Autumn Budget 2024
The Chancellor has delivered her Budget which has introduced substantive changes to the Capital Gains Tax (CGT) and Inheritance Tax Regime (IHT). In short, this Budget:
• Increases the rate of CGT for lower rate and higher rate taxpayers to 18% and 24% respectively. Thresholds remain intact.
• Increases the rate of Business Asset Disposal Relief and Investors Relief, rising to 14% from 6 April 2025 and 18% at 6 April 2026.
• CGT rates currently applied to carried interest increase to 32% from April 2025.
• The frozen IHT threshold has been extended to April 2030.
• However, the unspent pension pots will now be in scope for Inheritance Tax as of April 2027.
• For Agricultural Property Relief, the 100% rate of relief will continue for the first £1m and 50% thereafter.
• For Business Property Relief, the rate of relief will be reduced to 50% in all circumstances for unlisted shares.
The government has also introduced a number of changes to the taxation of non-domiciled individuals, removed the exclusion from the Overseas Transfer Charge for transfers to QROPS schemes as well as increased the stamp duty surcharge on second home and investment properties to 5%.
We would welcome feedback from firms on experiences with dealing with changes to the IHT regime as it applies to pensions in particular, please contact Simon Harrington
Customer Vulnerability
Last week PIMFA welcomed over 600 professionals to a dedicated event on Customer Vulnerability run with support from the Financial Conduct Authority (FCA) and hosted by Associate Member RSM where we also launched our guide for firms.
Read the press release here.
NEW FREE RESOURCES
Event Summary of key points from the discussions
Live recordings from each session on the day (agenda below)
• Welcome Remarks: Paul Geddes, CEO, Evelyn Partners
• Keynote Speech: Graeme Reynolds, Director, Consumers & Competition, FCA
• An Introduction to the Guidance: Alexandra Roberts, Head of Regulatory Policy & Compliance, PIMFA
• Panel Discussion: A view from the top - the importance of getting it right: Liz Field, Chief Executive, PIMFA (chair), Stuart Dodson, Managing Director, The Openwork Partnership; Sarah Owen-Jones, Chief Risk Officer, Rathbones & Richard Flynn, Managing Director, Charles Schwab
• Panel Discussion: Practitioners perspectives on compliance and implementation: Zoe Morton, Director, RSM (chair); Tracy Coghill, Client Experience Manager, City Asset Management; Trisha Horncastle, Compliance Technical Manager, Abrdn & David Mulholland, Regional Business Development Director – North, Brooks Macdonald
• Closing Remarks: Liz Field, Chief Executive, PIMFA DOWNLOAD THE GUIDE
The Autumn Budget: An industry and PIMFA Perspective
On the 7th November from 10:00 to 11:30, the PIMFA Tax Group will be taking an in-depth look at the recent budget, with a particular focus on personal tax and its implications for the wealth, advice, and broader financial services sector.
We are delighted to welcome PIMFA Associate Member Jamie Richards, Director, Family Office & Private Client Technology & Innovation Lead, KPMG, as an expert speaker and for host for the interactive Q&A session for members.
If you are a PIMFA member and wish to attend this virtual meeting, please email PIMFA's Senior Policy Adviser, Maria Fritzsche and a Microsoft Teams invitation will be sent.
PIMFA responds to the Review of FCA requirements following the introduction of the Consumer Duty
PIMFA has issued its response to the recent FCA call for input on FCA requirements following the introduction of the Consumer Duty.
We are supportive of the regulator’s plans. A road map of simplification allowing firms the flexibility to engage with their customers in a way that suits them could result in improved consumer outcomes.
This activity needs to be carefully thought through to manage workloads for firms and to avoid unintended consequences. We hope that this call for input is the start of a period of on-going engagement.
You can find the full response here
New PIMFA Guest Blog: Protecting the workforce: preparing for the new duty on employers to prevent sexual harassment
As part of a continued concerted effort to protect the rights of individuals and improve culture in the workplace, a new Worker Protection Act, effective 26 October 2024, requires employers to “take reasonable steps” to prevent sexual harassment in the workplace.
Here Laura Skaanild, Senior Vice President Global Professional & Financial Risks at Lockton, discusses how, under the new duty, employers (regardless of their size, sector, or circumstance) are required to take a proactive approach to tackling sexual harassment, the intention being to shift the emphasis from redress to prevention.
