WMA Bulletin 10th August 2016
What's going on in our industry? European & Securities Markets Authority (ESMA) Feedback on Transaction Reporting WMA have recently ascertained from FCA that ESMA is expected to publish the guidelines and feedback to its Consultation Paper on Transaction Reporting at the end of September/beginning of October 2016. Once it is published we will review with the relevant working group and provide appropriate analysis for the wider WMA membership.
Transfers and Re-registrations Industry Stakeholder Event: 23rd August 2016 As part of the work of the cross-industry working group (which is due to report back to FCA in September with proposals for how transfers and re-registrations can be improved), an industry stakeholder event will take place at the Association of British Insurers (ABI). The event will give attendees the opportunity to hear directly from the FCA about the nature of its concerns and also enable the Working Group to inform attendees of the work it has undertaken to scope the problem and hear feedback from stakeholders on the appropriate way forward. WMA member firms can register here for this free event.
Useful Links on Data Transfers and Data Protection Regulation Members may find the below two links of interest:
The first is an article on transferring data to the US – after the European Court of Justice quashed the existing “safe harbour” agreements: https://iconewsblog.wordpress.com/2016/08/04/the-what-why-and-how-of-transferring-data-tothe-usa/
The second is from the Information Commissioner's Office providing an overview of the General Data Protection Regulation: https://ico.org.uk/media/for-organisations/data-protection-reform/overview-of-the-gdpr-1-0.pdf
IRSG Data and Cyber Workstreams Members may be interested in this paper which has been produced by a working group for the think tank, Financial Services Information Sharing and Analysis Center- chaired by Paul McCormack from HSBC. The Guidance Note sets out a summary of laws requiring or enabling cyber intelligence across a number of EU jurisdictions.
What is WMA up to? Industry Meetings WMA held a meeting with FCA to discuss ESMA’s Final Report for the assessment of knowledge and competence. We have also had an initial discussion with FCA on the impact of Brexit on our member firms where we also outlined the work we were undertaking on this issue. In addition to the above two meetings we have also attended a Trade Associations MIFID II roundtable and been part of ongoing discussions on the funding review of FSCS.
Liz Field Interview with FT Adviser WMA Chief Executive talks to FT Adviser about the wealth management industry and the uncertainties still apparent in MiFID II. Watch the video here.
What's coming up in WMA? Meeting regarding "Tax Simplification" On 17th August 2016 WMA iwill be holding a second meeting of its “tax simplification” working group as we seek to finalise some proposals that we can present to Government prior to the Autumn Statement. A summary of the key issues identified was contained in the 29th June 2016 Bulletin.
WMA Fintech Conference - Evolution, Not Revolution? 7th September 2016, KPMG Offices E14 5GL Our Fintech Conference will provide attendees with a platform to discuss the advantages and potential risks of bringing technology and the Wealth Management industry closer together. Our aim is to encourage firms to review new technology and reflect on ways in which they can adapt their businesses for the benefit of their firms and clients. WHY ATTEND?
WHO SHOULD ATTEND?
Hear from industry experts on the following topics: This event should be attended by senior •
Robo Advice
professionals from the wealth management
•
Blockchain
industry including:
•
Digital Impact
• CEOs
•
Front End
• COOs
•
Best of Breed vs All in One
• CFOs • CIOs • IT Directors
Book your place today
WMA Annual Summit 9th November 2016 The Grange Hotel Tower Bridge London E1 8GP
The WMA 2016 Summit is an excellent opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the wealth management sector. It is a unique opportunity for the wealth community to debate the future of our industry and its role in spurring economic growth. Sir Ranulph Fiennes Bt OBE will be giving an unmissable presentation to close the Summit.
Watch the video about the event and Book now to ensure you don’t miss out.
Edinburgh Briefing and Suitability Seminar 20th September, Lloyds Bank EH1 1YZ Join us for our Edinburgh WMA briefing followed by a CPD Seminar on suitability requirements. Suitability remains the FCA’s over-riding concern in Wealth Management and Financial Advice sectors. It's been five years since the FCA's 'Dear CEO' letter, but it’s clear from recent supervisory activity that the regulator believes a great deal of client files are still failing to evidence suitability. The recent spate of s166 skilled person notices, issued in the wake of the 2015 wealth sector suitability review, are a sure sign that patience has run thin. Book your place to learn more.
For more information on many of the articles above visit the WMA Members Area of our website. If you have queries you can also contact the relevant WMA Staff Member. If you have forgotten, or do not have your WMA log in details, please contact us at enquiries@thewma.co.uk. Website: www.thewma.co.uk Tel. (+ 44) 20 7448 7100