PIMFA - Building personal financial futures
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PIMFA Fortnightly News Bulletin - 6th September 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.
What is PIMFA working on? PIMFA Annual Financial Adviser Dinner In continuation of the APFA tradition, PIMFA held our first financial adviser dinner at the prestigious Middle Temple in central London yesterday.
Attended by over a 100 members and industry figures, the evening had a fantastic convivial feeling with guests having ample opportunity to network and enjoy the beautiful gardens. Former Pensions Minister and Director of Policy & External Communications at Royal London, Sir Steve Webb was the guest speaker for the event. Sir Steve shared stories from his ministerial days with the audience and emphasised the crucial role of financial advice and planning in today’s society.
PIMFA would like to thank all our sponsors, speakers and attendees for making the night such a huge success and we look forward to next year!
PIMFA appoints three new members to their Board of Directors PIMFA is delighted to announce the arrival of three new Board members, adding their considerable experience, skill and commitment to the voice of the UK’s leading wealth management and financial advice trade body.
The three are; •
Penny Lovell, currently CEO of The Private Office and the Sanlam UK Executive Committee;
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Myles Marmion, currently Chief Financial Officer for Ruffer, and
•
Tracey Davidson, currently the Chief Executive of Heartwood Wealth Management Limited.
PIMFA Chairman Lord Deben had this to say on the appointments:
“I am delighted to welcome these three industry leaders to the PIMFA Board. Their experience and expertise will be invaluable in advancing our cause of creating an optimal operating environment for our member firms so that they can focus on guiding individuals and families to build their personal financial futures.”
Work and Pensions Select Committee: Pensions Cost Transparency PIMFA has responded to the Work and Pensions Select Committee inquiry into pensions cost transparency.
In our response we have sought to impress upon the Committee the fact that whilst drives to improve transparency and engagement are important, these should be done in the right context to savers. We do not believe that it is realistic to expect the
majority of individuals to make complex decisions regarding how their money is invested without the right level of professional support.
In addition we are wary of any moves to define value for money solely through the cost of a service. In our view, value should be assessed in context of the service delivered as well as the outcome for the saver. We expect to make further representations to the Committee to this end in the coming weeks.
Should you wish to discuss this further, please contact Simon Harrington.
Tax Incentivised Savings Association (TISA) Survey TISA has asked us to draw to your attention that they are conducting a survey to ascertain the views of financial advisers as to whether peer to peer loans (loans) and debt-based securities (bonds), which HMRC allows into IFISAs, should also be allowed in SIPPs.
The background provided by TISA is that the UK Alternative Finance market recently passed the ÂŁ10bn mark, and with the launch this year of the new Innovative Finance ISA (IFISA) for peer to peer and debt-based crowdfunding, it is becoming increasingly mainstream. The FCA has also made advising on peer to peer loans a regulated activity. Advising on debt-based securities was already covered by existing advice permissions
The survey is short and can be completed quite quickly. To take part, please click here.
"Cold Calling" Pensions Survey This was created for distribution to Financial Advisors so we can understand where firms are after our discussion with the Government on cold calling recently. The results from such a quick survey were very prompt, informative and detailed, providing good opinions from advisers directly on this current hot topic.
Simon Harrington, PIMFA's Senior Policy Adviser, says; 'We have been particularly keen to impress upon government that this ban should not impact on the legitimate activities of advisers. They have accepted this and drafted regulations accordingly. They have asked that we reach out to our members to ensure that our recommendations have been followed through'. For further information, please contact Simon Harrington.
Financial Advisors Short Survey/Financial Adviser Market in Numbers (FAMIN) Report This has been conducted over the last month to help with the new FAMIN report which will be published shortly - and also to help engage with our newer member audience of Financial Advisers. It asks them what things they are looking forward to, what they find good or no-sogood in the Adviser space. It has revealed detail on a more qualitative level as to where they believe things should change or what is of benefit to them and the sector.
The FAMIN Report will be published on the PIMFA website soon.
FCA's Investment Platform Market Study (IPMS) PIMFA is drafting its response to the FCA's IPMS Interim Report and would welcome input from members on the FCA's findings and proposed remedies across a range of issues including platform switching, the presentation of model portfolios, high cash balances, the treatment of "orphan clients" and the application of COBS inducements rules to platform facilities used by advisers.
If you have any comments of feedback ahead of the 21st September deadline, please email Sarah McGuffick.
PIMFA on Social Media Our Bulletin publication is available fortnightly so, in order to keep up to date with PIMFA's extensive range of events, conferences, seminars and dinners, as well as timely updates on our regulatory, public policy and Brexit output, please follow us on Twitter and LinkedIn.
For Twitter, please click here. For LinkedIn, please click here.