Read the blog here.
FCA Chief Executive Speech
On the 29th October, Nikhil Rathi, Chief Executive of the FCA, delivered a speech at the Investment Association annual dinner.
In his speech, Mr Rathi notes that private markets are growing and the FCA supports this growth as part of ensuring a range of financing options for companies, and the competitiveness of UK investment management.
He also highlights the importance of embracing innovation to boost competitiveness, whilst understanding in detail the risks and states that this requires greater transparency and collaboration, as part of broader conversations on resetting the UK’s risk boundaries.
You can read the speech in full here
The Financial Services Skills Commission’s industry survey is an important annual activity offering us insight into skills challenges across the industry. It also highlights what future skills are required for the sector to remain competitive.
It is aimed at HR and learning professionals, or senior decision-makers, and designed to complement our extensive Member Survey.
Please respond to the survey using this link
Financial Services Skills Commission Industry Survey 2024
The survey closes on Monday 2 December 2024, consists of around 20 questions and will take 10-15 minutes to complete. Respondents will need to provide their organisation’s name to ensure the quality of the data and avoid duplication. FSSC members have received a separate survey link and do not need to respond to this survey unless it is to represent a specific regional office.
You’ll be asked questions about:
• Skills supply and demand
• The impact of Generative AI and Net Zero
• Skills forecasting and reskilling
All data submitted will be treated as confidential and is covered by FSSC’s data policy statement.
Findings will only be presented in aggregate form and no individual responses will be shared with other firms.
For any questions, please contact the Commission’s Policy and Research Manager Katharina Ehrhart. The Commission will also offer an optional drop-in session for all survey respondents on 19 November from 15:00 to 16:00.
Budget changes will be hard felt by retail investors and the Government must now prioritise stability to build investor confidence
PIMFA celebrates winners of its 2024 Diversity & Inclusion Awards
PIMFA welcomes 600 professionals at launch of customer vulnerability guide
Professional Paraplanner: Tax changes risk 'stymying' willingness to invest, warn key commentators
Retail Banker International: UK budget: financial services sector reaction decidedly mixed
WealthNet: PIMFA launches customer vulnerability guide
PRESS RELEASES
PRESS COVERAGE
3 WEEKS TO GO
20 November 2024
Live Online | 09:30 - 12:30
£400 - £500
PIMFA Live Online Learning: Mastering Your Ongoing Compliance with Consumer Duty
The FCA review of Consumer Duty implementation within payment firms published in October 2024 pulls no punches.
The review of 23 firm found that just over half were satisfactory, while nearly half were
EARLY-BIRD TICKETS
26 February 2025
Live Event and Online| 10:00 - 17:00
£250 - £600
PIMFA Financial Crime Conference 2025
We are delighted to announce the return of the PIMFA Financial Crime Conference 2025.
The world is changing quickly and the pace of criminals and threat actors targeting our sector
categorised as needing “significant work” to meet the Duty’s requirements.
In yet another reminder, the FCA expects your firm to identify gaps in your compliance with the Duty and “act immediately, putting plans in place to address shortcomings.”
In this live, tutor-led online training masterclass, led by consultancy firm Square 4, our tutors help you:
• Demonstrate that the FCA’s latest guidance has been considered
• Identifying gaps, shortfalls, and actions required to evidence that your firm is meeting their ongoing obligations with the Duty.
By attending this masterclass you will be confident to provide robust evidence of an approach to delivering good outcomes should the FCA review your activities in the future.
To reserve your place on this masterclass and bring your colleague along for free click here
has not slowed. This event will be dedicated towards giving attendees the information they need to protect themselves and their clients to stay ahead of those with malicious and harmful intent.
Join us at the offices of Shoosmiths in London, for our our annual one-day conference exclusively for compliance experts, financial crime specialists, and financial advisors, and will feature the following:
Headline updates from the industry:
• Keynote speech from the FCA on regulatory priorities for 2025 in the FinCrime space
• Keynote address from the Homeland Security Group at the Home Office, on the latest updates to the ongoing Economic Crime Plan 2
• Special session from the National Economic Crime Command (NECC) at the National Crime Agency (NCA) on SARS
• Legal update on what firms need to know within fraud and regulatory for 2025, featuring hosts Shoosmiths LLP
More to be announced!
Book your early-bird tickets here.
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