The 2024 Q2 PIMFA Asset Allocation Survey IS OPEN
Complete this quarter's survey(s), and you 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 methodologies for the MSCI PIMFA Private Investor and Equity Risk Index Series’ remain relevant benchmarks for the UK Wealth Management sector.
Registered firms, simply click here to login and submit your firms quarterly strategic asset allocations using our new and improved dashboard.
We value and encourage participation from our full member firms; email indices@pimfa.co.uk now for more information/sign-up.
New PIMFA Guest Blog – ‘Creating and sustaining the Consumer Duty Cultural Shift’
Just over six months in, firms are continuing work on embedding the Duty in their ways of working to ensure it is truly sustainable. In this blog Katie Paton, Director, Financial Services People Consulting for KPMG shows how exploring what it means for their strategy, their business and their culture can be hugely beneficial.
You can find the blog here
The symposium is FREE to attend for PIMFA members and associate members and solely funded by our wonderful sponsors, and we encourage individuals at all stages of their career, from Chief Executives to Interns, to join us for two days of motivational talks, regulatory updates, industry panels, personal development roundtables and thought-provoking content related to our industry, and to career development.
The event is open to all! Women and men welcome.
New - PIMFA Women's Symposium microsite
To complement this, PIMFA has created a dedicated microsite to support the Symposium and it’s aims, and this can be viewed here
Financial Ombudsman Service: Plans and Budget 2024/25
The Financial Ombudsman Service (FOS) has published its Plans and Budget for the financial year 2024/25.
• FOS expects higher demand in the year ahead, with an anticipated caseload of 210,000 complaints.
• FOS has also committed to resolve 17% more cases in the year ahead than in 2023/24.
• It also confirmed its intention to reduce the cost of its services to industry in 2024/25.
• The case fee will therefore drop by £100 per case to £650, while the compulsory and voluntary jurisdiction levy costs to businesses will also be reduced.
Data collection: Bank of England and Financial Conduct Authority response to phase two industry recommendations and future strategy
The Bank of England and Financial Conduct Authority have published a joint response to phase two industry recommendations.
The BoE and the FCA are working with industry to improve the data collection process for both regulators and firms and the publication outlines a range of specific workstreams to achieve their stated outcomes:
• Data collections meet and are proportionate to regulators’ needs.
• Effective and efficient internal processes for creating data collections.
• Efficient processes and support for meeting regulatory obligations.
• Clear and consistent data definitions.
• Modern systems to underpin data collections.
Read the full response here.
Bank of England: Financial Stability in Focus
The Bank of England (BoE) has published its Financial Stability in Focus series, which sets out the Financial Policy Committee’s (FPC's) view on specific topics related to financial stability.
This publication complements the work of the regulators (the FCA, PRA and BoE) on microprudential policies and supervisory engagement to strengthen operational resilience and highlights the growing risks to financial stability from operational issues, the FPC’s approach to risk identification, assessment, and monitoring, as well as the importance of system-wide resilience.
FCA’s Financial Resilience Survey – the results
The FCA have published the results of the final phase of the Financial Resilience Survey.
This survey began in light of the Covid-19 pandemic and has continued through several crises, providing them with a valuable insight about the financial resilience of thousands of firms that they prudentially regulate.
The survey has now been replaced by FIN073, a baseline financial resilience regulatory return which continues to ensure they have regular, up-to-date baseline financial resilience information for thousands of solo-regulated firms.
The results can be found here
FCA: Handbook Notice No 117
The FCA has published Handbook Notice No 117 with changes including:
• Data Reporting Services Forms (Amendment) Instrument 2024
• Collective Investment Schemes Sourcebook (Miscellaneous Amendments) Instrument 2024
• Conduct of Business Sourcebook (Amendment) Instrument 2024
Access the full notice here
PRESS RELEASES
PIMFA raise concerns over FCA’s capital deduction for redress plans
PIMFA urges Financial Conduct Authority to provide firms with the
PRESS COVERAGE
Financial Times: Isa season how to build tax-free wealth
FT Adviser: Financial product promotion a barrier to taking advice
PIMFA WealthTech and Morningstar invite FinTechs to showcase ESG
PIMFA welcomes FCA proposals for Sustainability Disclosure...
PIMFA welcomes the Financial Conduct Authority’s proposals for
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Funds Europe: Pimfa raises concerns over FCA’s redress proposals
FT Adviser: 'Closing the advice gap: this time could really be different'
Mortgage Finance Gazette: Blog: Ensuring good outcomes
PIMFA LEARNING
6 June 2024
Live Online Learning | 09:00 - 12:00
£300 - £400
FINANCIAL CRIME BUSINESS-WIDE RISK
ASSESSMENT- THE KEY TO GETTING IT RIGHT
The Business Wide Risk Assessment (BWRA) is a key pillar in understanding the risks posed to your business and monitoring the
7 May 2024
Webinar | 10:00 - 11:00
FREE to attend
TAKING THE STING OUT OF YOUR NEXT CASS AUDIT
Preparing and planning for your next CASS audit is a complex, costly and a timeconsuming process. There’s no magic bullet to solve this annual challenge, but measurable
effectiveness of you control framework. Yet so many firms are still getting this critical, living document wrong and thus falling short of regulatory expectations.
Through this masterclass, you’ll learn how to:
• Complete a comprehensive, yet proportionate assessment;
• Document the methodology in a clear, reliable way; and
• Use the outputs of the risk assessment to inform and enhance the financial crime framework.
progress can be made to strengthen your framework and controls.
In this FREE 60-minute webinar we put three CASS experts under the spotlight to share their key strategies and approaches your firm can take in 2024 to ensure readiness for your next CASS audit. 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
