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PIMFA Fortnightly News Bulletin - 14 February 2020 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? BREXIT Update The UK formally left the EU at 11pm GMT on 31 January 2020 and entered the transition period, which will last until 31 December 2020. During the transition, EU law continues to apply in the UK. The future shape of the UK – EU agreement will depend on the UK’s decision to converge or diverge from EU rules.
The EU offers zero tariffs and zero quotas on all goods entering the EU Single Market and an ambitious free trade agreement in services. This offer is conditional on the UK maintaining a robust level playing field and agreeing a reciprocal access to fishing waters. The UK wants to conclude a Canada-style free trade deal without involving the European Court of Justice in any dispute mechanism. The UK also wants an agreement with the EU on fisheries to recognise that British fishing grounds are for British boats and include annual negotiations on the EU fishing quotas. The Government will not engage in a ‘race to the bottom’ and will maintain the highest standards without needing the compulsion of a treaty.
Negotiations are expected to start on 3 March 2020. For further information, please contact Maja Erceg.
Bloomberg Interview with PIMFA Deputy CEO John Barrass Recently, PIMFA Deputy CEO John Barrass shared his insights on the latest Brexit Developments in an interview with Bloomberg Westminster reporters Caroline Hepker and Sebastian Salek. In the interview, John discussed equivalence in the financial services sector and the kind of changes necessary to prevent fragmentation of the city’s ‘financial ecosystem’ going forward.
Click here to listen to the interview - John Barrass' commentary is featured between 8:36 and 14:40 minutes.
Joint Money Laundering Steering Group (JMLSG) Guidance On the 4 February 2020, the JMLSG published its proposed amendments to its guidance on the prevention of money laundering and the financing of terrorism for the financial services sector. The revised guidance takes into account the changes introduced by the 5th Money Laundering Directive that came into force on the 10 January 2020.
The consultation can be read here and the closing date for comments is the 3 April. For more information, please contact Alexandra Roberts.
HMRC Technical consultation on extension of the Trust Registration Service On the 24 January, the Government published a technical consultation on extending the Trust Registration Service. The consultation sets out the types of express trust that will be required to register and those that will be out of scope, the process for ‘legitimate interest’ requests for beneficial ownership information and the proposed penalty regime. In relation to bare trusts, the government will consider them in light of representations made following on from this consultation. You can find the consultation here and the closing date for comments is the 21 February. For further information, please contact Alexandra Roberts.
PIMFA/Department for International Trade (DIT) Round Table PIMFA held a round table discussion on 27 January 2020 with the DIT on post-Brexit expansion opportunities for UK financial services firms. The biggest areas of economic policy that the UK government will need to focus on post Brexit include international trade and investment. The DIT leads the Government’s efforts in assisting companies to take advantage of new business opportunities and branch out to new locations. It helps UK based companies to trade internationally by providing tailored support as well as removing barriers to trade. As part of the round table with PIMFA, the DIT gave a presentation on its role in the wider government context and the types of services offered to UK companies. The presentation was followed by an open discussion with PIMFA members around areas where the DIT could provide support for their international expansion plans. For more information, please contact Maja Erceg.
Latest PIMFA Press Releases
PIMFA Welcomes IRSG Report on ‘Architecture for Regulating Finance after Brexit’
PIMFA reacts to General Election result: Let's Work Together to Build a Culture of Saving and Investment
PIMFA Under 40 Forum: Consistent theme is the Need for Financial Education in the UK
New MSCI PIMFA Equity Risk Index Series Launched
PIMFA Responds to Financial Transaction Tax
Read all of PIMFA's Press Releases
Latest PIMFA Consultation Responses
PIMFA response to the ICO consultation on their draft right of access guidance
PIMFA response to ESAs’ Joint Consultation Paper: Amendments to the PRIIPs KID
PIMFA Consultation Response on ESMA's Market Abuse Regulation Review
PIMFA’s response to Law Commission Intermediated Securities - Call for Evidence
PIMFA response to Pension transfer advice: contingent charging and other proposed changes
Read all of PIMFA's Consultation Papers
What's coming up in PIMFA? PIMFA Workshop: Training and Competence under SM&CR and MifiD II 3 March 2020, 09:00 – 16:30 PIMFA, 22 City Road, London EC1Y 2AJ Under SM&CR it’s more important than ever that your firm reviews its approach employee training and competence. In this one day interactive training workshop we help you demonstrate to the regulator that you have an effective governance processes in place for the measurement and management of individual competence and capability.
