Bulletin 4th april

4th April 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?

FCA - Advising on Pension Transfers The FCA has published a consultation paper on Advising on Pensions Transfers alongside guidance which came into effect on 1 April. This consultation addresses some new areas arising out of original responses to the 2017 consultation and areas identified through their supervisory work.

Of particular interest are proposals to ban contingent charging on pension transfer advice.

We are currently considering our response but would welcome views.

If you have any questions or comments, please contact Simon Harrington.

Regulation – Training and competence refresher

The SM&CR extension to all FCA regulated firms will be effective from mid to late 2019. In light of this, firms need to start preparing their systems and policies to implement the regime.

Discussions with firms and feedback from consultants suggest that during the application of the SMCR regime, some banks were not complying with the existing T&C obligations.

PIMFA has now published a training and competence briefing to help firms comply with their existing training and competence obligations. Members can find the briefing by visiting the SM&CR area of the PIMFA website here. Please note this is password protected - if you have forgotten your password click here or to register for an account click here.

The briefing contains two sections summarising the existing T&C obligations - rules for all staff and additional requirements for staff with qualifications. Not unreasonably, the SMCR assumes firms are complying with their existing T&C obligations; firms may wish to check they are compliant with the existing rules.

Please send any feedback to Ana Gallego.

PIMFA & GDPR In line with GDPR requirements PIMFA members will be required to opt in to recieve 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 members area of the website (you need to be logged in to do this). You can also click the preference centre link at the bottom of any of our emails.

Please note: To ensure your details are protected PIMFA website password protection requires an eight digit password using a mix of capitalisation, numbers and punctuation. If you don’t have a profile set up with us or your log in details please contact us.

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 through 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

What is coming up in PIMFA? PIMFA Women in Wealth Networking Breakfast Wednesday 6th June 2018 Coutts, 440 Strand, London, WC2R 0QS

Tickets: Free (Members)

The PIMFA ‘Women in Wealth’ series of events gather women from across the industry for peer-to-peer networking and inspiration. This event will focus on encouraging diversity in the workplace and facilitate discussion on what we, as an industry, should be doing to support and nurture women in the sector from a business and personal perspective.

Register here

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 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.

Book your place here

PIMFA Annual Financial Planning Dinner Wednesday 5th September 2018 Middle Temple, Middle Temple Lane, London EC4Y 9AT

This black tie event will be held at the prestigious Middle Temple in central London and will be a continuation of the APFA Annual Dinner welcoming both former APFA and WMA members. The event has been the high point in the financial adviser social calendar and provides a chance for like-minded professionals to discuss and share views as well as entertain guests.

Table hosting opportunity available: We have a limited amount of table hosting opportunities available for our upcoming Annual Dinner on Wednesday 5th September. To find out more about the exclusive benefits of hosting a table please email Richard Adler.

Sign Up

What's happening in our industry?

Brexit – EU 27 Guidelines on the Future EU/UK Relationship At the 23 March European Council Summit the EU27 adopted their guidelines on the future EU/UK relationship after transition.

The Irish border question remains open with a backstop clause preventing recurrence of a hard border, while the Free Trade Agreement element is based on no cherry-picking of market access by the UK, which will on current policies be outside the customs union and single market.

Rules governing data transfer and use, close cooperation on law enforcement and judicial issues, and foreign, defence and security policy, are included. There is room for flexibility and improvement if the UK reviews its red lines. Further consideration of the guidelines will take place at the next Council Summit on 28/29 June.

To read the guidelines, click here

Bank of England moves to provide certainty to transition period The Bank of England and FCA have issued an update on the UK regulatory approach post-Brexit to make clear that EU financial services institutions can assume that UK authorisation or recognition will only be needed by the end of transition.

The approach presumes that a high degree of supervisory cooperation between UK and EU authorities will continue. Fir the future beyond transition, EEA and international banks and insurers may, if they are not conducting material retail business, apply for authorisation to operate as a branch in the UK. Non-UK central counterparties (CCPs) should continue engaging with the BoE on the UK recognition process.

The new approach comes into effect from 29 March 2018 but embodies a solely UK perspective: a similar update from the EU side is needed for certainty. At present there appears to be resistance to this happening, largely because of French lobbying to get UK business.

To read the Update, click here

ESMA restricts CFD trading and bans binary options The European Securities and Markets Authority (ESMA) has prohibited provision of binary options (or asset-or nothing options) and contracts for differences (CFDs) to retail investors using its product intervention powers under the MiFIR, which are time limited to three months.

ESMA will decide whether to extend the measures for another three months before the current measures lapse. Anti-binary options measure will apply one month after publication in the Official Journal, and CFD restrictions a month later.

The FCA has welcomed the decision and expects to issue a consultation regarding its own intention to make the measures permanent.

To read the FCA statement, click here

Euroclear Ireland – delivering a new CSD for Ireland Firms are reminded that Euroclear has published a white paper describing the proposed structure and services of a new, separate Irish CSD and the possible consequences of Brexit on some of the services currently operated by Euroclear UK and Ireland.

Whilst establishing a separate CSD for Ireland, Euroclear are trying to minimise the impact

on firms by maintaining a single instance of the Crest system for both CSDs.

To view the paper, click here

Any questions or comments, please contact Cevdet Sumbultepe

Latest Industry Events

Morningstar Investment Conference 2018 1-2 May 2018 | Royal Lancaster Hotel, London W2 2TY

Registration is now open for the Morningstar Investment Conference, 1-2 May, London.

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. When registering, quote the discount code: MICUK18PIMFA

To register, please click here

Women in Investment Awards

Wednesday 28th November 2018 Finsbury Square, London EC2

Investment Week is delighted to launch their Women in Investment Awards 2018, in partnership with HSBC Global Asset Management. After a fantastic response to last year’s inaugural awards, with over 800 nominations received, they believe 2018’s ceremony can be even bigger and better.

A big step forward has been taken over the last year in pushing for greater diversity in the investment industry but the consensus is there is still a long way to go, especially when it comes to narrowing the gender pay gap, pushing for more flexible working arrangements, and increasing the number of women in senior positions.

Make your award nominations by clicking here

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