View in browser Featured: PIMFA Learning, Working Groups, FCA Consumer Duty Update
PIMFA BULLETIN PRESS RELEASES
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PIMFA WEEKLY NEWS BULLETIN 6 November 2023
Webinar: Imposter or Talented Over-Achiever? 9th November | 13:00 - 14:30 | Free The imposter syndrome is now recognised as a commonplace work experience – especially for career women. It has them attributing their success to luck, discounting their capabilities and fearing being ex-posed as a fraud. They constantly strive for better results and are generally high achievers as a result – although are very unlikely to recognise this. However, this over-achieving can lead to burn-out fear of failure and being 'found out as a fraud' can stop them from stepping up to opportunities that will help them develop their skills, gain experience and progress their careers. During this interactive session, we will investigate the Imposter Syndrome – what it is, how it can impact performance and how to shift the attitudes that underpin it. Webinar take-aways:
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A greater recognition and appreciation of the value that you bring to a project or organisation
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Increased motivation to reach for more
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A powerful technique in your toolkit for building core confidence and inspiring yourself and others to step up to bigger challenges
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PIMFA Operational Resilience Working Group Next meeting: 14 November 14:00 - 16:00 via MS Teams The next Operational Resilience Working Group meeting will take place via MS Teams on Tuesday 14 November, starting at 2pm. On the agenda for this meeting, the working group will be exploring:
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Mitigating harms - what are the harms, how do you identify and manage them?
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Review of 'Cyber risks and operational resilience: getting prepared' - recent speech by Elisabeth Stheeman, FPC
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Potential impact of AI on operational resilience
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Overview of DORA regulation
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Building a 'We would never' list
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'What's in your in tray?'
Please join us, get involved in the discussion and share your knowledge and experience with other members firms who are working on operational resilience. If you are from a member firm and would like to join this group and attend our meetings, please contact Kevin Sloane.
PIMFA Operations Forum Next meeting: 28 November 15:00 - 16:00 via Zoom At the November Operations Forum, the London Stock Exchange will be presenting 'LSEG: Capital Markets and Regulatory Reform Update'. If you are from a PIMFA member or associate firm and would like to be added to the distribution list to attend the next Operations Forum on 28th November please contact Heidi Bryant.
PIMFA Webinar: The Autumn Statement (Member only) What are the implications for retail investors and a future general election?
The Chancellor has announced that the 2023 Autumn Statement will occur on Wednesday 22 November 2023 as an update on the Government’s plans for the economy. This Statement is of particular interest based on a possible general election being called in 2024. Join Iona Martin, Head of Private Banking Tax, KPMG, and David Ostojitch, Director of Government Relations and Policy, PIMFA, for an update on what the Autumn Statement includes and what it means for the wealth management and advice industry.
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Following March’s successful Roadshow, the PIMFA team are heading back to Bristol for another Regional on 14th December. This free event will provide attendees with the opportunity to hear rom subject matter experts on relevant industry topics (earn up to 3 hours Of CPD) and network.
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October PIMFA Operations Forum Recording The October Operations Forum recording has now been posted on the PIMFA website here.
The recording includes:
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CREST update and latest news from Euroclear from Charlie Pugh
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'Digital assets and tokenisation' presentation by Amarjit Amarjit Singh, Partner and EMEIA Assurance Blockchain Leader & Joe Thomas, Director, Extended Assurance, Financial Services at EY.
Financial Conduct Authority (FCA) update on Consumer Duty Highlights from a speech given by Nisha Arora, FCA's Director of Cross Cutting Policy and Strategy on 1 November 2023 include:
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Three months on from the Duty coming into force, the good practices identified underline the importance of this work. Continuing this momentum will realise more and more benefits to consumers, firms, and the UK as a whole.
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The Consumer Duty is not a once and done exercise. It’s something that needs to become part of who you are as a firm, your culture, and how you do business, running across your whole organisation from Board to front-line delivery, from product design to communications and customer support.
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Firms need to make sure they are learning and improving continuously and must be able to evidence this in their annual board report.
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Those with closed products and services should check they are on track to meet the 31 July 2024 implementation deadline.
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The Consumer Duty remains a top priority for the FCA. They will continue to work across all sectors to test firms’ implementation and embedding and will share good practice to support the industry.
You can read the speech in full here. The FCA will be sharing its initial thoughts on findings and priorities in their webinar on 6th December. Sign up here.
FCA Market Watch 75 In this edition of Market Watch, the FCA shares its observations about market soundings and reminds firms of the arrangements made by the UK Market Abuse Regulation’s (UK MAR) market soundings regime. It also provides some indications of what firms can do to minimise the risk of insider dealing and unlawful disclosure. You can read Market Watch 75 here.
New Mitigo Guest Blog - Cyber risks in a world of AI AI is a hot topic. Many professional service firms are already using AI, or exploring its potential, to revolutionise the way they deliver their services. But it’s not all good news. Cybercriminals are also interested in the benefits of AI and how it can make their activities more profitable. In their latest blog, PIMFA Plus partner Mitigo Cybersecurity discuss the potential impact of AI from a cybercrime perspective, and provide some tips on how to mitigate the risk AI presents.
FCA Dear Remuneration Committee Chair Letter The FCA has published a 'Dear Remuneration Committee Chair' letter highlighting some key areas for consideration:
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The regulators aim to make the regime more effective by increasing the proportion of compensation at risk and subject to the incentive-setting tools in the remuneration framework.
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Firms’ remuneration policies and practices should continue to incentivise a consumercentred approach and firms should prioritise embedding the Consumer Duty in their business.
