WMA Bulletin 4th October 2016 Dear WMA member 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? Client Notification Regulations On 30th September the International Tax Compliance (Client Notification) Regulations 2016 came into force. These require financial institutions and other entities to inform clients with offshore accounts of their responsibilities in respect of UK tax liabilities. A fuller note on this will be included in the next WMA Update.
Industry Working Group on Transfers and Re-registrations On 22nd September 2016 WMA attended the latest industry working group that is finalising a consultation paper in respect of asset and wrapper transfers and re-registrations. The consultation is expected to be published in the next two weeks and a link to it will be available via the WMA website.
What is WMA up to? Retail Markets Committee On 21st September the WMA Retail Markets Committee had a discussion with Stuart Rutherford in his role as Business Development Manager for SMEs & Retail Markets at the London Stock Exchange. Brexit, quote to deal ratios, and broker exit fees were also discussed at the meeting.
Senior Managers Regime The WMA has met with the FCA to discuss the extension of the Senior Managers Regime to investment businesses. Further engagement with the FCA is planned before the publication of the Consultation Paper (CP) next year.
MiFID II FCA have published CP16/19: Markets in Financial Instruments Directive II implementation proposals – Consultation Paper II. We have discussed with the FCA the client reporting rules under MIFID II; a number of issues were identified and we will be publishing our analysis on this topic in November.
Latest asset allocation changes to the FTSE WMA Private Investor Index Series Click here to view the latest changes in the asset allocation changes to the FTSE WMA Private Investor Index Series. These changes will come into effect as of 1st November 2016.
What's coming up in our industry? Join the WMA who are sponsors at the In|Vest Europe event on 15th November in London. In|Vest Europe brings the wealth management industry together to explore the latest innovations in investing, saving and financial advice. Join hundreds of executives representing digital platforms Need to know more?
private banks, investment advisers and technology leaders.
Check out the event
Featured speakers include executives from Scalable Capital,
website or contact us at:
MoneyFarm, UBS, Citi, ING and BNP Paribas Wealth
Maria.DeMartino@sourcemedia.com Management. +1 212-803-8775. Use promo code WMA to receive a 15% discount when you register on the event website.
HMRC AEOI event On 7th October HMRC is hosting an Automatic Exchange of Information event at which WMA will be speaking. The event is aimed at smaller financial institutions who are less familiar with the workings of FATCA and the Common Reporting Standard.
What's coming up in WMA? WMA Women in Wealth Forum 6th October 2016 (9:00 to 14:00) RBS, 250 Bishopsgate, London EC2M 4AA There are only a few places left for the final WMA ‘Women in Wealth’ event for 2016, which will bring together women from across the industry for peer-to-peer networking and inspiration. The event will provide practical hints and tips for delegates to take away. Speakers will include women from within the industry, including a CEO panel, and those external to it - including Lady Barbara Judge, CBE, Chairwoman of the IoD. View the agenda here. Book now to ensure that you don’t miss out.
WMA Briefing Events Various locations October to December 2016
WMA Briefings provide member firms with information on current and upcoming UK and EU Regulatory, Business and Operational issues that the WMA are currently working on for the community. They are also a great opportunity for firms to discuss with WMA any issues affecting them and to network with industry peers. These events are free to members and entitle attendees to 1.5 CPD hours. To book your place and for more information on any WMA Briefing, click on the relevant city below or click here for a list of all WMA events. Belfast – Birmingham - Bristol – Dublin – Glasgow – Jersey – Leeds - Liverpool – Newcastle Norwich