WMA Bulletin 26th July 2016 WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA.
What's going on in our industry? FCA's Andrew Bailey Speech On 19th July Andrew Bailey, Chief Executive at the FCA, delivered a speech at their 2016 Annual Public Meeting, in it he discusses the recent work and future challenges. Click here to read the speech.
FSCS Funding Model WMA continue to attend a series of meetings between FCA and FSCS addressing the proposed funding model of FSCS.
What is WMA up to? Work with FCA, HMT and TCUK on Brexit At a recent WMA Board meeting, it was agreed that in formulating our response for HMT to consider as part of the information required for the Government negotiations following Brexit, we should also feed the information into TheCityUK (TCUK). This will be alongside the other major trade associations including BBA, IA and ABI. We have a number of meetings set up during the Summer with members, FCA and HMT. If any firms are doing their own company impact analysis please do send it in, so that (confidentially) we can provide further examples to our submissions. FAO John Barrass or Liz Field.
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Meeting with ESMA on Product Governance Last week WMA had a very helpful meeting with the team at the European Securities and Markets Authority (ESMA) who are responsible for Product Governance. They are currently drafting level 3 material for publication in Autumn 2016.
Guidelines for the assessment of knowledge and competence WMA are meeting with the individual responsible at FCA for ESMA’s Guidelines for the assessment of knowledge and competence. FCA’s proposals to address this guideline will be in the MIFID II Consultation Paper to be published in September.
FCA We recently met with the FCA to discuss their Guidance Consultation on ‘wind down planning’.
New Market Abuse Web Area The Market Abuse area on the WMA website has been updated with all new content - click here to take a look (please note this is for members only so you will need your log in details to access it. If you have forgotten your details lease email us)
New WMA member Welcome to the latest WMA full member, Lloyds Banking Group, Wealth Investment Office.
What's coming up in WMA? Brexit On 28th July the WMA Brexit Special Interest Group (under the auspices of the European and International Board Sub Committee) will meet to consider the implications of Brexit specifically for the WMA community, and the requirements that our firms would have of any agreement reached by the Government with the EU on market access and related matters. The results will be available to members on the website and fed into the coordinating processes run by TheCityUK (TCUK) to bring the financial services negotiating briefs from different sectors of the industry to the Government as a coherent whole. This will take place during August and early September. We will arrange further meetings and announce these in due course.
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WMA Annual Summit 9th November 2016 The Grange Hotel Tower Bridge London, E1 8GP The WMA are excited to launch the 2016 Summit which will be a unique opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the wealth management sector. It will also be an exceptional 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 WMA Annual Summit. Book now to ensure you don’t miss out.
Insight 360: Senior Managers Regime Our next Insight 360 event will examine how the Senior Managers Regime (SMR) has been implemented for banks and will be extended to investments firms. As part of this question and debate roundtable, our highly experienced and knowledgeable panellists will give their perspective on a range of issues, such as: - The key components of the SMR - Impact on firms and staff - Lessons learnt from implementation from the banking sector - What is appropriate and proportionate for investment firms? - Who owns SMR within the business? - Actions firms could take in preparation for SMR - Concerns that can be fed into the consultation phase led by the FCA - Exposure of individual staff members–conflict of interest between employees & firms. - Identification of responsibilities and how they are discharged. To find out more, book online now.
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
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