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The FCA encourages firms to consider how they can use relevant risk metrics and performance criteria to help inform both individual and firm-wide remuneration decisions, including making remuneration adjustments if progress in embedding the Duty falls short
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The FCA expects firms to encourage a culture in which staff feel able to speak up
• Firms should also ensure that there is a clear, strong and evidenced link between behaviours and remuneration outcomes, including appropriate, timely and transparent adjustments. • The FCA expects firms to maintain gender neutral pay policies in line with existing requirements and make sure that awards of variable remuneration do not discriminate on the basis of any protected characteristic. • A growing number of firms have committed to sustainability-related objectives – most notably net zero commitments. Where a firm has made such claims and commitments, the FCA expects that the firm will link appropriately its strategy, governance arrangements and remuneration structures to these. • You can read the letter in full here
Global Wealth Management Summit Retaining trust for a global wealth industry in flux (In-Person & Digital) 8 - 9 November 2023 | Sheraton Grand, Park Lane PIMFA are pleased to be partnering with the Financial Times on this event and members are offered 20% off ticket prices.
US-China tensions and banking collapses have placed the world of wealth management under strain. Portfolio managers are seeking respite in alternative allocation strategies. However, whilst private markets are progressively accessible, adoption of digital assets poses regulatory roadblocks. Join the 6th Global Wealth Management Summit, presented by @PWM and FT Live. This flagship event convenes private banks, family offices, and wealth managers to explore effective investment strategies and evolving business models in this ever-changing wealth industry. Don't miss the chance to gain invaluable insights, network with industry leaders, and steer your wealth management strategy towards success. Secure your spot today and use the code 'PIMFA' for 20% off at here.
ISITC Europe T+1 Accelerated Settlement Challenges Roundtable Series In association with the CISI, the IA and PIMFA - kindly hosted by EY
With the US markets planning to move to T+1 for equities settlement in May 2024, and the UK Accelerated Settlement Taskforce looking at when the UK could follow suit, the ISITC Europe T+1 Forum has arranged a series of roundtables to facilitate an in-depth, cross-industry understanding of the business, technology and process challenges T+1 could bring to the UK market, and to explore potential solutions. The roundtables are designed to increase industry knowledge and understanding of the impact of T+1 settlement, to explore potential solutions, assist with strategic planning and development, and to find a successful path to T+1 settlement implementation for everyone. The next T+1 roundtable is: Accelerated Settlement Challenges: Stock Borrowing / Lending and Collateral / Liquidity Management Date: 14 November 2023 - 12.30 (working lunch provided) hard start 12.45 - 14.15 Venue: EY, 25 Churchill Place, Canary Wharf, London, E14 5EY This roundtable will focus on the challenges facing stock borrowing and lending, collateral and liquidity management. Key issues for discussion include the difficulties of faster call backs and the challenges of maintaining real-time valuations, what happens if some lenders withdraw, what will be the impact on collateral and margin management, and will there be increased borrowing costs?
To register to attend this roundtable, please click here and watch Bulletin for further updates.
PRESS RELEASES PIMFA continues to urge for FCA to
PRESS COVERAGE The Actuary:Investment industry demands major fraud role for City
have a role in combatting fraud
watchdog
PIMFA WealthTech partners with
Financial Planning Today: FSCS
WealthOS in latest Tech Sprint on
protection to be extended to Long
the Client Onboarding process
Term Asset Funds
PIMFA celebrates winners of its third
Citywire: FCA confirms LTAFs will
Diversity & Inclusion Awards
qualify for FSCS support
PIMFA calls for clarity on cold calling
ESGClarity: Black History Month
ban and public awareness campaign
Q&A: Tangible change happens at the top
READ MORE READ MORE
PIMFA LEARNING
23rd November
22nd November
Webinar | 11:00 - 12:00 | Free
Training | 9:30 - 11:30 | £250 - £350
M&A in wealth management: trends, challenges and opportunities
Financial promotions: fair, clear and not misleading in 2023
Whether your firm is preparing to acquire or ready to
In this live online course, you will examine good and
sell, implementing a best practice approach to M&A
bad examples of recent promotional campaigns,
is very often what separates long-term value creation
assessing potential non-compliance of your current
from value destruction.
and future campaigns. By improving your grasp of good practice, you will be better prepared to protect
In this FREE 60-minute webinar discussion, industry
your firm, brand reputation, and competitive
advisors Maurice McDonald, Director at Cosegic,
advantage and respond rapidly to unexpected,
alongside Anthony Turner and Andy Peterkin,
consequential events. In this live, two-hour online
Partners at the law firm Farrer & Co., specialists in
session with Bovill’s Adam Strickland you’ll:
sale and acquisitions, outline the strategic issues PIMFA member firms should know to enable them to realise value from transactions.
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Assess the potential risks of your marketing and financial promotions against the FCA
draft guidance ‘GC23/2: Financial
Key topics for discussion include:
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How M&A deals are shaking up the industry
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What really support a deal’s price
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Making a success of M&A deals
promotions on social media’.
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Strengthen your approach to financial promotions in-line with the requirements of Consumer Duty.
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Review control expectations for promotions of any high-risk investment in line with the FCA’s PS22/10.
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Use a proven processes to assess and mitigate the threat of non-compliance with current and future changes in financial promotion regulations
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Ensure your approach to social media and customer communications doesn’t attract the wrong kind of attention.
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Enhance the review and approval process for financial promotions in line with proposed new anti-greenwashing rules.
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Update your social media and influencer marketing governance, policies, and contracts with ‘finfluencers’ and agencies to ensure your firm doesn’t fall short of the guidance the regulator has in place to stop consumer harm.
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