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PIMFA WEEKLY NEWS BULLETIN | 6 September 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.
EVENTS & LEARNING
VIRTUAL ASSOCIATE MEMBERS BRIEFING 21 September 2021 16:00 - 17:30 FREE for Associate Members Virtual Event We will explore topics such as regulation, operations, taxation and others and provide an opportunity to discuss with PIMFA staff specific issues important to the membership. This event also showcases our ongoing events and publications programme providing examples of how Associates can engage with Members and maximise the value they receive from their membership. Attendees will also benefit from networking opportunities with other industry professionals in a virtual format.
This event is free for PIMFA Associate Members. To book your place please go to tickets and complete the registration form. If you have any questions please email us on events@pimfa.co.uk Book your place here
PIMFA LIVE ONLINE LEARNING: FINANCIAL PROMOTIONS: LATEST DEVELOPMENTS & REFRESHER SESSION 28 October 2021 09:30 - 12:30 Members: £300 | Non-Members: £400 Virtual Training This 3-hour online session will refresh participants’ knowledge of the financial promotion rules, update them on the outcome of the Treasury’s consultation and explore its practical implications.
Fundamental changes to the financial promotion regime are expected in 2021, as a result of a Treasury consultation. The FCA now publish quarterly data on the actions they’ve taken when authorised firms’ financial promotions breach their rules, having been heavily criticised by an independent review of their regulation of London Capital & Finance plc. Firms have been warned that they may be required to take remedial action if customers have acted on the basis of non-compliant promotions and suffered harm as a result. It is suitable for compliance officers, marketing directors and in-house counsel at FCA authorised firms, regulatory lawyers and corporate finance practitioners. Participants will gain an in-depth understanding of the financial promotion rules and their practical effects for authorised firms and companies. Book your place here
View upcoming PIMFA Events and Learning here.
Latest PIMFA Press Releases
Latest PIMFA Press Coverage
FCA Consumer Duty must be accompanied with clarity for firms and understanding of their business models
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 Coalition of consumer groups, charities and industry bodies calls for inclusion of paid-for online advertising in Online Safety Bill
The Telegraph: Consumers demand regulation of online adverts as Covid fraudsters run riot
FT Adviser: Quilter targeted by impersonation scammer
London News Today: Aviva demands government intervention to shut down search engines that promote financial fraud
Eleventh UK-India Economic and Financial Dialogue sees agreements on tackling climate change and boosting investment
At the Eleventh UK-India Economic and Financial Dialogue, the UK and India have agreed steps to tackle climate change and boosting investment which include $1.2bn package of public and private finance to help drive India’s green growth, a Climate Finance Leadership Initiative India partnership to boost investment into sustainable infrastructure and an agreement to be ambitious when considering services in the upcoming trade negotiations.
The $1.2bn package of public and private investment in green projects and renewable energy includes a $1bn investment from CDC, the UK’s development finance institution, in green projects in India, joint investments by both governments to support companies working on innovative green tech solutions, and a new $200m private and multilateral investment into the joint Green Growth Equity Fund which invests in Indian renewable energy.
Ahead of the UK hosting the COP26 climate conference in November, both countries also welcomed the launch of the Climate Finance Leadership Initiative (CFLI) India partnership to mobilise private capital into sustainable infrastructure in India, including clean energy like wind and solar power and other green technologies.
The partnership will be led by a group of leading financial institutions responsible for $6.2tn of assets and chaired by Michael Bloomberg, UN Special Envoy on Climate Ambition and Solutions.
FCA warns firms of potential Afghanistan linked crime risks
The FCA issued a statement on 31 August to remind UK financial services firms about potential crime risks linked to Afghanistan. The recent developments in the country have highlighted the continuing need for robust systems and controls that respond to changing risks and firms should be aware of the possible impact these events may have on patterns of financial activity when they assess risks related to particular customers and flows of funds.
The FCA expect firms to establish and maintain systems and controls to counter the risk they might be used to further financial crime. They also expect firms to consider the impact of the developments in Afghanistan on their anti-money laundering policies and procedures in a risk-based manner, and to take the steps necessary to ensure they continue to meet their legal and regulatory anti-money laundering and reporting obligations. Specifically, firms should ensure that they appropriately monitor and assess transactions with Afghanistan to mitigate the risks if their firm is being exploited to launder money or finance terrorism; continue to ensure that suspicious activity is reported to the UK Financial Intelligence Unit (UKFIU) at the National Crime Agency (NCA) and that they meet their obligations under Money Laundering Regulations and terrorist financing legislation.
Sanctions are already in place in respect of Afghanistan. Firms should continue to screen against the UK Sanctions List and in particular the regime specific list for Afghanistan. Our expectations of firms’ systems and controls in relation to compliance with financial sanctions are set out in FCG 6 of the FCA’s Financial Crime Guide.
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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