PIMFA BULLETIN
4
MSCI PIMFA Index Series
New Asset Allocations Effective 01.09.2023
The PIMFA Indices Committee met in July and agreed changes to the portfolio weights of the MSCI PIMFA Index Series. These changes became effective Friday 1st September 2023
To view the new Current Asset Allocation for the MSCI PIMFA Private Investor Index Series, click here
To view the new Current Asset Allocation for the MSCI PIMFA Equity Risk Index Series, click here
PIMFA Releases Three New Consumer Duty Podcasts
PIMFA, alongside associate member firm Leaman Crellin, have released three new Consumer Duty podcasts exclusively for PIMFA members, subjects include:
• Potential breaches, investigations and how firms might approach FCA enforcement action
• What happens when the FCA decides to investigate your firm
• How you, as Head of Compliance, can manage multiple internal stakeholders when your firm is under FCA investigation
All of these podcasts and more can be found here
PIMFA Working Groups
The next PIMFA Cyber Group meeting will take place on Thursday 28 September 2023 between 15:00 - 17:00, followed by wine tasting and networking at J M Finn, 25 Copthall Avenue EC2R 7AH, or via MS Teams.
Please contact KevinS@pimfa.co.uk to book your place.
PIMFA Tax Group
Next meeting: Thursday 7 September via MS Teams
The next PIMFA Tax Group meeting will take place via Teams on 7 September, running between 10:00 - 12:00.
Iona Martin, Head of Private Banking Tax at KPMG, has kindly agreed to talk to us about current operational tax issues which may impact PIMFA firms' clients, and to look ahead at forthcoming tax changes which firms will need to start preparing for. There will also be a Q&A session.
If you or a colleague would like to attend the meeting, please email KevinS@pimfa.co.uk
PIMFA Transaction Reporting Working Group
Next meeting: Monday 25 September 10:00 - 12:00 via MS Teams
The next Transaction Reporting Working Group meeting will take place via Teams on 25 September, between 10-12.00
Matthew Vincent and Simon Appleton from Kaizen have kindly agreed to explore the FCA's recent MarketWatch 74 newsletter and to run through some of the transaction reporting issues they have encountered recently when working with their clients. We will also have a Q&A session.
If you or a colleague would like to attend the meeting, please email KevinS@pimfa.co.uk
Joint Money Laundering Steering Group Revised Guidance on crypto-asset exchange providers & custodian wallet providers
The Joint Money Laundering Steering Group (JMLSG) has published final revisions to Sector 22 (Crypto-asset providers and custodian wallet providers) in Part II of its Guidance which includes the addition of Annex I to Sector 22 (concerning crypto-asset transfers).
The JMLSG guidance refers to provisions of The Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) which implement the Travel Rule for crypto-asset transfers in the UK.
These obligations are effective from 1 September 2023 (Regulations 64A-64H).
Inside FCA Podcast: Fighting Fraud and Financial Crime
The FCA’s podcast outlines the tools used to help tackle different types of fraud, including the use of data to identify and prevent harm. It also sets out the FCA’s expectations of firms to help tackle financial crime and protect consumers from harm. Access the podcasts below:
• Inside FCA Podcast: Fighting fraud and financial crime
• Transcript: Interview with Emad Aladhal on fighting fraud and financial crime
FCA Guidance ‘Supporting Consumers with Pension Transfers’
The FCA had published new guidance for firms supporting consumers with vulnerability characteristics when providing pension transfer advice.
The regulator expects firms to be aware of potential vulnerability indicators, creating an environment where consumers feel they can disclose their needs, and have structures in place to provide suitable support.
This guidance contains the FCA’s description of consumers with vulnerability characteristics, the link between Consumer Duty, vulnerability, and pension transfers and FCA’s assessment of harm.
Moreover, the guidance contains multiple case studies of what the FCA consider to be examples of good versus poor outcomes.
ACCESS FCA GUIDANCE
Criterion MPS Standards published
Over the last year or so, Criterion has been working with discretionary fund managers and investment platforms to develop standards for processes that are integral to the management of model portfolios on platforms.
The draft standards - covering model editing and rebalancing functions and the reporting of related MI - have now been published.
For further information, please see Criterion's press release
Office of Financial Sanctions (OFSI) Implementation updated guidance
The OFSI has published updated guidance on its enforcement and monetary penalties for breaches of financial sanctions.
Section 10 has been updated to provide further details on how OFSI assesses the severity of breaches.
PRESS RELEASES
PIMFA welcomes Chancellor’s Mansion House Reforms
Inflation hammering value of cash savings worth more than
PIMFA warns firms not to be Consumer Duty Zombies 28
READ
PRESS COVERAGE
Professional Adviser: How the FCA is lagging behind on crypto regulation...
Business Telegraph: The Consumer Duty is Proving a...
Citywire: Scottish Widows complaints surge despite...
7 September | 11:00 - 12:00
PIMFA WEBINAR: HOW PIMFA FIRMS CAN SUCCESSFULLY TAKE THE WORRY, FRUSTRATION & STRESS OUT OF THEIR CASS AUDIT (SESSION 2)
21 September | 09:00 - 17:00
PIMFA COMPLIANCE CONFERENCE
Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world.
In this FREE 60-minute webinar former regulator and co-creator of the PIMFA CASS Academy Katharine Leaman dispels the myths that surround a successful CASS Audit and withstand scrutiny from regulators, auditors and senior managers.
Bringing together a high-level audience who can engage with the experts, this conference will facilitate fruitful discussions with opportunity for questions and networking. Please
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