Featured: The Future of WealthTech Survey and CP 24-25 on Regulatory Fees And Levies 09 December 2024 View in browser WEEKLY BULLETIN
PRESS RELEASES
ABOUT PIMFA
CONSUMER DUTY
WEALTHTECH
The future of FinTech adoption in our industry: Your opinion matters SURVEY CLOSES TODAY
Technology and innovations are driving changes at pace in both the way we do business and our interactions with our existing and potential clients. PIMFA WealthTech wants to delve further into your thoughts and opinions on how technology and digitalisation is adopted into our industry so it can provide meaningful support for firms via TechSprints, thought-leadership and practical application of software solutions and more.
Please share your expertise and opinions with us in this quick 5 minute survey which will help inform the focus of PIMFA WealthTech and direct our future work so we can help you to identify and capitalise on valuable opportunities, and deal with challenges directly impacting you.
Recently PIMFA WealthTech has already delivered two TechSprints and resulting insight papers on topics such as Client Analytics, Client Onboarding and ESG, and we want to deliver even more.
Please help us to help you by completing this SURVEY.
Please note your responses will be treated in strict confidence and will be anonymised for the purpose of aggregating data and the closing date for submissions is Monday 9 December 2024. If you want to know more about the work of PIMFA WealthTech or have any questions please don’t hesitate to contact us.
TAKE THE SURVEY
FCA Consultation on Regulatory Fees And Levies Policy Proposals For 2025/26
The Financial Conduct Authority (FCA) has published a consultation paper (CP24/25) on regulatory fees and levies: policy proposals for 2025/26.
This paper outlines proposed changes to the way the FCA will raise its fees from 2025/26, and the way it will collect levies payable to the Financial Ombudsman Service and the Financial Services Compensation Scheme.
The deadline for responses to CP24/25 is 24 January 2025.
Access the consultation paper here.
FCA Handbook Notice 124
The FCA has published Handbook Notice 124 outlining changes to the Handbook and other material made by the FCA Board under its legislative and other statutory powers on 31 October 2024 and 28 November 2024.
These include changes made by the following instruments:
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The Long-Term Investment Fund (Amendment) Instrument 2024
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The Markets in Financial Instruments (Non-Equity Transparency Rules) Instrument 2024 and the Markets in Financial Instruments (Non-Equity Transparency Technical Standards) Instrument 2024
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The Critical Third Parties (Statement of Policy Relating to Disciplinary Measures) Instrument 2024 and the Critical Third Parties Instrument 2024
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The Pensions Dashboard Service Instrument 2024
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The Financial Crime Guide (Amendment) Instrument 2024
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The Access to Cash Sourcebook (Consequential Amendment) Instrument 2024
Handbook Notice 124 also sets out feedback on:
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CP24/11: Long-Term Investment Fund (Amendment) Instrument 2024.
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Access to Cash Sourcebook (Consequential Amendment) Instrument 2024.
Read the Handbook Notice 124 here.
FCA Policy Statement on updates to the Financial Crime Guide
The FCA has published policy statement PS24/17, on updates to the Financial Crime Guide, setting out feedback to CP 24-9 (Financial Crime Guide consultation).
The finalised changes outlined in PS24-17 aim to clarify FCA expectations on firms, noting that firms should consider what adjustments may be needed to their financial crime systems and controls. This could include changes to internal policies, monitoring systems, training, governance or other elements of systems and controls.
These changes also reflect insights from the FCA’s supervisory work on financial crime and incorporate updates from its recent publications.
Access the policy statement here.
FCA Skilled person reports data Q1 2024/25
The FCA has published its quarterly information on the number of skilled person reports commissioned in Q1 2024/25 (April to June 2024).
There were 14 reviews commissioned:
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Six involved insurance firms
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Four related to consumer investments
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Two were wholesale sell-side
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One wholesale buy-side
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One related to payments/digital assets
Access the data here.
HM Treasury Financial Inclusion Committee
HM Treasury has published the terms of reference of the new Financial Inclusion Committee (comprised of consumer groups and financial institutions) chaired by Tulip Siddiq, the Economic Secretary to the Treasury.
