View in browser
Featured: FSCS signs MoU with FCF, Asset Allocations Survey & Consumer Duty
PRESS RELEASES
ABOUT PIMFA
CONSUMER DUTY
WEALTHTECH
PIMFA WEEKLY NEWS BULLETIN 8 January 2024
The 2024 Q1 PIMFA Asset Allocation Survey is OPEN Complete this quarter's survey, and members can: •
Receive a complimentary, 40-page report, showing how the strategic asset allocations of your firm’s model portfolios compare to the peer average.
•
Ensure the index weight methodology for the MSCI PIMFA Private Investor and the Equity Risk Index Series’ remain relevant benchmarks for the UK wealth management sector.
Click here to submit
FSCS signs an MoU with FCF The Financial Services and Compensation Scheme (FSCS) has published a Memorandum of Understanding (MoU) signed with the Fraud Compensation Fund (FCF). FCF is managed by the Pension Protection Fund which pays compensation to eligible occupational pension schemes where the employer is insolvent, and the scheme has lost out financially as a result of dishonesty. Under the MoU, the FSCS and FCF commit to working together in the public interest to facilitate the payment of compensation in relation to financial losses suffered in the context of occupational pension schemes. The remit of the MoU includes assisting between the parties in the performance of their respective statutory functions, providing arrangements for co-operation and the exchange of relevant information between the parties, and working together in the public interest to support effective customer service and to mitigate any potential double recovery of compensation. To read the MoU, please visit the FSCS website here.
Review meeting 18 January at 10:00 Bank of England Consultation Paper 26/23 - Operational Resilience: critical third parties to the financial services sector With reference to the BoE / PRA / FCA's recently published consultation paper on Operational Resilience: critical third parties, which sets out the proposed requirements to be established in rules and accompanying expectations for the critical third parties (CTPs) that provide products and services to investment firms. One of the authors of this paper who works at the Bank of England, Orlando Fernandez Ruiz, has kindly agreed to join a virtual meeting with representatives of PIMFA firms, to talk about the consultation paper and answer questions. If you are from a member firm and would be interested in attending this Teams meeting, please email Kevin Sloane.
Consumer Duty – Impacts on the wealth management and financial advice sector Our paper aims to provide a snapshot of current impacts and progress against Consumer Duty requirements. Focusing on four main areas of change (propositions, fee structure, customer communications and support, governance and culture), the examples set out provide evidence of the changes and organisational renewal taking place as a result of Consumer Duty.
Members can access the paper for free here.
FCA CP23/31: Primary Markets Effectiveness Review: Feedback to CP23/10 and detailed proposals for listing rules reforms Following the FCA consultation on a new UK listing regime in May 2023, the FCA has published feedback as well as a new consultation paper detailing proposals for listing rules reforms. The FCA has kept the suggested change to a simplified listing regime with a single listing category, with streamlined eligibility and ongoing requirements, aimed at encouraging a greater range of companies to list in the UK and compete globally. The FCA has also retained the idea set out in the earlier consultation of moving to a disclosure-based regime – one that puts sufficient information in the hands of investors to enable them to decide how they want to invest. Further to the publication of CP23/31 and a first tranche of the initial draft UK Listing Rules (UKLR) sourcebook provisions contained within it, the FCA will publish a second tranche of draft rules later in Q1 2024 as part of this consultation process. PIMFA chose not to respond to the initial consultation following a lack of interest from firms. In the event that these new proposals have changed your thinking please contact Sarah McGuffick. To read the consultation in full, please visit the FCA website here.
FSSC - Skills Gap Analysis Survey The FSSC Skills Gap Analysis survey is an important annual activity that offers valuable insight into what future skills are required for the sector to remain competitive and to identify relevant trends across the industry. All financial services firms in the UK are invited to participate and all data submitted is confidential, no individual firm’s response will be shared externally or with other members and the findings will only be used in an anonymised and aggregate format by the FSSC.