For further information or to book your place click here
PIMFA Workshop: Let’s Talk about Product Governance and PROD Rulebook 24 March 2020, 09:00 – 16:30 PIMFA, 22 City Road, London EC1Y 2AJ
This practical one day workshop prepares you to meet your obligations under PROD helping you make any changes to products and services that you offer, so that by the end of this workshop you will be able to;
Grasp what the FCA expects you to know about Product Governance & The PROD rules
Know how to find PROD and its updates
Know how PROD interacts with the FCA Principles, the COBS rulebook and RPPD
Build effective product governance arrangements
Identify target markets
Obtain, apply and review stress test results
Know how to learn how products work
Limit sales to target markets and tell providers of issues in that area
Exclude inappropriate products for your distribution method
Sign Up
Wealth of Diversity Conference and Women in Wealth Drinks 17 March 2020, 08.30 - 19.00 Fidelity International, 4 Cannon St, London EC4M 5TA
Join us on 17 March for the 2020 Wealth of Diversity Conference where we will be discussing topics including;
Culture and Inclusion
Metrics
Unconscious Bias
Why Diversity Matters
The conference will be followed by our first Women in Wealth event of 2020 in the same venue.
Early Bird tickets available for a limited time - click below to book your place.
Sign Up
Cyber Resilience Conference 29 April 2020, 08:30 – 17:30 Venue: TBC | London
Join us in London at the Cyber Resilience Conference for an opportunity to discuss topics such as: •
Latest regulatory updates
•
Emerging technology and implementation
•
Governance, Risk Management & Capability – The Human Element
This conference will highlight the different approaches taken by firms to safeguard their operations and what trends the industry needs to be aware of to prepare for future threats. This event is a must for senior managers in the sector.
Sign Up
2020 Events and Learning Call for Speakers Do you or someone you know have an amazing story to share, a great innovation to showcase or do you just love being on stage? Complete our Call for Speakers Submission form and let us know about it so we can get you involved in 2020!
Please click here to complete your submission
What's happening in our industry Latest news from the Financial Conduct Authority (FCA)
New appointments to the FCA Board announced The Treasury has today confirmed the appointment of two new Non-Executive Directors to the FCA Board. Jeannette Lichner and Bernadette Conroy will each serve three-year terms beginning on 1 April 2020 and 1 August 2020 respectively.
They will join the Board as Amelia Fletcher OBE and Catherine Bradley CBE step down following the end of their terms as Non-Executive Directors, having served since April 2013 and August 2014 respectively. Amelia Fletcher will also step down as a NonExecutive Director of the Payment Systems Regulator (PSR). Nick Stace, who was appointed in April 2017, has also stepped down from the FCA and PSR Boards as of 29 January 2020.
Current FCA Chief Executive Andrew Bailey will stand down from both the FCA and PSR Boards on 15 March.
Read the full FCA press release here.
FCA appoints Sheldon Mills as Interim Executive Director of Strategy and Competition Currently the FCA’s Director of Competition, Sheldon Mills will replace Christopher Woolard as he steps into the role of Interim Chief Executive. He will become a member of the FCA’s Executive Committee.
Sheldon joined the FCA in September 2018 from the Competition and Markets Authority, where he served as a Senior Director for Mergers and State Aid. Since joining he has led the FCA’s work to make sure competition works well for consumers and tackle anticompetitive behaviour in the financial services industry. Sheldon will take up his role on 16 March 2020.
Read the full FCA press release here.
Latest Industry Events Diversity and Inclusion Workshop by Braxton Group
27 February 2020, 14:00 – 17:00 MBAR, Unit 2-3, 60 Threadneedle St, London, EC2 R8HP
At this workshop, you will learn how to nurture a culture to attract and retain the best staff and customers. You will also contribute to building sound business principles that develop Diversity and Inclusion in the workplace.
Sign Up
The Money Marketing Awards 2020 June 2020 London
The Money Marketing Awards recognise, reward and bring together the industry's leading advisers and providers for an unforgettable night of networking and celebration.
The shortlist of nominations will be announced in March 2020. Find out more about the awards here. Sign Up
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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