25th January 2018
Dear Members 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? FSCS We attended the FSCS ‘Plan & Budget Event’ on Friday 19th January to discuss its Plan & Budget for the 2018/19 period. The meeting discussed the Scheme’s expectation for the management costs and initial levy it expects to apply for the coming year, which will include a nine month period ending on 31 March 2019, following which the levy periods will both align with the financial year. The levy it expects to confirm for the coming year will be in the region of £336 million, which is an increase from the £320 million applied over the 2017/18 period. This takes into account the supplementary levy of £24 million and the return of £20 million. The Scheme allowed confirmed during 2018/19 it will be introducing a new single outsource partner to review the majority of FSCS claims and it will announce that new partner shortly. The total amount of FSCS management expenses, to run the Scheme and to pay claims, is expected to be £72.7m which is an increase of £3.5m from the current year. This relates to the higher cost of the FSCS increasing its revolving credit facility to facilitate it funding a seven day pay-out. The Scheme intends to confirm the final levy amount in April 2018.
Recent PIMFA Consultation Responses View the recent PIMFA consultation responses below: •
P17-36 review of the funding of FSCS
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PIMFA response to CP17.33 Insurance Distribution Directive Implementation part 3
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PIMFA Response to FCA CP17.21 Premium Listing for SCCS
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PIMFA response - EBA consultation on Fintech
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PIMFA response - MAC call for evidence EEA worker
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PIMFA response HoL EU select committee deal or no deal inquiry
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PIMFA response to CP 17 25 - extending the SM&CR to all FCA firms
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PIMFA Response to Work and Pensions Select Committee Inquiry on Pension Freedoms
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PIMFA response to CP17 23 - Insurance Distribution Directive Implementation part 2
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PIMFA consultation to CP 17 29 client money and unbreakable deposits
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PIMFA response HoL Constitution Committee - EU Bill inquiry
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PIMFA Response to ICO Consultation - Controller Processor Contracts Guidance
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PIMFA response to ESMA consultation suitability guidelines
Read all the PIMFA Consultation Responses here. If members would like to give their feedback or input to any consultation papers please email us at enquiries@pimfa.co.uk.
MiFID II - Transaction Reporting PIMFA have asked the FCA to give us early warning of any common problems, misunderstandings or mistakes they encounter in the first weeks of Transaction Reporting under MiFID II and they have asked us to reciprocate. In the event that you encounter any issues with the new Transaction Reporting regime, would you please pass the details to Kevin Sloane so that he can share them with other PIMFA members. Firms wishing to raise MiFID II Transaction Reporting queries can use the FCA helpline – (0) 207 066 6040 or email them at mrt@fca.org.uk.
MiFID II - Member Only Information Following the MIFID II deadline members are reminded that they can access a wealth of information on the MIFID II section of the PIMFA website which includes: •
MiFID II Project 'Bible'
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PIMFA MiFID II for Financial Advisers Guide
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MiFID II / MiFIR Source Material
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Transaction Reporting
*Please note all of this material is for PIMFA members only and therefore password protected. If you don't have your login details please email us at enquiries@pimfa.co.uk and we will set you up.
WHAT'S COMING UP IN PIMFA? Women in Wealth Networking Drinks When: 8th March 2018, 18:30 - 21:00 Where: RBS, 11th Floor, 280 Bishopsgate, London EC2M 4RB Tickets: Free for PIMFA members The Women in Wealth event series has been designed to provide a platform for candid discussion amongst professionals within the world of wealth.
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This event will provide access to the UK’s top professionals in the investment management and financial advice industry, to meet people who can contribute to your success and be inspired and motivated to drive your career forward. For this first event in this series for 2018, we will hear from Sarah Soar, Head of Investment Management at JM Finn about her career and lesson learned.
PIMFA Compliance Conference When: 14th June 2018, 09:00 - 17:00 Where: Herbert Smith Freehills, Exchange House, Primrose St, London EC2A 2EG Tickets: £249 + VAT members / £449 +VAT non-members This year's full day conference will bring together a high-level audience to engage with the leading industry experts and discuss the key issues facing compliance professionals in the personal investment management and financial advice world. There will be plenty of opportunity for questions, discussion and
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networking with other professionals and advisers in the area of Compliance.