PRESS RELEASES
PRESS COVERAGE
PIMFA welcomes FCA proposals for
Daily Mail: FCA mulls 'polluter pays'
Sustainability Disclosure
compensation for shoddy investment
Requirements
firm advice
PIMFA to work with FCA on
Thisismoney.co.uk: FCA mulls
proposed ‘polluter pays’ model for
'polluter pays' compensation for
personal investment firms
shoddy investment firm advice
Greater personalisation may
Reuters: UK investment advisers
encourage greater saving & investing
face capital hike to cover
in UK, although there are limits to
compensation costs
how much, PIMFA research finds Citywire New Model Adviser: FCA’s PIMFA welcomes Financial Services
review should allow for personalised
Compensation Scheme levy forecast
guidance, PIMFA argues
for 2024/25
READ MORE READ MORE
PIMFA LEARNING
23 Jan to 23 April 2024
27 Feb 2024
Academy | £2750 - £3250
Online Learning | 09:30 | £250 - £350
PIMFA CASS ACADEMY
PRODUCT GOVERNANCE: WHAT DOES GOOD LOOK LIKE UNDER CONSUMER DUTY?
Use code CASS2024 at checkout for 50% OFF two tickets
Use code BOGOF-PRODGOV2024 at Research shows that firms continue to fall foul
checkout for 50% OFF two tickets
of time-consuming and expensive CASS audits, and even those firms with a mature
In this live, tutor-led online session, compliance
understanding of the CASS rules aren’t
and regulatory expert Damian Baker unpacks
immune to escalating CASS audit fees. The
how PIMFA member firms can “act to improve
problem often isn’t with knowing the CASS
product governance and deliver good outcomes
rules – many strategies are well understood –
for retail customers” by:
but with execution and application.
• Identifying and remediating shortfalls in their
The PIMFA CASS Clients Academy is a unique learning experience for member firms who, not content to keep up with CASS requirements, seek to expand their knowledge and strengthen their internal capabilities to arrest rising CASS audit fees and ensure the number of incidences and breaches reported to the FCA continues to drop.
approach to product governance in the context of the Consumer Duty • Establishing a robust ongoing monitoring and periodic product review • Embedding product governance controls across the entire business • Improving their approach to product risk identification and testing By the end of the session, you will be able to:
The PIMFA CASS Clients Academy (CCA) will
• Provide added confidence to the business that
change the way you and your firm approach
your firm has in place effective risk assessment
CASS. You will emerge better able to tackle
and mitigation strategies in the product lifecycle
your firms toughest CASS audit challenges,
[that complies with the enhanced product
lead with greater CASS knowledge, and inspire
governance rules]
assurance at all levels in your firm that your
• Demonstrate to the FCA that your firm has a
next CASS audit is a success. CCA rapidly
robust approach product approval process.
upskills CASS Officers, Operations,
• Assure the Consumer Duty champion and
Compliance, Certification Function Holders,
Senior Managers that your firm continues to
and Custodians to manage your next CASS
deliver fair value and outcomes for clients –
audit and withstand scrutiny from regulators,
including those with characteristics of
auditors and senior managers.
vulnerability. • Benchmark against your peers how effective
BOGOF OFFER!!!!
your firm is in identifying consumer harms.
Please use Coupon CASS2024 at checkout for 50% OFF two tickets
BOGOF OFFER!!!! Please use Coupon BOGOF-PRODGOV2024 at checkout for 50% OFF two tickets
BOOK NOW
BOOK NOW
Please note that responses to this email address are not monitored. If you wish to get in contact, please email info@pimfa.co.uk.
Contact us | Visit website | Terms & Conditions Unsubscribe | View in browser
Personal Investment Management & Financial Advice Association (PIMFA) 69 Carter Lane, London, EC4V 5EQ (registered in England No 2991400)
You have received this email because you are subscribed to 'Bulletin'. If you no longer want to receive these emails, please update your preferences here.