WMA Bulletin 2nd May 2017 WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA.
WHAT'S HAPPENING IN OUR INDUSTRY? ECON Committee adopts FinTech report The European Parliament’s Committee for Economic and Monetary Affairs (ECON) adopted an own-initiative report on FinTech on 25th April. The report, which is non-binding, calls on the Commission to propose an action plan to help spur the development of the sector in Europe. The author of the report, Cora van Nieuwenhuizen (ALDE), stressed that the action plan should ensure proportional and risk based regulation of the sector, address the risk of cybersecurity and ensure sufficient protection of consumers. The Parliament's plenary is expected to vote on the report on May 31st. It will complement the Commission's workstream, which is currently gathering industry views through a public consultation.
Brexit – Macron wins first round of French presidential elections Emmanuel Macron won the first round of the French presidential elections on 23rd April with 24 per cent of the vote, and ahead of Marine Le Pen's 21 per cent. Both candidates will now compete in a run-off vote on 7th May, with current polling predicting a comfortable win for Macron. Neither candidate represents a main party, meaning that it is unlikely that they will be able to command a majority after parliamentary elections in June, making it more challenging for either of them to pursue an ambitious reform agenda. A win by Le Pen would complicate Brexit negotiations significantly, making it more difficult for the EU come to a common position.
Brexit – Council agrees on negotiation guidelines The European Union agreed on the broad parameters of its negotiation position for the upcoming Brexit talks at a meeting of EU leaders on 29th April. The Commission will now develop more detailed negotiating directives that will make up the mandate for the negotiating team around Michel Barnier. The Council expects to adopt the directives towards the end of May, with negotiations expected to begin in earnest after the end of the UK’s general election on 8th June. The EU is hoping to conclude the first phase of the negotiations on the principles of the UK’s withdrawal from the EU in the autumn of 2017. Only when sufficient progress has been achieved, will the Council give Barnier the permission to begin talks on future EU-UK relations. Recent political hostilities suggest there is a wide gap to close.
Morningstar Investment Conference Complimentary Passes for WMA Members The Morningstar Investment Conference, supported by WMA, gathers financial advisers from all across the UK to hear from some of the best minds from the world of fund management and academia as well as drawing on industry associations and other experts. 2017 will mark it's 11th anniversary in London. When The agenda will cover a wide range of investment vehicles
9-10th May 2017
discussed by experts in the fund management industry who will give their insight on the future of their asset classes as well as examining the market from a macro perspective. In addition, there will be sessions from regulators, industry
Where Park Plaza Riverbank Hotel, London
practitioners, alongside Morningstar’s thought-leaders.
Contact
View the full agenda here.
investmentconference @morningstar.com or
For WMA members responsible for managing clients’ money, you will receive a complimentary ticket to the two day conference. Simply register here and use the discount code MICUK17WMA1 at the end of the form.
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+44 (0)203 107 2901
WHAT'S WMA WORKING ON? ICO Consultation on Profiling and Automated Decision Making
The WMA has responded to the Information Commissioner's Office Consultation on Profiling and automated decision making which can be read here.
VAT and SIPPs The WMA has been discussing with a few member firms some issues relating to VAT and SIPPs, including inconsistency between different parts of HMRC Guidance, inconsistent application of existing guidance, unlevel playing field of VAT treatment between insured and non-insured SIPPs and the need for clearer disclosure of what is and what is not an insured-based SIPP. WMA plan to set up a meeting with member firms and HMRC. Anyone interested in attending please contact Andy Thompson.
Fintech Conference Competition The WMA is pleased to announce the second WMA FinTech Conference which is scheduled for Wednesday 7th September 2017 in conjunction with the London Stock Exchange (LSE). Our FinTech Conference is a one-day event which will provide attendees with a platform to discuss the advantages and potential risks of bringing technology and the Wealth Management industry closer together. We are once again holding an open competition for firms to demonstrate their ‘Future Fintech Solutions’. For more information and to apply, please visit the website.
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WHAT'S COMING UP IN WMA? WMA GDPR Conference 2017 18th May 2017 When: 18th May 2017, 09:00 to 16:00 Where: TBC, London CPD hrs: 5 Tickets: ÂŁ225 +VAT (Members), ÂŁ450 +VAT (Non Members) In light of the new GDPR regulations coming into force in May 2018, the WMA is hosting a full-day workshop to help firms meet their data protection obligations. This conference will be a deep dive one-day event that will specifically focus on the likely impact GDPR will have on
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business critical processes and provide a framework to keep your organization GDPR compliant.
WMA Women in Wealth Networking Breakfast 6th June 2017 When: 6th June 2017, 08:30 to 10:30 Where: RBS, 250 Bishopsgate, London EC2M 4AA CPD hrs: 1.5 Tickets: Free to WMA members only This breakfast event in the Women in Wealth series will focus on the 'Business Benefits of Diversity' and will provide attendees with a forum to explore new ways to encourage diversity in the workplace.
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We warmly welcome both men and women to these events and would encourage female attendees to bring a male colleague along.
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WMA Compliance Conference 29th June 2017
When: 29th June 2017, 09:00 to 16:30 Where: Herbert Smith Freehills, London CPD hrs: 4.5 Tickets: ÂŁ225 +VAT (Members), ÂŁ450 +VAT (Non Members) This full day conference will bring together a high-level audience to engage with the leading industry experts and discuss key issues shaping the compliance in the investment management and financial advice world. Speakers will include FCA and FOS and delegates will hear updates on MiFID, PRIIPs, SMR and other hot topics.
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View the full agenda here.
New Sponsorship & Hosting Opportunities for 2017/2018 The WMA's 2017/2018 Sponsorship Programme offers a comprehensive listing of its events, and provides an early bird opportunity for members to lock-in lead sponsorship for hosting any of our sell-out events . To find out more about these events and how your firm can get involved, please email Cheryl Chickowski.
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