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PIMFA WEEKLY NEWS BULLETIN | 31 July 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. Due to the virus, PIMFA is continuing to work remotely, and we remain committed to representing our members and providing as much useful information as possible.
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. 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: UK – EU FTA negotiations
Brexit: EU preparedness for No Deal
The UK and EU have conducted negotiations throughout this month but
The President of the European Council
have failed to meet the target of agreeing
Charles Michel said that the EU is well
an outline of a deal by the end of it. The
prepared for a no deal scenario at the end
informal talks continued between the two
of the UK – EU negotiations. The EU
sides in London this week. EU
budget deal agreed last week includes the
Commissioner for Trade Phil Hogan has
€5 billion Brexit Adjustment Fund Reserve
said that “the EU has been waiting for the
aimed at helping EU governments and
last three months for the UK to come to
businesses that will be hit hardest in case
the table in terms of meaningful
the two sides fail to reach agreement.
negotiations” and that “it is only in the last couple of weeks that the UK side has
EU officials believe that the positive
started to engage”.
reactions of financial markets to the EU budget deal have bolstered EU27
In response, a UK government
economies and have given confidence to
spokesperson said “the UK has engaged
the negotiating team. As a result, it seems
constructively on all issues throughout the
that the EU is determined to stick to their
negotiations”, adding that “it is because of
core demands, particularly regarding the
the EU’s unusual approach that progress
so-called level playing field and fisheries.
has been achieved only at the speed of the most difficult issues. Both sides will need to work energetically if we are going to get an agreement in September."
Brexit: Timetable for UK – EU FTA negotiations
EU Chief Negotiator Michel Barnier has presented to the European Parliament’s
UK Coordination Group a draft timetable Brexit: UK – New Zealand Trade Agreement talks
for the UK – EU negotiations. According to this timeline, the final text of the future deal must be agreed by early October. EU
The UK and New Zealand held the first
leaders would politically endorse the
round of negotiations on a future free
agreement at their European Council
trade agreement between 3 and 24 July.
meeting on 15 – 16 October.
The two sides are aligned in many areas and the talks have been progressing well.
The draft text then has to undergo legal
The negotiations reflect the shared
revision and translation before the
ambition to secure a deal which will boost
European Commission proposes
the two like-minded economies. Both
ratification of the deal by all EU
countries emphasised a desire to be
governments. The European Council
particularly ambitious in areas including
would authorise the signing of the
enhancing digital trade, boosting cross-
agreement in mid – November and the
border trade in services and investment,
deal would be formally signed by the two
reducing uncertainty and burdens on
sides at the end of November. The
exporters from customs procedures, and
European Parliament would approve the
promoting good regulatory practices. The
deal in December and the European
next statement on the progress of talks is
Council would approve the conclusion of
expected after the second round of
the deal on behalf of the EU. The UK
negotiations, which is due to take place in
procedures for the conclusion and
October.
ratification of the agreement would also take place in December. PIMFA Website: COVID-19 Information
PIMFA Podcasts
Visit our members only COVID-19 web
Don't forget to access the latest freely
area for the latest information on the
available PIMFA podcasts on topics such
virus, to access webinar recordings,
as Wellbeing, Operational & Cyber
download briefing notes, and view the
Resilience, SM&CR etc, all in our
latest global response tracker.
online learning library.
Click here if you have forgotten your password or to create a user account.
The public COVID-19 page can be accessed here.
PIMFA joins Fraud Watch Group
PIMFA has recently joined the Fraud Advisory Panel’s Fraud Watch Group, and spoke at their meeting on 23 July. This group gathers people from different sectors including government, law enforcement, financial services, telecommunications, retail and travel and shares fraud trends, as well as anti-fraud good practices and resources.
The Fraud Advisory Panel has produced a fraud watch summary, which contains a brief description of fraud trends identified across sectors as well as some useful resources. The summary is prepared every two weeks and we will be sharing it with you where it contains items and updates that are relevant to our industry.
You can access the summary here.
