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PIMFA WEEKLY NEWS BULLETIN | 8 March 2021 Dear Nigel,
Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read this week's latest industry news impacting you and your firm.
Virtual Fest V2 | REGISTER HERE 9 & 10 March - last chance to book for the live, online event
Keynote speakers: John Glen MP - Economic Secretary & City Minister, HM Treasury Debbie Gupta - Director, Life Insurance and Financial Advice, FCA
Other pre-eminent speakers include Chairman of the Work and Pensions Select Committee, and former Pensions Minister, Stephen Timms MP, FSCS Chief Executive, Caroline Rainbird; Which? Director of Policy and Advocacy & Chief Economist, Rocio Concha Galguera, plus many more.
FREE to attend for PIMFA Members & Associates 10 hrs CPD available
REGISTER NOW
The Latest on Brexit
Ratification of the TCA delayed by the European Parliament The European Parliament has postponed a decision on when to ratify the EU-UK Trade and Cooperation Agreement (TCA) following accusations that the UK risks breaking international law over Northern Ireland. On 3 March the UK decided to unilaterally extend grace period on post-Brexit Irish Sea border checks, which expire at the end of March, until October. European Commission Vice President Maroš Šefčovič said the move amounted to "a violation of the relevant substantive provisions" of the EU-UK Trade and Cooperation Agreement. Šefčovič said the EU would respond in accordance with the "legal means" established by the Northern Ireland protocol. The provisional application for the EU-UK Trade and Cooperation Agreement runs out at the end of April so the European Parliament has to ratify the deal until then. The EU-UK Trade and Cooperation Agreement has been approved by the UK Government and by EU governments but the European Parliament needs to ratify it as well so that the deal can enter into force.
Ernest & Young Brexit tracker According to the latest data from the EY Financial Services Brexit tracker, 43% (95 out of 222) of financial services firms have moved, or plan to move, some UK operations and/or staff to Europe, taking the total number of Brexit-related job moves to almost 7,600. Dublin and Luxembourg remain the most popular EU destinations for staff relocations, new European hubs or office relocations. More than a quarter (26% and 57 out of 222) of UK
financial services firms have articulated the negative financial impact Brexit is having, or will have on their business.
FCA’s CEO on Online Investment Fraud
Speaking in front of the Treasury Committee on 1 March, Nikhil Rathi, the FCA’s CEO, said that the Government’s plan to tackle investment fraud on the internet through advertising regulation is not enough because of the size of the problem. Online investment fraud during the coronavirus crisis has cost consumers billions in lost savings. Rathi said that if investments were to be included in the Online Harms Bill, it would be possible to work more rapidly with large social media firms and they would take responsibility for the advertising on their websites. He also said that the FCA would like greater protection for naming firms when they have concern as there is the risk that the FCA could be pursued in court for sharing concerns before full investigation has taken place.
PIMFA has been campaigning for some time to have financial harm included in the Online Harms Bill - read more.
IOSCO 2021 -2022 Work Programme
The Board of the International Organization of Securities Commissions (IOSCO) has published its 2021-2022 Work Program to further its core objectives of protecting investors, maintaining fair, efficient, and transparent markets, and addressing systemic risks. The work program, unlike previous editions, covers a two-year horizon and will be reviewed and refreshed as appropriate at the end of 2021 to ensure its ongoing relevance.
The 2021-2022 work program encompasses work with respect to two new priorities: financial stability and systemic risks of non-bank financial intermediation activities (NBFI); and risks exacerbated by the COVID-19 pandemic – misconduct risks, fraud, and operational resilience.
PIMFA/ Cicero AMO ‘Highly Commended’ at Digital Impact Awards
PIMFA, in partnership with Cicero AMO, were highly commended at the Annual Digital Impact Awards, which sets the industry-wide benchmark in digital stakeholder engagement. Launched in the UK for the European digital communication community back in 2010, the awards have rewarded the increasingly dynamic ways that digital corporate communications continue to grow. PIMFA and Cicero AMO were shortlisted in the 'Best use of Digital in Financial Services' category for our Financial and Mental Wellbeing digital campaign alongside, HSBC, Unicredit, Legal & General and Ageas UK.
