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PIMFA Fortnightly News Bulletin - 11th July 2019 Welcome to the PIMFA Bulletin, our fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within PIMFA and the industry.
What is PIMFA working on? New PIMFA Member Firms We are delighted to welcome a new member firm to the association:
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Pareto Financial Planning – Financial Adviser
We look forward to working with you.
PIMFA launches Sustainable Finance Working Group On 18 June 2019 the European Commission published its Technical Expert Group (TEG) final reports on the latest progress and outcomes of their work on sustainable finance. The reports were on the EU taxonomy, the EU Green Bond Standard and the interim report on climate benchmarks.
Its final report on taxonomy and the interim report on climate benchmarks include a call for feedback. In addition, the Commission also launched new guidelines for companies on how to report climate-related information. These guidelines are built on the proposals
made by the TEG in January 2019.
PIMFA is setting up a new Sustainable Finance Working Group. We aim for the first meeting in September and its focus will be two-fold: to monitor the wide ranging initiatives currently taking place to address Sustainable Finance issues and also to identify any regulatory obligations which arise with regard to client ESG preferences, particularly in the context of a firm’s suitability obligation. For members interested in joining, please contact Des FitzGerald.
PIMFA Deputy CEO on Octomembers podcast PIMFA Deputy CEO John Barrass recently featured in an Octomembers podcast discussing, amongst other issues, FinTech, Cybersecurity, Millennials and Roboadvice.
The podcast is free to download on the Octomembers app or you can listen on Soundcloud by clicking here.
Upcoming PIMFA Training Workshops It’s essential that you keep yourself and your team up to date with the latest thinking and regulation. To aid this, from September onwards PIMFA will be running a number of CPD accredited, face to face training workshops tackling some of the most important issues facing you, our members. 14 Oct: Transaction Reporting 16 Oct: SM&CR: Train the Trainer Conduct Rules 22 Oct: Financial Promotions 19 Nov: Product Governance and the PROD Rules 21 Nov: Assessing Training and Competency SM&CR & MiFID II
For more information on these workshops, please contact learning@pimfa.co.uk
'PIMFA Insights' podcasts
This month PIMFA will launch ‘PIMFA Insights’ a series of podcasts that take a deep dive look into issues impacting and effecting member firms.
If you would like to receive our latest podcasts on Vulnerability, Conduct & Culture and SM&CR please register your interest by contacting Philip Allen via email at learning@pimfa.co.uk
Tips on getting the most out of your membership We thought that it may be useful to remind members of some top tips to ensure they are getting the maximum benefits from their PIMFA membership:
Membership is on a firm level and as such an unlimited number of your staff can sign up for access to the PIMFA members only web area, register for events and free webinars and receive our research and publications free of charge.
We create numerous useful guides for member only use on important technical and compliance issues such as the Senior Managers and Certification Regime (SM&CR), CyberCrime, Defined Benefit Pension Transfers , The Insurance Distribution Directive, Vulnerable Customers, FOS, Inter-broker client transfers, etc that can be accessed here on the members only area of our website (you will need to log in before you can access this - if you have you like log in details please email us)
Remember you can use the PIMFA membership portal to update your details. If you have a large number of staff contacts registered with us, contact us at enquiries@pimfa.co.uk and we will help you keep them up to date.
If you have any questions, please email us at enquiries@pimfa.co.uk and we will be happy to help.
PIMFA Press Releases The latest PIMFA Press Releases:
PIMFA:Industry must Safeguard Public Trust in Sector
PIMFA responds to FCA’s Action on Benefit Transfers
PIMFA comments on Woodford Suspension and the Implications on the Financial Services Sector
PIMFA responds to Evaluation of the Retail Distribution Review and the Financial Advice Market Review Call for Input
Read all of the PIMFA press releases here
PIMFA Consultation Responses PIMFA lobbies on behalf of our membership by utilising our members vital feedback across numerous key industry stakeholders from governmebnt to regulators and beyond.
The scope and volume of regulation is a key concern and one of our key objectives is to ensure this regulation is proportionate and fair, bringing real benefits to the personal investment management and financial advice community and their clients. Our latest consultation papers have been:
PIMFA's response to CP19/12: Consultation on Investment Platforms Market Study remedies
PIMFA’s response to HM Treasury’s consultation on the Transposition of the Fifth Money Laundering Directive
PIMFA’s response to DP19/1 Building a regulatory framework for effective stewardship
PIMFA response to the Evaluation of the Retail Distribution Review and the Financial Advice Market Review Call for Input
Read all of PIMFA's Consultation Papers here
Credit card payment for PIMFA events
With effect from 1st June 2019, PIMFA events will need to be paid for at the time of booking. There will be no option available to select to pay later on invoice. A receipt/paid invoice will be available to download for your records.