PIMFA Consultation Responses PIMFA responds on behalf of our membership to numerous key issues within our industry. We do this via vital feedback and discussion with member firms through our committees, working parties and industry forums.
From this member feedback PIMFA create responses to consultation documents and discussion papers issued by bodies such as the UK’s regulator, the Financial Conduct Authority (FCA), Government departments and many European and International bodies.
The scope of regulation is increasing all the time and one of PIMFA’s key objectives is to ensure this regulation is proportionate and fair, bringing real benefits to the investment management and financial advice community and their clients.
Read the latest PIMFA Consultation Papers Here
PIMFA Press Releases In order to keep you up to speed with what PIMFA is saying to the media and key stakeholders about important issues that affect our members, you can see our recent Press Releases Here.
Our latest releases include: •
PIMFA & FCI launch the PIMFA-AECIS intelligence sharing platform to help identify & prevent financial crime
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PIMFA comments on HM Government preparations for a “No Deal” Brexit
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PIMFA warns on the consequences of a no deal Brexit
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PIMFA announces Fintech Competition Winners
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PIMFA & industry representatives come together to tackle pension & investment transfers challenge
PIMFA Blog For interesting thought-leadership and analysis on the current hot topics in our industry, PIMFA will be creating a regular blog which can found here. The latest addition discusses where we are with the Brexit negotiations and what needs to be done in order to protect our business sector.
This can be read by clicking here.
What is coming up in PIMFA? PIMFA FinTech Conference 2018 Wednesday 12th September 2018, 09:00 – 17:00 BlackRock, Drapers Gardens, 12 Throgmorton Avenue, London 5 CPD Hrs
Join us, on Wednesday 12th September 2018, as the Investment Management and Advice community comes together for the PIMFA FinTech Conference 2018. This a one-day event, giving attendees the platform to explore the advantages and potential risks of bringing together technology and the investment management and
financial advice industry. Industry experts will discuss the latest trends alongside demonstrations by FinTech start-ups, winners of our international FinTech competition 2018, which took place earlier this year. The day will highlight emerging revolutionary ways of thinking and working to provide solutions for corporate and enterprise customers.
Hear from Industry Experts:
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David Brear, Global CEO, 11FS
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Nick Cook, Head of RegTech and Advanced Analytics, Financial Conduct Authority (FCA)
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Mark John, Head of Product & Business Development, Pershing
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Russ Kilman, Strategic Programs & Innovation, SEI
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Pawel Kuskowski, CEO & Co-Founder, Coinfirm
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Dr. Manuela Rabener, Chief Marketing Officer & Co-Founder UK, Scalable Capital
To view the Agenda, please click here.
To book, please click here. Sign Up
PIMFA & EISA Growing Financial Futures Seminar Series 2018 18th September – 15th November 2018 CPD:2 Hrs Free for Members and Non-members
This free regional seminar series, organised with the Enterprise Investment Scheme Association (EISA), aims to bring together all parts of the financial adviser, small business/entrepreneur communities for expert opinions, networking and advice.
Keynote Address by John Barrass, Deputy Chief Executive, PIMFA:
Brexit: “The Implications of the Outcome of the Final Withdrawal Agreement on Small Businesses, Entrepreneurs and Advisers”
Click on the regions below to view the full agenda: •
Edinburgh - 4th October 2018
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Birmingham – 9th October 2018
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Bristol – 16th October 2018
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Leeds – 7th November 2018
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London – 8th November 2018
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Manchester – 15th November 2018
Other Speakers: Simon Harrington, Senior Adviser on Public Policy, will be speaking on “The new retirement – what is the role of financial advice in light of freedom & choice” Desmond FitzGerald – Senior Policy Adviser on Financial Planning & Advice, will explore “defined benefit pensions and suitability”
Sign Up
PIMFA CPD Seminar: Governance / SMCR with Case Studies from AML And Suitability Thursday 27th September 2018, 17.00 - 18.15
Bovill, 82 Blackfriars Road London, SE1 8HA CPD:1 hr Whilst SM&CR is not due to take effect until the fourth quarter of 2019, understanding and preparation are key to successful implementation. To this end, join us to hear expert opinion on: •
The upcoming SMCR implementation for investment firms.
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A model for implementing an SMCR compliant governance model within wealth firms.
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Previous implementation pitfalls/lessons learned in other sectors.
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How SMCR applies to the 3 lines of defence in a worked suitability and / or AML case study.
Sign Up
Associate Members Briefing and Reception Tuesday 2nd October 2018, 17:30 – 19:30 Farrer & Co, 20 - 23 Lincoln's Inn Fields, London, WC2A 3ED Free for Members
We will explore topics such as regulation, operations, taxation etc. There will be opportunity to discuss with PIMFA staff specific issues important to the membership.
