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PIMFA WEEKLY NEWS BULLETIN | 31 August 2021 Dear << Test First Name >>,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest industry news impacting you and your firm.
First sponsor announced for Global Investment Summit
The UK Government has announced that Barclays has been confirmed as the first sponsor for the Global Investment Summit (GIS) taking place on 19th October. Hosted by the Prime Minister and supported by members of the Royal Family, the summit will showcase British innovation, demonstrate commitment to green industries of the future ahead of COP26, and promote UK as the best destination for foreign investment. The Office for Investment, established in January this year, has already facilitated a number of major inward investment commitments for the UK.
The Global Investment Summit will build on the success of these investments and is expected to catalyse billions of pounds of investment by attracting hundreds of the world’s leading businesses and investment names to the UK.
UK unveils post-Brexit global data plans
Post-Brexit, the UK is able to independently strike data adequacy decisions with its international partners. Data underpins innovation and the global digital economy, everyday apps and cloud computing systems. It allows businesses to trade, drives international investment, supports law enforcement agencies tackling crime, the delivery of critical public services and health and scientific research.
The government has outlined the first territories with which it will prioritise striking data adequacy partnerships as being the United States, Australia, the Republic of Korea, Singapore, the Dubai International Finance Centre and Colombia. It has also confirmed that future partnerships with India, Brazil, Kenya and Indonesia are being prioritised. These new data adequacy partnerships, which will be subject to assessments that ensure high data protection standards, will build significantly on the £80 billion of data-enabled service exports to these 10 destinations from the UK every year.
The aim is to move quickly and creatively to develop global partnerships which will make it easier for UK organisations to exchange data with important markets and fast-growing economies. These new partnerships will build on the existing 42 adequacy arrangements the UK has in place with countries around the world.
Consultation on the UK data regime to be launched
Plans to consult on the future of the UK’s data regime have also been confirmed. The aim is to make the country’s data regime even more ambitious, pro-growth and innovationfriendly, while still being underpinned by secure and trustworthy privacy standards. Digital Secretary Oliver Dowden said that, following the UK’s exit from the EU, the Government is determined to seize the opportunity by developing a world-leading data policy that will deliver a Brexit dividend for individuals and businesses across the UK.”
The government believes improved data sharing can help deliver more agile, effective and efficient public services and help make the UK a science and technology superpower. In the coming weeks, the government will launch a consultation on changes to break down
barriers to innovative and responsible uses of data so it can boost growth, especially for start-ups and small firms, speed up scientific discoveries and improve public services. The consultation is expected to include the role of the Information Commissioner’s Office (ICO) so it can be empowered to encourage the responsible use of data to achieve economic and social goals as well as preventing privacy breaches before they occur.
New Privacy Commissioner named
On 26th August 2021 the Government named New Zealand Privacy Commissioner John Edwards as its preferred candidate to be the UK’s next Information Commissioner, following a global search. As Information Commissioner and head of the UK regulator responsible for enforcing data protection law, he will be empowered to go beyond the regulator’s traditional role of focusing only on protecting data rights, with a clear mandate to take a balanced approach that promotes further innovation and economic growth. His experience overseeing an independent country’s unique data regime, also deemed ‘adequate’ to the EU’s General Data Protection Regulation (GDPR), will be vital. He will be able to help the UK achieve its aims of maintaining equivalence with the EU’s data standards, so personal data can continue to flow freely, while developing a new pro-growth approach to data law.
Latest PIMFA Press Releases
FCA Consumer Duty must be accompanied with clarity for firms and understanding of their business models
Latest PIMFA Press Coverage
IFA Magazine: PIMFA’s Liz Field explains the thinking behind their Diversity and Inclusion Awards
PIMFA welcomes FCA proposals to streamline decision making PIMFA welcomes Government moves to improve fraud reporting by replacing Action Fraud – but says action through the Online Safety Bill would be more effective
The Telegraph: Consumers demand regulation of online adverts as Covid fraudsters run riot
FT Adviser: Quilter targeted by impersonation scammer
Coalition of consumer groups, charities and industry bodies calls for inclusion of paid-for online advertising in Online Safety Bill
London News Today: Aviva demands government intervention to shut down search engines that promote financial fraud
DIT publishes new Inward Investment Report
The Department for International Trade (DIT) has published a new report highlighting the UK’s foreign investment successes over the past year. The DIT Inward Investment Report 2020 to 2021 sets out and comments on the inward investment results of the past year. It shows how the UK has positioned itself as the most attractive investment destination in Europe. The report covers core themes from the last year such as; expanding Britain’s global horizons, resilience in the face of the pandemic, how we’re levelling up across the whole of the UK, how the UK is transitioning towards net zero emissions and a green economy and the UK’s position as a science superpower.
In the last decade the Foreign Direct Investment hub (FDI) has created more than 707,000 jobs across the country, and since April 2019 projects supported by DIT have contributed more than £7 billion to the economy. Foreign investment in the UK created more than 55,000 jobs in the last financial year (20/21), with Scotland and regions like the South West and the East of England seeing the biggest job increases.
EVENTS & LEARNING
Diversity & Inclusion Awards Entries Close: 31 August | Event Date: 20 October 8 Categories 15 Judges ENTRIES CLOSE TODAY AT 5PM BST! FREE to Enter CATEGORIES •
(Firm) Inclusive Talent Management Award (small firm 1-50 employees)
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(Firm) Inclusive Talent Management Award (small/medium firm 51-200 employees)
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(Firm) Inclusive Talent Management Award (medium firm 201-500 employees)
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(Firm) Inclusive Talent Management Award (large firm 501+ employees)
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(Individual) Rising Talent Award
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(Firm) Best D&I Initiative Award
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(Firm) Best Approach to Wellbeing Award
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(Individual) The Overall D&I Champion Award
Have you or your firm been involved in a diversity & inclusion initiative that you are particularly proud of? Would you like to highlight this work and gain recognition for you and your colleagues? If so, we encourage you to enter one or more of the 8 categories available at the PIMFA D&I Awards.
Find out more and start your entry
View upcoming PIMFA Events and Learning here.
UPDATE: FCA Covid-19 Impact Survey
On 12 August 2021, the FCA sent an e-mail informing firms of their plans to issue a Covid19 Impact Survey to firms in Tranche 2 for a fifth time.
They have since identified a discrepancy with the survey links (issued between 23-25 August 2021). These links have now been disabled and firms who have yet to submit their survey should have received a new survey e-mail with an updated link by 27 August.
The small proportion of firms who have already submitted their survey can expect to receive communication from the FCA during the week commencing 30 August regarding next steps.
Note: All deadlines will be extended accordingly to ensure all firms in Tranche 2 have at least 4 working weeks to complete and submit their survey.
PIMFA's Consultation Responses
PIMFA’s latest Consultation Response is to the FCA's CP21/13: a new Consumer Duty. Read this and all other PIMFA consultation papers here.
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