WHAT'S HAPPENING IN OUR INDUSTRY? The FCA & Practitioner Panel launch new joint survey for 2018 The FCA and Practitioner Panel joint survey is sent annually to a sample of the firms that we regulate. It gives firms an opportunity to provide their views to us anonymously on how we regulate the industry. The survey is carried out on their behalf by Kantar Public, an independent social research organisation to a random sample of 12,000 firms. A sample of firms will be contacted via email in the week commencing 29th January with an invitation to complete the survey. We encourage firms to take the time to fill it in openly, as their views will help to shape the FCA’s future approach. FCA use the results of the survey to better understand the issues affecting firms and how they work with them. The results are presented to the Practitioner Panel and the FCA Board and will be published in the third quarter of 2018. The results from last year’s survey showed that both industry’s satisfaction with its relationship with the FCA and the industry’s rating of the FCA’s effectiveness have increased. Further information If you, or the firms you represent, have any questions, please contact Jack Cole at Kantar Public on 0800 015 0302 or at fcappsurvey@kantarpublic.com, or the FCA contact centre on 0300 500 0597.
Brexit: the Future Relationship The Commission is holding seminars with EU Member States about the long-term future relationship with the UK. The UK has been asked to clarify the sort of relationship it seeks. Exploratory EU/UK talks are expected to begin after the March Council Summit. If successful, they will lead to a joint political understanding that will be published alongside the Withdrawal Agreement and will form the basis of detailed negotiations after the UK leaves the EU (probably during the transition period if agreement on that is reached in March).
Brexit: the Approach to Transition The EU and UK resumed Brexit negotiations on 16 and 17 January. The low key technical talks were conducted without press conferences or media briefings and continued work on the issues under discussion last year. The EU27 negotiating mandates for transition should be adopted on 29 January and negotiations with the UK on transition should start in early February. Details on the shape and duration of transition should be agreed in time to announce a joint position at the Council Summit on 23 March.
Thought Leadership Videos Raconteur, in association with the Daily Telegraph and PIMFA are producing a series of thought leadership videos that may be of interest to members. The first of which is titled: Who or what should make our investment decisions? ETFs vs stock-pickers – is it possible to get the best of both worlds? The video can be viewed here.
Women in Finance Awards Nominate a stand-out achiever in financial services today The Women in Finance Awards returns to the Royal Lancaster London Hotel on 27th June 2018. After the huge success of this year's awards, with over 500 of the UK's top finance professionals gathering to celebrate leadership in diversity and inclusion, you won't want to miss next year's event. Of all the industries in which women are poorly represented at a senior level, finance and financial services have the biggest challenge to address.
With this in mind, PIMFA have teamed up with Vitesse Media and their partners - Savvywoman, Innovate Finance, Voice at the Table, Women's Enterprise Scotland, UK Business Angels Association and other leading advocates for gender parity in the sector to celebrate a new tranche of leaders and rising stars in financial services. Advocates for women in finance are also welcome to apply, regardless of gender. Nominating for the Women in Finance Awards is free, and easy to do. Simply refer to the category and criteria most relevant to yourself, a colleague or friend in financial services, and submit a 400 to 800-word written nomination. Hurry! Nominations close on the 26th January, so get involved today.
Nominate Here
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.
ABI Conference The ABI is holding its flagship Annual Conference on 27th February 2018. This event brings industry leaders, politicians and regulators together to debate the major issues affecting the insurance and long term savings industry. ABI they are offering PIMFA members the opportunity to attend and pay their member rate. To take advantage of this offer please contact Lucy.orourke@abi.org.uk with the following information:
To take advantage of this offer please contact Lucy.orourke@abi.org.uk with the following information: •
First and last name,
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Email address, Company, Job title,
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Choice of morning and afternoon breakout session
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Acceptance of attached terms and conditions
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Any dietary requirements
Private Wealth Europe Forum April 17, 2018 Paris, France
A pan-regional wealth management, wealth planning and international investment management meeting for private banks, HNWIs, wealth managers and family offices. The Forum brings together 200+ industry leaders from the European private wealth management field for a one-day conference discussing strategies to protect, preserve and grow wealth.
PIMFA, 22 City Road, Finsbury Square, London ECIY 2AJ www.pimfa.co.uk (+ 44) 20 7448 7100 Preferences | Unsubscribe