trade surplus remains higher than in all other global financial centres; London is Europe’s capital for tech and innovation, home to more than a quarter of Europe’s unicorns; London increased its share of headquarters of Fortune Global 500 firms by more than a third; London and the UK remain Europe’s leading destination for investment in financial services and remain the world’s leading foreign exchange trading centre.

The report also identifies areas to improve the UK’s competitiveness as a financial centre, including workforce and wider population skill levels which, in the west, trail those in the east. Singapore, Hong Kong and Japan scored best in this category, with the UK in the bottom half of results although ahead of Germany, France and the US.

Withdrawal from the EU, the end of freedom of movement and the introduction of a new

immigration system have damaged perceptions of the UK as an attractive business environment for international talent in recent years. Broadband speeds in the UK are increasing, but remain the slowest of all global financial centres, so investment is needed in London and the UK’s transport infrastructure, which is crucial to build a more competitive business environment and achieve net zero.

COP26 President warns Glasgow Climate Pact will remain words on a page unless countries deliver on their promises

Speaking at Chatham House on 24 January, COP26 President Alok Sharma urged countries to deliver on the commitments made in the Glasgow Climate Pact.

In his first major speech since COP26, Sharma reflected on the commitments secured at COP26. He set out his agenda to turn ambition into action for the rest of the UK’s Presidency this year, outlining that, whilst the summit has concluded, the world must maintain the urgency and the energy to honour the promises made as we approach COP27 in Sharm-El Sheikh in November.

The UK’s priorities to deliver on the Glasgow Climate Pact during its COP Presidency year include ensuring promises on emissions reductions are kept to keep 1.5 C degrees alive, delivering for climate- vulnerable countries by ensuring commitments on adaptation and loss and damage are honoured, get finance flowing - the UK, through the COP Presidency, will help ensure countries, international financial institutions and private financial institutions deliver on the commitments they have made to meet the $100bn goal, working together and continuing to be an inclusive Presidency - pushing for further action across critical sectors and turning promises into clear delivery plans through established forums and international councils.

The UK will work hand-in-hand with the COP27 President Egypt, COP28 President UAE, international partners, business, youth and civil society, to deliver priorities and keep climate at the top of the international agenda.

Find Out More About PIMFA ...

Bulletin is just one of the many insights and publications PIMFA produces on the latest industry news and issues - most of which are accessible to PIMFA members only.

CONTACT US If you have a query on becoming a PIMFA member, the work we undertake, or any of the articles in this Bulletin, please contact us.

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