Fortnightly bulletin 6th october 2017

6th October 2017 Dear Sheena 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? IDD Consultation No 3 and Policy Statement The FCA has now published a third consultation paper (CP17/33) on implementation of the Insurance Distribution Directive (IDD) in the UK. This covers rule changes to reflect the requirements of the delegated acts, specifically matters relating to product oversight and governance and conflicts of interest and, in relation to IBIPs, matters relating to inducements, suitability and appropriateness and disclosure requirements.

The FCA has also issued a Policy Statement (PS 17/21) setting out near-final rules based on the feedback received from its first consultation paper on IDD implementation (CP 17/7).

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Guidance on streamlined advice The FCA have just published finalised guidance on streamlined advice and the fact find process in response to two FAMR recommendations. The guidance aims to support firms offering streamlined advice on a limited range of consumer needs and to clarify the fact find process. It includes a series of illustrative cases highlighting the main considerations when developing such models. A policy statement incorporating new guidance on personal recommendations is expected in December.

Ageing Population Paper The FCA have recently published an ‘Occasional paper on the Ageing population and financial services’, setting out the findings of its Ageing Population Project and considering the public policy implications of an ageing population. It sets out actions that the regulator and the financial services industry can take to better support older people.

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

MSCI Ltd

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Paragon Customer Communications

MiFID II for Financial Advisers - Guide for Members PIMFA has produced a MiFID II guide for financial advisers, please find it here*. *Please note you need to be logged in to the PIMFA website first to be able to view this members only document.

If you have forgotten your details please email enquires@pimfa.co.uk for a reminder.

The guide sets out the changes affecting Article 3 firms relating to their MiFID and non-MiFID scope business so they can prepare and comply with their new obligations in January 2018.

If you have any comments or feedback please email Alexandra Roberts.

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MIFID II meetings with FCA PIMFA have had various meetings with FCA to discuss costs and charges, product governance and the new capital requirement regime for MIFID firms (other than article 3 exempt firms). Updates will be reflected in the MiFID Project Bible on the members only area of the PIMFA website.

Recent Consultation Responses Survey on impact of EEA workers in the UK market PIMFA has put together a survey to help analyse the impact of EEA workers in the UK market. This survey follows the Migration Advisory Committee’s (MAC) Call for Evidence published in the summer and intends to give an overview of migration trends and recruitment practices among PIMFA members against the background of Brexit.

This survey and the answers received will provide us with some evidence to support our policy recommendations to the MAC and the government on recruitment practices and migration after Brexit.

PIMFA members are invited to take part in the survey, please access it here. The deadline to submit responses is 13th October.

FCA's Live and local Events Details of the FCA's live and local events can be found on their website, the current events are interactive workshops on assessing suitability.

Recent Consultation Responses View the PIMFA Consultation Responses for September 2017 below:

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PIMFA response to CP 17 28 FAMR part II

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PIMFA response HoL inquiry financial regulation and supervision following brexit

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PIMFA Response to CP 17 18 implementing AM market study

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PIMFA Response to CP17.16 - Advising on Pension Transfers

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PIMFA Response to MS161.2 Retirement Outcomes Review Interim Report

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PIMFA Response to FCA MS17/1.1 - Investment Platforms Market Study Terms of Reference

If members would like to give their feedback or input to any consultation papers please email us at enquiries@pimfa.co.uk.

WHAT'S COMING UP IN PIMFA? MiFID II 2.0 Conference When: 24th October 2017, 09:00 to 16:00 Where: ETC. Venues St. Paul's, 200 Aldersgate London EC1A 4HD CPD hrs: 5 Tickets: Member fee: £ 225 + VAT (Members) Non-Member fee: £450 + VAT (Non Members) With just 3 months to go until the MiFID II implementation deadline, it is now more important than ever for firms to stay

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on top of key MiFID II developments and requirements.

This one day conference will focus on the current state of play of MiFID II and will identify actions firms can be taking now. Topics to be covered by respected industry professionals include: · Transaction Reporting including LEIs · Product Governance · Best Execution · Costs & Charges · Suitability

PIMFA Annual Summit When: 8th November 2017, 09:00 - 20:00 Where: The Grange Hotel Tower Bridge, 45 Prescot Street, London E1 8GP CPD hrs: 6 Tickets: £349 +VAT (Members), £699 +VAT (Non Members) Group Discount: For discount on group member ticket rate, please click here 4

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In just under six weeks, the PIMFA Annual Summit 2017 will commence. This event will providing an excellent opportunity to investigate and gain a comprehensive understanding of

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the issues that impact upon the wealth management sector and debate the future of our industry and its role in spurring economic growth.

Closing speaker announced: Lord Michael Dobbs, bestselling 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.

WHAT'S HAPPENING IN OUR INDUSTRY? Latest Industry Events View the latest Industry Events on our website here.

If your firm has an event that you would like to post on this area please let us know here.

Brexit Prime Minister Theresa May sought to imbue new momentum into Brexit negotiations with a landmark speech in Florence setting out a range of compromise positions on citizens’ rights and the financial settlement. She announced that the UK would honour its financial commitments and that EU member states would not have to pay more into the EU budget until 2020 as a consequence of Brexit. The UK would also seek a time-limited transition period.

However, subsequent discussions in Brussels did not provide the desired breakthrough in talks, with EU lead negotiator Michel Barnier noting that it would take “weeks if not months” to achieve the necessary progress for him to recommend that the EU should begin discussing the future relationship. Using a non-binding resolution, the European Parliament meanwhile called on Barnier not to deliver the recommendation until the UK fully agreed the EU’s positions. The UK and the EU will now seek to achieve the necessary progress in the upcoming last negotiating round before the crucial Council Summit on 18th-20th October.

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.

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