Fortnightly bulletin 3rd august 2017

3rd August 2017

PIMFA Bulletin is a fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within the industry and PIMFA*. *APFA and WMA merged to become PIMFA (the Personal Investment Management & Financial Advice Association) on 1st June.

WHAT IS PIMFA WORKING ON? Senior Managers Certification Regime (SMCR) The FCA published Consultation Paper (CP) 17/25 to consult on the extension of the senior managers regime to all FSMA authorised firms.

PIMFA will set up a working party in September to discuss implementation of the regime – details will follow in Update. The closing date is the 3rd November and the CP can be accessed here.

FCA Publish Second Consultation Paper on the Insurance Distribution Directive (IDD) Following on from the first consultation paper on the IDD (CP 17/7), published in March 2017, the FCA has now published its latest proposals (CP 17/23) on implementation of the Insurance Distribution Directive.

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The IDD is due to come into force in the UK on the 23rd February 2018 and replaces the Insurance Mediation Directive. It aims to enhance consumer protection when buying insurance and to support competition between insurance distributors by creating a level playing field.

This second consultation seeks views on proposals relating to changes to the FCA’s rules to implement the IDD requirements for life insurance business, including information provision requirements, and additional requirements related to the distribution of insurance-based investment products (IBIPs).

It also covers changes to implement product oversight and governance provisions and professional and organisational requirements.

PIMFA will be responding to the FCA. The consultation closes on the 20th October 2017. We would welcome members’ views on the issues raised, please email Alex Roberts.

The FCA is planning on publishing a third consultation in the next few months on the final proposals for implementation of the IDD and will issue a policy statement in December.

MiFID II PIMFA recently met with FCA and the Association of Investment Companies (AIC) to review the reporting of leveraged instruments.

PIMFA and the AIC are working together to determine next steps.

Pensions Advice PIMFA and a number of member firms recently participated in a FCA workshop to discuss the recently published consultation paper 'Advising on Pension Transfers'.

We will be drafting a response to the Consultation Paper and consulting with the membership in due course.

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General Data Protection Regulation (GDPR) PIMFA will be holding our GDPR working group on 7th August to discuss the creation of a useful guide for the wider membership.

If you are interesting in hearing more please contact Giulia Lupato.

PIMFA Operations Committee On 27th July 2017 the PIMFA Operations Committee discussed the draft PIMFA Q&A and “pros and cons of omnibus versus segregated accounts” document in respect of Article 38(5) of the CSD Regulation. Further details will be in the PIMFA Update to be published next week.

The Committee also discussed an issue relating to the reporting of index-linked gilts and a requirement fromthe FCA for some firms to have to re-report transactions which included indexation in the clean price. There appears to be an anomaly in the current rules and firms have queried this with FCA. If any firms have been approached by FCA please contact Andy Thompson.

New Members We are delighted to welcome two new members to the association: -

Global Prime Partners (GPP)

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JCAP Treasury Services

WHAT'S COMING UP IN PIMFA? FinTech Conference When: 6th September 2017, 08:30 - 17:00 Where: London Stock Exchange, 10 Paternoster Square London, EC4M 7LS CPD hrs: 5 Tickets: £225 +VAT (Members), £450 +VAT (Non Members) Our FinTech Conference is a full-day event which will provide attendees with a forum to discuss the advantages and potential risks of bringing technology and the investment management and financial advice industry closer together. The day will consist of

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thoughtful debate alongside presentations from competition winners and innovators coming in to the industry.

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Women in Wealth Forum When: 4th October 2017, 09:00 to 13:00 Where: RBS, 250 Bishopsgate, London EC2M 4AA CPD hrs: 3.5 Tickets: Free for PIMFA Members Our final PIMFA ‘Women in Wealth’ event for 2017 brings together colleagues from across the industry for peer-to-peer debate, networking and inspiration.

Speakers will include top female professionals from our industry and its key stakeholders to share insights and experience, as well as a practical element of takeaways suitable for men and women

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on personal brand.

Annual Summit 2017 When: 8th November 2017, 09:00 - 20:00 (including a networking reception) Where: The Grange Hotel Tower Bridge, 45 Prescot Street, London E1 8GP CPD hrs: 6 Tickets: £349 +VAT (Members), £699 +VAT (Non Members) We are excited to launch the PIMFA 2017 Summit. This flagship event is an excellent opportunity to investigate and gain a

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comprehensive understanding of the issues impacting the sector and is an excellent springboard for strategic thinking for your teams. This day long conference also provides fascinating debate on the future of our industry and its role in spurring economic growth.

Keynote speaker: Lord Michael Dobbs Lord Michael Dobbs is best known as the best-selling author of House of Cards which has been successfully adapted for TV in both the UK and US; the latter still running on Netflix, featuring Kevin Spacey.

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WHAT'S HAPPENING IN OUR INDUSTRY? Corporate Offence of Failure to Prevent the Facilitation of Tax Evasion On 12th July 2017 the Government published a Statutory Instrument which brings into force the corporate criminal offence of failure to prevent the facilitation of tax evasion from 30th September 2017 as part of the Criminal Finance Act 2017. Further details are contained in the next edition of PIMFA Update.

Brexit The slow start to the Brexit negotiations has dampened expectations in Brussels for a quick agreement on the UK’s terms of withdrawal from the EU. Lead Negotiator Michel Barnier has communicated to European member states that he does not consider it likely that discussions progress to the UK’s future relationship with the EU in October.

If this were to happen, EU27 leaders would next reconvene in mid-December, signifying a two-month delay. Given that a final agreement needs to be made by October 2018, this would mean a reduction from 12 to 10 months available for talks. The UK Government however remains confident that sufficient progress can be achieved and that both sides will adhere to the original schedule. The next round of negotiations will be held in the week of 28th August.

European Parliament Summer Recess The European Parliament has officially gone into summer recess, which will last until 28th August.

The other European institutions will continue to work but in a reduced capacity. We therefore expect there to be few regulatory updates over the course of August.

You are receiving this email because your firm is a member of the Personal Investment Management & Financial Advice Association (PIMFA) , or you have individually requested to join the PIMFA mailing list.

For more information on many of the articles above visit the PIMFA website.

If you have queries you can also contact the relevant PIMFA Staff Member.

If you are unsure of your PIMFA log in details, please contact us at enquiries@pimfa.co.uk.

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