PIMFA WEEKLY BULLETIN
As you will have seen, the Labour Party has won the General Election and Sir Keir Starmer has formed a new government. We do not expect there will be an immediate significant impact on the financial services industry and our understanding is that, at least to begin with, this government will focus on other areas rather than any significant reforms of the financial services sector.
Labour has not set out a particularly detailed vision of its plans for the Financial Services sector within its Manifesto, although their recently published Plan for Financial Services sets out broader ambitions across the sector that they hope to achieve within government. PIMFA are committed to working constructively with this government on behalf of our members and strongly support the six policy priorities which they have previously set out within their Plan for Financial Services. We look forward to helping shape and implement these priorities over the course of the next Parliament.
Central to Labour’s electoral pitch has been the principle that wealth creation would be their number one priority and we think that there is no better industry to lean on than ours: the wealth management and financial planning industry.
Should you have any questions, please contact PIMFA's Head of Public Affairs, Simon
Harrington
New ASG Surveys - Share your views
The FCA has set up an industry led working group, the Advisers’ Sustainability Group, to focus on enhancing sustainable finance capabilities within the financial advice sector. PIMFA provides the Secretariat and the FCA sits as an active observer.
Led by Daniel Godfrey (Chair) and Julia Dreblow (Vice-Chair), the Group is tasked by the FCA with developing guidance for good practice to help Financial Advisers include consideration of long-term sustainability risks in their financial planning and, where it meets client needs, to support them in the incorporation of sustainable investment related activities.
The Group is currently focused on four main areas: sustainability issues, good practice, regulation and training and is seeking opinions and suggestions via two surveys published on the Advisers’ Sustainability Group’s pages on PIMFA website. The aim is to ensure that the Group hears a balanced representation of views from across the advice sector and its clients on the issues the Group should consider, how to approach them, what good looks like - and any other suggestions.
To share your views, please go here for Survey 1 and here for Survey 2
If you have any queries, please contact PIMFA’s Senior Policy Adviser, Maja Erceg.
PIMFA response to the Financial Conduct Authority's Consultation Paper CP24- 9: Financial Crime Guide
PIMFA have submitted a response to the Financial Conduct Authority’s (FCA) consultation (CP24-9) on their proposals for an updated financial crime guide, which can be viewed here.
PIMFA’s Benchmark Survey in partnership with NextWealth – input still needed
PIMFA, in partnership with NextWealth and the Chartered Institute for Securities & Investment, has launched its Financial Advice Business Benchmarks report. The Financial Advice Business Benchmarks report is an annual market research report which can help firms benchmark their own proposition and stature. The report provides measurement or benchmarking areas such as client growth, advice tech, advice charges and trends.
Last year's report can be accessed here
Firms can access the survey for input into this year’s report here
Whilst we appreciate that feeding into this survey takes some time, this can be completed over multiple sittings and represents an excellent opportunity for firms to both feed into a broader picture of industry which we use as part of our ongoing advocacy efforts, as well as provide a firm with a picture of where they are relative to the rest of the market.
Please contact Simon Harrington should you have further queries.
PIMFA responds to Charging Claims Management Companies and Professional Representatives
PIMFA has responded to the Financial Ombudsman Service's (FOS) Consultation on charging Claims Management Companies (CMCs). We have been happy to see the FOS take up its power to charge CMCs and other professional representatives for cases they bring forward to the FOS.
However, we currently believe that the proposed case fee of £250 is too low. In our response, we propose that the FOS seek to equalise the split between CMCs and respondent firms at 5050 to better address the economic imbalances which currently exist between the two parties.
A copy of our response can be found here.
Please contact Simon Harrington for further queries and comments.
PIMFA Financial Crime Microsite
Investment fraud is often sophisticated and very difficult to spot. For more information on boiler room scam tactics and other fraud related resources check out the PIMFA Financial Crime Microsite.
Check out the Microsite
PIMFA Operations Forum recording from Thursday 27 June
The June Operations Forum has now been posted on the PIMFA website here The recording includes the following presentations:
• Sustainability Disclosure Requirements (SRD) update – David Ostojitsch, Director of Government Relations & Policy, PIMFA
• Public Policy – political briefings – David Ostojitsch, PIMFA
• Gretel – Helping financial institutions and customers to reconnect – Duncan Stevens, CEO, Gretel
• From Data to Decisions: Empowering Boardrooms with Actionable Insights – Kenn Taylor and Wayne Green, VendorIQ
If you work for a PIMFA member or associate firm and would like to be added to the distribution list to attend the next Operations Forum on Tuesday 30 July from 3pm to 4pm, please contact Heidi Bryant
PIMFA Journal - Edition #27
Read the latest PIMFA magazine containing thought leadership articles written by PIMFA member and associate member firms* on current industry issues and hot topics.
View the full magazine here
*Journal articles and the opinions therein reflect the views of the authors and not necessarily that of PIMFA
Financial Action Task Force Consultation on National Risk Assessment Guidance update
The Financial Action Task Force (FATF) have published a consultation on its Money Laundering (ML) National Risk Assessment (NRA) guidance update to make it more effective and comprehensive.
• The FATF will finalise the draft NRA Guidance following consideration of the views received before its proposal for adoption at the FATF October 2024 Plenary.
• Responses are due by 18:00 (CET) 22 July 2024
• The 14 survey questions can be accessed here
• Firms with any queries are invited to email FATF prior to the 22 July deadline: FATF.PublicConsultation@fatf-gafi.org
Financial Conduct Authority Webinar: Consumer DutyQuestions to the FCA
The Financial Conduct Authority (FCA) are livestreaming an event on 31 July 2024 that will focus on the impact of Consumer Duty, examples of good practice and areas for improvement, and the regulator’s priorities for the year ahead.
PIMFA will be attending and we would like to ask members for any questions that you would like us to put to the FCA at that session (firms are invited to join the event online and can register here).
Members are asked to share any questions for the FCA with PIMFA's Senior Policy Adviser, Yasmin Ataullah by COB 26 July.
Financial Conduct Authority: Policy Statement (PS24/5) on regulatory fee and levy rates for 2024/25
The Financial Conduct Authority (FCA) have published Policy Statement 24/5, 'FCA regulated fees and levies 2024/25: feedback on CP24/6 and ‘made rules’ . PS24/5 sets out:
• 2024/25 regulatory fee and levy rates for the FCA, Financial Ombudsman Service (FOS) and levies collected on behalf of government departments.
• FCA feedback on the responses to the consultation on draft fees and levies rules in Consultation Paper 24/6 (CP24/6).
PS24/5 applies to all FCA fee-payers and any businesses considering applying for FCA authorisation or registration and the FCA will invoice fee-payers from July 2024 onwards for their 2024/25 periodic fees and levies.
Access the policy statement here