Latest PIMFA Press Releases
PIMFA calls on Government to grasp Post-Brexit opportunity to improve financial services regulation PIMFA’s Virtual Fest 2 adds FCA’s Debbie Gupta as second keynote speaker, as well as FSCS CEO Caroline Rainbird &
Latest PIMFA Press Coverage
The Guardian: Rishi Sunak's £65bn budget tax increases are highest in 28 years
Citywire Wealth Manager: Budget 2021: Eight key takeaways from a ‘messy set of cards’
Stephen Timms, MP Professional Adviser: LTA freeze: Rishi Freezing the Lifetime Allowance, CGT and IHT thresholds penalises pensioners & savers and will hamper the UK’s economic recovery
Sunak sends 'wrong message' to pension savers
Yahoo News UK-Rishi Sunak's £65bn budget tax increases are highest in 28
PIMFA welcomes Green Savings Bond,
years
Help to Grow scheme and Apprenticeships support but expresses concerns over IHT, GCT & Lifetime Allowance freeze
PIMFA welcomes recommendations in the
IFA Magazine: PIMFA expresses concern about freezing of the Pensions Lifetime Allowance
WhatIsMiFiD.com; PIMFA calls on govt to
UK Listing Review aimed at improving
improve financial services regulation
retail investor access to markets FT Adviser: Fireside Chat: Broken PIMFA calls on Government to include
regulation has crushed adviser morale:
economic harm in Online Safety Bill as
PIMFA
members report rise in increasingly sophisticated online scams
Professional Adviser: Tim Sargisson PIMFA and the value of advice
Upcoming PIMFA Committees
Thursday 11 March Regulatory Committee - contact Giulia Lupato
Week commencing 15 March Regulatory Forum - contact Giulia Lupato Business Forum - contact Heidi Bryant
PIMFA's Consultation Responses & Member-Only Guides
PIMFA’s latest Consultation Response is to HM Treasury on the Future Regulatory Framework Review. Read this and all other PIMFA consultation papers here. PIMFA also regularly produces member only guides on key industry topics such as remuneration, vulnerable clients, cyber resilience, pension transfer advice etc.
Members can log in and access these guides at https://www.pimfa.co.uk/members/commspublications/guides-for-members/
EVENTS & LEARNING
PIMFA Webinar AUTHENTIC LEADERSHIP: HOW TO THRIVE AS A FEMALE LEADER IN WEALTH AND FINANCE COHORT 2 Course begins: 23 March 2021 The Authentic Leadership programme is PIMFA’s response to supporting women who face a unique set of challenges when progressing into senior leadership positions. Following the successful inception of our first cohort in 2020, we are delighted to be starting Cohort 2 on 23 March. To find out more about the course, you can catch up with the ‘Find Out More’ Webinar here: https://bit.ly/3e3BrQo.
The Authentic Leadership programme has been specifically designed for like-minded women in wealth management, financial advisory and private banking.
It offers an opportunity for learning, growth and building confidence, all of which will help women take their careers to the next level. This CPD approved six-month group coaching programme, endorsed by the Institute of Leadership & Management, delivers the knowledge, skills and confidence required for female leaders and managers in wealth management and financial services to thrive in a rapidly changing and highly complex business environment.
To join the programme, please click here to complete the application form: https://www.pimfa.co.uk/authentic-leadership-application-form/.
For more info and to book your place, please download the Brochure.
View all other upcoming PIMFA Events and Learning here.
FCA welcomes Lord Hill’s Listing Review report
In a statement published on 3 March, the FCA said it welcomed Lord Hill’s Listing Review Report. Lord Hill has published his recommendations from the UK Listings Review, which was launched by HM Treasury in November last year. The FCA will consider Lord Hill’s recommendations for changes to the listing rules in line with the FCA’s objectives, including on free float, dual class share structures, and special purpose acquisition companies (SPACs). Where appropriate, the FCA will act quickly, with the aim of publishing a consultation paper by the summer which will be open to all stakeholders’ views and responses.
Subject to consultation feedback and FCA Board approval, the FCA will seek to make relevant rules by late 2021. The FCA supports the proposal for a fundamental review of the legislative framework for the prospectus regime, with a view to better aligning documentation requirements with the type of transaction being undertaken.
PIMFA has also welcomed recommendations in the UK Listing Review aimed at improving retail investor access to markets - read more.
FCA's New Invoicing Portal
The FCA is launching a new online invoicing portal on 12 April 2021 for firms to access their invoices and arrange payment of their fees. This system will replace their existing portal.
More information on these changes is available here.
Find Out More about PIMFA ...
Bulletin is just one of the many insights and publications PIMFA produces on the latest industry news and issues - most of which are accessible to PIMFA members only.
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