Bulletin 23 March 2018

PIMFA - Building personal financial futures

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BULLETIN 23rd March 2018 Dear Members PIMFA Bulletin is a fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within the industry and PIMFA.

WHAT IS PIMFA WORKING ON? PRIIPS PIMFA and a number of member firms met with the FCA to, amongst other things, provide feedback on issues surrounding the distribution of KIIDs and the difficulties firms face in determining whether or not a financial instrument is within the scope of the PRIIPs regime.

Call for Input on Smarter Regulatory Reporting PIMFA attended a Breakfast Briefing at FCA addressing the 'Call for Input on Smarter Regulatory Reporting'. Following the briefing, where attendees were mainly large banks and insurance companies, we have organised a follow up meeting with FCA to get more detailed feedback as to how they see concepts applying to smaller firms.

Defined Benefit Pensions PIMFA are currently considering the immediate impacts of the government’s white paper on Defined Benefit Pensions. In our view, the proposals laid out by the government are largely sensible although relatively light on detail. We believe that much of the meat of these recommendations will be subject to further consultation in future and we will be consulting membership on what our response should be.

More broadly on the pensions front, we are currently engaging with the FCA and tPR on what their future strategy should be. Both bodies are considering how the two bodies can work effectively in future. This is particularly pertinent to concerns around consumer choice at decumulation with, it is speculated, the emergence of trust based schemes providing income in the retirement market as part of recommendations set out in the FCA’s Retirement Outcomes Review.

PIMFA Consultation Responses PIMFA responds on behalf of our membership to numerous key issues within our industry.

We do this via vital feedback and discussion with member firms via our committees, working parties and industry forums.

From this member feedback PIMFA create responses to consultation documents and discussion papers issued by bodies such as the UK’s regulator, the Financial Conduct Authority (FCA), Government departments and many European and International bodies.

The scope of regulation is increasing all the time and one of PIMFA’s key objectives is to ensure this regulation is proportionate and fair, bringing real benefits to the investment management and financial advice community and their clients.

Read the latest PIMFA Consultation Papers Here

PIMFA & GDPR In line with GDPR requirements PIMFA members will be required to opt in to our marketing communications before 25th May if they wish to continue receiving this from us.

You can do this by ticking the 'opt in GDPR box' found in your preference centre of the

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What is coming up in PIMFA? PIMFA Compliance Conference 2018 Thursday 14th June 2018 Herbert Smith Freehills, Exchange House, Primrose St, London EC2A 2EG This year’s full day conference will bring together a high-level audience who can engage with the leading industry experts and discuss the key issues facing compliance professionals in the personal investment management and financial advice world.

There will be plenty of opportunity for questions, discussion and networking with other professionals and advisers in the area of Compliance.

More details including the agenda will be available shortly.

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What's happening in our industry?

Delay of Insurance Distribution Directive On the 15th March, the European Parliament and Council signed the text delaying the implementation of the IDD until 1st July 2018 and its application until 1st October 2018.

This will apply with retroactive effect from the 23rd February 2018. The application of the two IDD Delegated Regulations on POG and IBIPs will also be postponed to 1st October 2018.

Insurance intermediaries carrying on cross-border activities in the EU must take into account the possible early implementation and application of the IDD in other Member

States as the postponement does not prevent individual States from applying their national rules prior to the 1st October deadline.

Cross-border distribution of investment funds As part of the Capital Markets Union project, the European Commission has published a Regulation on facilitating the cross-border distribution of collective investment funds and a Directive to amend the UCITS Directive and AIFMD. The aim of the proposals is to reduce the cost for fund managers to operate and market cross-border.

The initiative will apply to AIFs, UCITS funds, EuSEFs and EuVECAs. The Regulation seeks to introduce an EU-wide definition of pre-marketing and common marketing standards, as well as a number of measures to increase the transparency in the supervision of cross-border investment funds.

These include a new public and interactive database of fees and charges on the websites of ESMA and national regulators, as well as a new ESMA database on AIFs, UCITS funds and their managing companies. The Directive will align the UCITS Directive and the AIFMD to the new Regulation and introduce a new procedure to de-notify the marketing of AIFs and UCITS funds.

To read the Regulation, click here To read the Directive, click here

FinTech Action Plan The European Commission has announced a FinTech Action Plan to help create a barrier-free environment for FinTechs in the EU under the Capital Markets Union (CMU) initiative. The Action Plan outlines legislative and non-legislative actions that the European Commission will work with and assigns the European Supervisory Authorities (ESA) to enact these over the next two years before the current Commission’s mandate ends. The European Banking Authority (EBA) also published a FinTech Roadmap, setting out its priorities for the sector for 2018/2019.

Latest Industry Events

Morningstar Investment Conference 1st & 2nd May, 2018 Royal Lancaster London, Lancaster Terrace, London W2 2TY Registration is now open for the Morningstar Investment Conference. PIMFA members qualify for a discount rate of just £35 +VAT for the two-day conference. The agenda will cover a wide range of investment vehicles, plus sessions from academics, industry practitioners, experts from the fund management industry and Morningstar’s very own thought-leaders.

Please note: The full price to attend is £225 +VAT, but Morningstar are offering PIMFA adviser and wealth manager members tickets for £35 +VAT. Please book here and quote the discount code: MICUK18PIMFA

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