London still top investment destination
A poll, conducted by FTI Consulting for the City of London Corporation, has shown that London’s overall attractiveness as a top investment destination has remained undiminished as 99% said they are still keen to invest in the city and 79% are currently actively doing so. This was the first major poll of global investors since the Covid 19 outbreak, taking place between 5 –10 July, engaging with 506 leading investors with $1 trillion assets under management.
London also scored highly in terms of global connectivity, attractiveness as a hub for business and environmental, social and governance (ESG) issues. With regards to the ability to instil confidence in employees to return to work after the pandemic, which
registered at 85%, London compared favourably with other financial centres. 72% of investors also supported the development of a robust pandemic recurrence prevention plan.
EU Capital markets recovery package
On 24 July the European Commission unveiled changes to the EU financial markets rules in the Capital Markets Recovery Package, to make it easier for companies to turn to capital markets for financing. The “quick fix” package gives professional investors relief from administration requirements, rolls back the rules limiting how market research into small companies can be sold, creates a shorter prospectus for already-listed companies looking to raise funds and removes obstacles to securitization, where assets are packaged together for sale to multiple investors.
The new rules put London in an unusual position of having tougher capital market regulations than the EU. UK officials have said they will wait until the end of 2020, when the EU package of measures will take its final shape, before deciding whether to mirror it.
LATEST PIMFA BLOGS & PRESS RELEASES
•
PIMFA welcomes Work and Pensions Select Committee investigation into pension scams and wider inquiry into pension freedoms
•
PIMFA welcomes Governement 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
VIRTUAL FEST
The inaugural PIMFA Virtual Fest took place on 3 and 4 June 2020. If you missed it, you can still catch up with all the sessions using our on-demand service until 4 August. Simply register your place to gain access. The content is FREE to members, (paid for tickets are also available for non-members). Catch up with sessions from 30+ high profile experts such as Mark Carney, Megan Butler, John Glen and Baroness Morgan of Cotes (Nicky Morgan) on topical areas which you have identified to us as key priorities for the profession. ALL SESSIONS ARE AVAILABLE ON-DEMAND. BOOK NOW
WEBINAR WEDNESDAY: What is Open Finance and how could it work in practice? In the last Webinar Wednesday before the summer break, PIMFA Senior Policy Advisers Giulia Lupato and Mike Cahill will provide an introduction to what the introduction of Open Finance could mean for the wealth management and financial advice community. What will be discussed: •
The concept of open finance
•
The opportunities and risks posed by Open Finance
•
The work the Financial Conduct Authority has done in respect of Open Finance so far.
Booking will be open on Monday.
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
FT Adviser: Closing the racial wealth gap Your Money: MPs to launch investigation into pension scams Portfolio Adviser: MPs to scrutinise scams in first stage of pension freedoms inquiry FT Adviser: What great service looks like Financial Planning Today: Editor’s Column: Festival loss will leave some adrift Money Marketing: Is it time for a Guild of Financial Planners?
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
New FCA guidance on vulnerable consumers
The FCA has set out new best practice guidance for firms to do more to protect vulnerable consumers. More than 24 million people display one or more potential characteristics of vulnerability – which include physical and mental health issues, recent life events such as bereavement, capability and financial resilience. Over a million people received debt advice last year and the FCA says firms should do more to ensure that vulnerable consumers are receiving positive outcomes.
The full guidance can be read here.
FCA's enhanced Financial Services (FS) Register
The FCA has launched its updated Financial Services Register, including a simpler design and clearer language.
The Register – which had more than 7 million unique users in the past year – is a vital service for anyone that wants to see firms and approved individuals that are involved with regulated activities. It can help consumers avoid scams and enables firms to cross-check references and make their key staff known to customers.
The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users.
FCA: Updated statement on firms handling complaints during coronavirus
The FCA has updated its statement clarifying how firms should handle complaints during the Covid-19 crisis. They first published this statement on 1 May and committed to updating it in three months. In light of the ongoing pandemic they have re-published the statement with some additions and revisions and intend to review this statement again by the end of October 2020.
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