This event also showcases our ongoing events and publications programme, providing examples of how Associates can engage with Members and maximise the value they receive from their membership.
Attendees will also benefit from networking opportunities with other industry
professionals over a drinks reception.
Sign Up
PIMFA/KPMG Brexit Conference 2018 Thursday 11th October 2018, 09:00 – 16:00 London As we approach Britain’s planned exit from the EU on 29th March 2019, there still appears to be much uncertainty over the outcomes of the final agreements.
Expert speakers will help shed light on the current situation and what to expect going forward as we leave the EU:
• • •
The State of Play and Future Prospects
UK as a 3rd Country- Ensuring a smooth transition
Role of Financial Regulators- Advice, Asses, Permissions, and Reverse Solicitation: the Private Client Situation in Other EU Member States •
The position of PIMFA firms and clients Sign Up
PIMFA Annual Summit 2018 Wednesday 31st October 2018, 08:30 – 19:30 ETC Venues Bishopsgate, 155 Bishopsgate London 6 CPD Hrs The PIMFA Summit 2018 will be a unique opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the investment management and financial advice sector, providing an exceptional opportunity to debate on key topics facing our industry.
Hear from the leading figures across the world of business, finance and politics such as advisers to HM Government, FCA and the Vice Chairman of Economic and Monetary Affairs Committee in European Parliament.
*Keynote Speaker Announced* Sir Trevor McDonald OBE, Veteran ITN Presenter
Book Now
What's happening in our industry? FCA appoints new Director of Competition The Financial Conduct Authority (FCA) has appointed Sheldon Mills as its new director of Competition. Sheldon is currently Senior Director, Mergers and State Aid at the Competition and Markets Authority (CMA).
At the FCA, Sheldon will be a central figure in delivering one of the organisation’s operational objectives — to promote competition in consumers’ interest. In addition to delivering market studies, for example those currently ongoing into the mortgage and wholesale insurance brokerage market, Sheldon will be responsible for the FCA’s activities to enforce prohibitions on anti-competitive behaviour within the financial services industry.
Sheldon Mills, the incoming director of competition at the FCA, said:
'I am delighted to be joining the FCA to lead their expert and committed competition team. Financial markets face major change and complexity, so the FCA’s competition work is essential. I am looking forward to leading a programme of work which delivers real and lasting change for people and communities across the UK.'
Christopher Woolard, executive director of strategy and competition, said:
'In Sheldon we are getting an undisputed expert in competition law and policy. I know that Sheldon will continue the ground-breaking and vital work the FCA has done since it was given a competition remit, to deliver markets that deliver for consumers.'
Sheldon will take up his role in November.
FCA and Bank of England - Digital Regulatory Reporting pilot open day The FCA and Bank of England would like to invite interested parties to attend their Digital Regulatory Reporting (DRR) pilot open demo and Q&A session on Friday 28 September at the FCA Auditorium.
Please arrive at 14:30 for a 15:00 start at FCA offices, 12 Endeavour Square, Stratford, E20 1JN.
The session will provide an opportunity for attendees to understand the technological, governance and legal decisions made throughout the pilot projects and an opportunity to critique and review the work.
DRR is seeking to modernise the regulatory reporting infrastructure for the UK by creating a straight through processing environment for regulatory terms (for further information, please see the FCA’s Call for Input).
To register for this session, please email regtech@fca.org.uk and use the subject ‘Pilot Open Days’.
Office for National Statistics results show there are important lessons still to be learned about pensions Helen Morrissey digests the recent ONS insights into workplace pensions and how advisers can help.
Auto enrolment’s been hailed a success with over nine million people now enrolled in a workplace pension scheme. However, insights from the recently published Office for National Statistics’ (ONS) Wealth and Assets survey show much more needs to be done if we’re to crack the retirement saving challenge, with figures pointing to a huge lack of awareness around auto enrolment and pension saving in general. Read more by clicking here.
Latest Industry Events AFME’S 2nd Annual European Compliance and Legal Conference Monday 1st – Tuesday 2nd October 2018 ETC. Venues St. Paul’s, 200 Aldersgate, St. Paul’s, London, EC1A 4HD As compliance and legal functions in the financial services industry are facing an unprecedented mix of challenges, we are excited to announce that the second European Compliance and Legal Conference is going to be held across 1.5 days on 1-2 October 2018 in London. Keynotes speakers include:
• •
Robert Ophèle, Chairman, Autorité des marchés financiers (AMF)
Elisabeth Roegele, Chief Executive Director of Securities Supervision, Federal Financial Supervisory Authority (BaFin)
Register today to join over 200 senior professionals.
Sign Up
View all the latest Industry Events on our website here
If your firm has an event that you would like to post on this area, please click here to submit it.
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