PIMFA Weekly News Bulletin
PIMFA WEEKLY NEWS BULLETIN
5 June 2023
FCA’s Dormant Assets Scheme Consultation Paper
The FCA is consulting on the second phase of the Dormant Assets Scheme (DAS) to make amendment to the rules and guidance to enable dormant investment assets and client money to be available to the scheme. This consultation follows the first phase expansion in August 2022 covering insurance, pensions, and securities.
The FCA has suggested some technical changes in the Handbook, and the consultation aims to ensure that any Handbook changes allow firms to participate in the DAS and that consumers are able to access reclaims.
Please contact Simon Harrington should member firms wish to express views on the FCA’s Consultation Paper.
SM&CR Review
Following publication of the HM Treasury Call for Evidence, and the joint FCA/PRA Discussion paper (DP23/3) on the The Senior Managers and Certification Regime (SM&CR), you can read the PIMFA responses here:
• PIMFA response to HMT Senior Managers & Certification Regime: Call for Evidence
• PIMFA response to FCA PRA DP23/3: Review of the Senior Managers and Certification Regime (SM&CR)
PIMFA AI Group - Virtual Meeting 15 June
With reference to the Department for Science, Innovation and Technology's policy paper 'A pro-innovation approach to AI', on Thursday 15 June at 14:00, we will be holding a virtual meeting to discuss this paper, to gather PIMFA members' views on it and to consider a PIMFA response.
If you or one of your colleagues would like to attend this meeting, please email Kevins@pimfa.co.uk and he will respond with a calendar invitation and MS Teams link.
CONSUMER DUTY CORNER
Consumer Duty and the Distribution Chain
The new consumer duty responsibilities extend into the distribution chain bringing shared
responsibility into scope. The FCA has made it clear that it is essential for firms to work together across the manufacturing and distribution chain to deliver good outcomes.
Steps to consider:
• Create a map of your distribution chain;
• Understand the various roles and responsibilities of each party within the chain;
• Understand what information is going to be passed and how this is going to take effect – in both directions. Information needs to be shared by one firm with another to help firms monitor customer outcomes.
• The data shared should be proportionate: all data point requests should have an actionable purpose, allowing the recipient to have a clear use case within the scope of the Duty for the information received. If data requests go beyond this, firms are entitled to request a clear explanation of why these additional questions are being asked.
• Consider whether you need to review commercial agreements
• Work closely with your commercial partners and make sure they are on board
In relation to manufacturer/distributor data exchange, PIMFA has been working with other trade associations to develop a coordinated approach and produce a cross-sector standardised data set.
This has resulted in EMT V4.1 which can be accessed here – FinDatEx – (includes value assessment data that manufacturers are required to pass to distributors)
The TA group are currently working on phase 2: the feedback loop – data which distributors are required to pass back to manufacturers.
Consumer Duty Working Group – 13 June
Our next Consumer Duty Working Group will take place on the 13 June at 11am. Our associates, Beyond, will be hosting this session on deliverability. The focus will be on where to prioritise your time and which initiatives to focus on in the remaining time to the deadline. As the deadline approaches, there will inevitably be a lot of work to close out, so how will you ensure you are materially compliant with the Duty by the 31st July?
Meeting the deadline will be a significant achievement, however that is not the end either. In this session, Beyond will share their view on the FCA’s priorities, how to approach the remaining time before the deadline, and what to do post 31 July.
If you would like to join this session, please get in touch with YasminA@pimfa.co.uk or AlexandraR@pimfa.co.uk.
Guest Blog: Strong communication cuts through complexity and delivers greater value
Danny Baggs, UK Marketing Director of Unblu, discusses how technology can help advisers focus on direct client communication through conversational engagement.
Read this blog, and others, here
PIMFA is proud to be partnering with the Morningstar Investment Conference London this year
To join us on 4 July register here
The discounted early-bird price to attend is £19, thereafter £99. Register now to secure your place and save £80 if you register before 31st May 2023!
PRESS RELEASES
FCA proposals to align rules for fund managers and
Wealth managers and advisers want more support in
PIMFA welcomes reduction in FSCS levy but a longer term...
PRESS COVERAGE
Podcast: FT Adviser FCA can sort unfinished parts of RDR with consumer duty...
Professional Paraplanner: Advice firms want more ESG data support...
Citywire: Week in Wealth: FCA proposals threaten MPS...
EVENTS & LEARNING
T&C Under Consumer Duty Training
What you need to know
By the end of the session, you’ll be able to:
• Update and reposition your approach to T&C appropriate to the new Consumer Duty
• Analyse the changes that are needed to support a consumer outcome approach rather than one that is compliance driven
• Confidently answer challenges on how your T&C framework supports clients pursue their financial objectives
• Demonstrate to stakeholders including the board, internal audit, and the regulator how your approach to people competence and capability management achieves ‘good customer outcomes
Please note that responses to this email address are not monitored. If you wish to get in contact, please email info@pimfa.co.uk
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