PIMFA Weekly News Bulletin - 9 January 2023

FCA Discussion Paper 22/4Artificial Intelligence. Review meeting Tuesday 24 January 2022 14:00

The Financial Conduct Authority (FCA), Bank of England and The Prudential Regulation Authority (PRA) have a close interest in the safe and responsible adoption of Artificial Intelligence (AI) and Machine Learning (ML) in financial services. The regulators want to share and gain feedback on their thinking about:

• the potential benefits and risks of using AI in financial services;

• how the current regulatory framework applies to AI;

• whether additional clarification of the existing regulations may be helpful;

• how policy can best support further safe and responsible adoption of AI.

They have issued a discussion paper which explores how the regulators could go about establishing a pro-innovation approach to regulating AI. PIMFA is keen to submit a response and to present our members' views on regulating the use of AI and would value your input.

We have arranged a virtual meeting, taking place on Tuesday 24 January at 14:00, to explore the discussion paper, share views and understand your thoughts, ideas and concerns, which will be included in the response.

If you would like to attend the meeting, please email KevinS@pimfa.co.uk

Access Platinum Life for free for your clients

Platinum Life, created as a social venture for those who are retired and planning retirement, has been developed by Platinum Brands and The Shaftesbury Partnership, with support from PIMFA.

The platform aims to help the UK’s 50s and over transition into retirement and make positive financial and lifestyle choices.

The Platinum Life platform can be accessed here

We hope the collection of information proves useful and helps individuals make the most of their retirement.

Firm's are welcome to share this link directly with their clients and/or you can embed the magazine directly on to your website for your clients to use use for free. Click here for further instructions on how to do this - its quick and easy!

FCA update their Consumer Duty information page

The FCA have updated their Consumer Duty information for firms page with additional content, including:

• key topics relating to industry queries

• expectations for outcomes monitoring

• retrospective application and proportionality

• requirements for firms seeking authorisation

• other clarifications on scope and application

Firms should note that the FCA intends to publish portfolio and sector-specific letters (early 2023) setting out expectations for implementation and their findings from their review of firm implementation plans.

Firms are also advised that registrations for the FCA’s retail investment and mortgages events are currently on hold due to a technical issue at the payment stage and are expected to restart this January.

The 2022 Q4 PIMFA Asset Allocation Survey is now open

Complete this quarter's survey, and you can:

• Receive a complimentary, 40 page report, showing you how the strategic asset allocations of your firms model portfolios compare to others

• Enable the index weight methodology for the MSCI PIMFA Private Investor and Equity Risk Index Series’ to ensure they remain relevant benchmarks for the UK wealth management sector.

Click here to submit

PIMFA PLUS PARTNER

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GoSimpleTax are ready for MTD and the software shows the tax liability in real time.

PIMFA members receive a 15% discount on GoSimpleTax - to receive your discount code, sign-up here

Latest PIMFA Press Releases

PIMFA welcomes update from FCA on the FSCS levy but continues to argue for a “polluter pays” model

PIMFA welcomes Government proposals to revoke PRIIPs regulation as part of wider shake up of financial services

PIMFA launches ‘make it.’ campaign to attract diverse new talent into the wealth management and advice industry

PIMFA Press Coverage

Investors Chronicle: Investment Trust Portfolio: Seeking the right balance

Professional Paraplanner: Edinburgh Reforms: PRIIPS and other proposals welcomed

FT Adviser: FCA warns of 'cannibalism' of focusing on senior staff diversity

International Adviser: FCA to review compensation limits for pension claims

PIMFA welcomes Government proposals to revoke PRIIPs regulation as part of wider shake up of financial services

Read more press releases here

Professional Adviser: What your small firm can do to recruit and retain talented women

See more of PIMFA in the press

David Ostojitsch joins PIMFA as Director of Government Relations and Policy

Upcoming PIMFA Academies in 2023

PIMFA Crypto Academy PIMFA CASS Academy

EVENTS & LEARNING

PIMFA CONSUMER DUTY CONFERENCE

31 January | 10:30 - 18:00

Join us to hear from the regulator and key industry experts on the key themes related to consumer duty. This conference will facilitate fruitful discussions between delegates from across our industry with subject matter experts to provide practical insight with ample opportunity for questions and networking.

For more information and to register, please click here

PIMFA ONLINE LEARNING: MARKET ABUSE

14 February | 09:30 - 12:30

In this 3-hour interactive, online training course, leading consultants Bovill will reveal where wealth firms are falling foul of regulatory expectations and what they need to implement effective policies and procedures to control market abuse risks posed by remote working.

For more information and to register, please click here

Personal Investment Management & Financial Advice Association (PIMFA) 69 Carter Lane, London, EC4V 5EQ (registered in England No 2991400)

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