Paying by credit card at the time of booking will ensure our booking is complete and your place reserved immediately. The change in process will also significantly reduce the time spent on debt collection which will enable better use of PIMFA resources.
What's coming up in PIMFA? Women in Wealth Forum 8th October 2019 Fidelity International 25 Cannon St London EC4M 5TA CPD: 3 hrs Our final PIMFA ‘Women in Wealth’ event for 2019 brings together colleagues from across the industry for peer-to-peer debate, networking and inspiration.
Speakers will include top female professionals from our industry and its key stakeholders to share insights and experience, as well as a practical element of takeaways suitable for both men and women on individuality within your organisation.
Speakers: •
Stuart Cummins, Managing Director and Executive Head, Needbank Private Wealth •
Liz Field, Chief Executive, PIMFA
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Mark Freed, Chief Executive, E2W •
Anita Rolls, Consultant
Sign Up
PIMFA Annual Summit 2019
16th October 2019 etc. venues County Hall Riverside Building, Belvedere Rd, Lambeth London SE1 7PB CPD: 6 hrs This flagship conference provides delegates with the opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the investment management and financial advice sector, providing an exceptional opportunity to debate, gain insight and network.
Speakers:
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Katy Balls, Political Correspondent, The Spectator
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Julia Dreblow, Founding Director, Fund EcoMarket
Daisy McAndrew, Former Economics Editor & Chief Political Correspondent, ITV News • •
Stephen Bush, Political Editor, New Statesman
Dr. Rebecca Harding, Chief Executive, Coriolis Technologies •
Rt Hon. Jim Murphy, Managing Director, Arden Strategies
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What's happening in our industry Latest news from the Financial Conduct Authority (FCA) FCA's Annual Public Meeting 2019 The Annual Public Meeting 2019 will take place on 17th July at The Brewery, 52 Chiswell Street, London, EC1Y 4SD and will run from 9.30am until midday.
On the agenda will be the 2018/19 Annual Report and Accounts and there will be an opportunity for questions to the Chair, Chief Executive and directors of the FCA.
The event is open to firms, consumers, trade associations and any other interested parties – to attend, please register here.
New Chairs of the Financial Conduct Authority’s Practitioner Panel and Markets Practitioner Panel announced The FCA's Chair, Charles Randell, has announced the below two new appointments of Chairs for the FCA’s Independent Practitioner Panel and Markets Practitioner Panel.
1) Practitioner Panel Tulsi Naidu, Chief Executive of Zurich in the UK, becomes Chair of the FCA Practitioner Panel from 1 August 2019. She has been a member of the Panel since 2017 and succeeds Anne Richards, Chief Executive of Fidelity International.
2) Markets Practitioner Panel Nikhil Rathi, Chief Executive Officer of London Stock Exchange plc, becomes Chair of the FCA Markets Practitioner Panel from 1 July 2019. He has been a member of the Panel since 2015 and succeeds John Trundle, Chief Executive Officer of Euroclear UK & Ireland. Nikhil is also a member of the FCA Practitioner Panel.
For more on the FCA Practitioner Panels, please click here.
FCA SM&CR update The FCA has updated its webpage on solo-regulated firms and the Senior Managers and Certification Regime (SM&CR) to confirm the deadline for submitting “Form O” (Opt Up Notification – for Core and Limited Scope firms only) is 24 November 2019.
Firms deciding to opt-up from their current SM&CR category to Enhanced must ensure they can meet all the requirements, including submitting a Form K, Statements of Responsibilities and a Management Responsibility Map by 24 November 2019. If not, it could mean the firm is in breach of its threshold conditions.
Any queries, please contact Des FitzGerald.
Latest Industry Events Outsourcing Conference 2019 2nd October 2019, 15:30 – 22:00 Wedlake Bell LLP, London
For this year’s Outsourcing event, Compeer will be focusing on technology spend in the wealth management industry and evaluating the role technology outsourcing has in driving efficiency and innovation.
Through peer-group interviews and analysis of our extensive database on the UK wealth management industry, we will look to identify where the best value is in technology outsourcing and outline the impact it has on reducing costs, improving business processes and enhancing client engagement.
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SRI Services and Partners’ Showcase Event 9th October 2019, 10.30 - 20.00 Barbican Centre, Silk Street, London, EC2Y 8DS The unmissable 'SRI Services and Partners' showcase event for financial services intermediaries during 'Good Money Week' 2019.
Enjoy presentations, panel discussions and round table meetings with a range of fund managers and experts from across the ESG, SRI, sustainable, responsible and ethical investment market ... with plenty of time to mingle over a sandwich lunch and drinks reception in the Barbican's beautiful conservatory (when formal proceedings have ended).
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View all the latest industry events on our website here If your firm has an event which you would like to post on this area, please click here to submit it.
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