The Committee’s objectives are to develop, coordinate and implement interventions to support financial inclusion in the UK, and advise HM Government on the development of its financial inclusion strategy.
Areas of focus include: digital inclusion and access to banking services, savings, insurance, affordable credit and problem debt and financial education and capability.
Read the terms of reference here.
PRESS RELEASES
PRESS COVERAGE
PIMFA delighted to welcome two new members to its Board of Directors
The Independent: UK finance watchdog softens 'name and shame' plans after City pressure
Budget changes will be hard felt by retail investors and the Government must now prioritise stability to build investor confidence
Wealth Investment News: People moves: PIMFA, AXA IM, and Ocorian
PIMFA welcomes 600 professionals at launch of customer vulnerability guide
READ MORE
IFA Magazine: Mastering the MPS Landscape
READ MORE
PIMFA LEARNING AND EVENTS
This year, our award-winning Women's Symposium exceeded all expectations, bringing together 370+ delegates for an unforgettable experience. Building on this incredible success, we’re excited to welcome women and allies from across the industry once again in 2025.
April’s event showcased engaging plenary sessions and three empowering streams dedicated to personal and professional growth. Next year, we’re taking it a step further with an expanded format featuring FOUR elective streams, tackling critical topics in wealth and investment while shining a light on essential, often-overlooked issues.
We’re thrilled to share the first details of our 2025 agenda, offering broader themes and impactful conversations designed to inspire and empower every attendee. Click here to view the topics for consideration.
We are currently offering a discount of 30% off group bookings of 5 or more tickets (enter code PWWA6E6C at checkout).
BOOK NOW
NEW FOR 28 JANUARY 2025
26 FEBRUARY 2025
Live Online Learning
Live Event and Online Conference 10:00 - 17:00 | £250 - £600
£850
PIMFA Learning: The SMF Regulatory Briefing Programme 2025 – All You Need to Know About Everything That Matters Most PIMFA’s new 12-month Senior Managers Function (SMF) Regulatory Briefing Programme supports SMF holders in learning everything they need to know about the issues that matter most to them. It also prepares prospective SMF holders for the highest level of leadership.
The programme consists of a series of monthly live, online one-hour sessions on critical compliance, risk and financial crime challenges, enabling SMFs to:
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Keep up to date with the latest regulatory trends and initiatives
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Demonstrate their commitment to regulatory proficiency
PIMFA Financial Crime Conference 2025 Join us at the offices of Shoosmiths in London, for our our annual one-day financial crime conference exclusively for compliance experts, financial crime specialists, and financial advisers.
The world is changing quickly and the pace of criminal activity and threat actors targeting our sector has not slowed.
This event will be dedicated towards giving attendees the information they need to protect themselves and their clients to stay ahead of those with malicious and harmful intent.
The day will feature headline updates from the industry including:
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Access the training at a convenient time, through our on-demand learning platform
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Keynote speech from the FCA on regulatory priorities for 2025 in the FinCrime space
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Document CPD activity as required
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Highlights and key outcomes
Keynote address from the Homeland Security Group at the Home Office, on the latest updates to the ongoing Economic Crime Plan 2
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Special session from the National Economic Crime Command (NECC) at the National Crime Agency (NCA) on SARS
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Legal update on what firms need to know within fraud and regulatory for 2025, featuring hosts Shoosmiths LLP
By enrolling on this Programme SMFs will be able to: •
Evidence to the FCA their in-role competency and capability required under SMCR.
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Rapidly assess the firm’s compliance exposure and vulnerabilities.
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Get ahead and make sense of a broad, complex, and ever-evolving regulatory and compliance landscape.
Book your early-bird tickets here.
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Set priorities to develop a proactive regulatory change management programme.
BOOK NOW
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Lead your firm on how best to mitigate risks, create a firm-wide compliance culture, make sound decisions, and build resilience across the business.
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Improve their strategic thinking and ability to respond to regulatory change effectively.
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Explore with peers the latest research and best practices for managing risk to safeguard enterprise value.
Click here for more information and booking.
BOOK NOW
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