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PIMFA Fortnightly News Bulletin - 25th July 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 Financial Adviser Short Survey 2018 If you are a Financial Advice firm we are very keen to hear your thoughts. We are trying to gain some colour as to what are the main concerns of Financial Advisers this year, in terms of time and cost. We also wish to know of the opportunities that lie ahead for firms too. This survey is short and could effectively be answered in under five minutes. Your participation is greatly appreciated and will help give us clarity on where you sit amongst peers in terms of constraints and growth opportunities. All data provided will remain anonymous. We are mindful that our interaction with the Financial Advice community is effective and meaningful so that in particular we can give added qualitative weight to the Financial Advisers Market In Numbers (FAMIN) report this year. Your help is most appreciated and we look forward to your responses. To access the survey, please click here
PIMFA warns on the consequences of a no deal Brexit Following the recent fast-moving Brexit developments, PIMFA has raised concerns on the potential impacts of a ‘no-deal’ Brexit and how it will affect private investors and PIMFA’s member firms. The recently increased risk of a no-deal situation at the end of March 2019 may have appeared to have receded a little following the passing of Government’s Chequers and White Paper proposals and the start of a summer negotiating campaign with EU member States and the European Commission. However, it remains a distinct possibility in the light of continuing differences and numerous unresolved issues. To read the full press release, please click here.
Financial Conduct Authority (FCA) Discussion Paper on a Duty of Care The FCA has released a discussion paper on Duty of Care, which PIMFA are reviewing in the context of our February 2018 response to the FCA Mission Paper: Our Future Approach to Consumers. In that response we argued increasing layers of rules and information disclosure is not always the most effective method for meeting any advice or knowledge gap. Rather firm’s should reasonably be able to apply flexible and common sense approaches to any challenges consumers face accessing the financial services they need. We remain to be convinced that a fixed definition for Duty of Care or mandated responses would be the right approach. If you have any comments or wish to engage further please contact Des FitzGerald
Update on Insurance Distribution Directive (IDD) – EIOPA Q&As On the 11th July, EIOPA published its first set of Q and As on the application of the IDD with particular reference to the Delegated Regulations on Product oversight and governance and Insurance Based Investment Products (IBIPs). The Q and As are not binding but intend to provide practical guidance and support a common supervisory approach. PIMFA will analyse the documents and update our IDD guide where appropriate.
To read the Q&A, please click here.
PIMFA Digital Strategy Survey Digital strategy and innovation plays a pivotal role in the development plans of today’s wealth managers and financial planners. Firms are now asking PIMFA to explore digital technology change in our sector, so we have launched a technology questionnaire, which will help us build a clear picture of where firms are on their digital journey. The questionnaire is anonymous and we will not share your responses with anyone. The survey output will be a benchmark report showing the results and enabling firms to gain a greater understanding of what is happening across the sector and where they are positioned. Would you please complete the questionnaire by end of July 2018. To access the survey, 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 warns on the consequences of a no deal Brexit PIMFA announces Fintech Competition Winners PIMFA & industry representatives come together to tackle pension & investment transfers challenge New draft template aims to help distributors meet their MiFID II responsibilities PIMFA Launches Members Manifesto
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, PIMFA & The Wisdom Council research highlights the urgent need for consumer pension & savings education, discusses research by PIMFA and The Wisdom Council into the urgent need for financial education in schools. This can be read by clicking here.
What is coming up in PIMFA? Annual Financial Adviser Dinner 2018 Tuesday 4th September, 18:30 – 22:30 Middle Temple, London The PIMFA Annual Financial Adviser Dinner brings together over 180 leading industry figures, senior politicians, journalists and regulators. This exclusive event provides an excellent opportunity for industry professionals to network with colleagues, make important contacts and discuss with peers the future of the profession with the industry today.
Keynote Speaker: Sir Steve Webb, Director of Policy and External Communications, Royal London Single Ticket: £250 + VAT Table hosting opportunity: £2,500 + VAT If you’re a firm with less than 10 CF30s individual tickets are discounts, costing £150 each. Please email events@pimfa.co.uk to book this ticket. For more information and ticket prices, please click here. Sign Up
Associate Members Briefing and Reception Tuesday 11th September 2018, 17:30 – 19:30 London (Venue TBC) We will explore topics such as regulation, operations, taxation etc and provide an 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 FinTech Conference 2018 Wednesday 12th September 2018, 09:00 – 17:00
London (Venue TBC) Our FinTech Conference: Utilising Digital in Investment Management is a one-day event, providing attendees with a 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 competition winning FinTech start-ups, highlighting emerging revolutionary ways of thinking and working.
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Key topics covered: • The Digital Customer Experience Creating Customer Engagement Through Digital Channels • Digital Transformation of Back Office Processes • Regtech • Cybersecurity •
KYC & Onboarding 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 is an excellent opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the investment management and financial advice sector and provides access to debate on the key topics facing our industry. Book now to hear from some of the leading figures across the world of business, finance and politics such as advisers to HM Government, FCA and the former British Official to the European Commission. *Keynote Speaker Announced* Sir Trevor McDonald OBE, Veteran ITN Presenter
Book Now
What's happening in our industry? Monte Titoli Italian Financial Transaction Tax Service Firms will be aware that Monte Titoli will cease providing the Italian Financial Transaction Tax Service as of 1 January 2019. We are attempting to identify alternative suppliers. If you have identified another provider, or if your own firm offers this service, we would greatly appreciate it if you could advise Kevin Sloane.
Financial Conduct Authority and Practitioner Panel Survey The FCA have published the results of the joint FCA and Practitioner Panel survey, which gives firms an opportunity to provide their views on how we regulate industry. We use the results to better understand the issues affecting all firms and help us to improve how we work. To read the report, please click here.
Latest Industry Events The Asian Banker - UK Digital Finance Leadership Programme 23rd-27th July 2018 London
The Asian Banker Digital Finance Leadership Programme in London is designed as a five-day programme for senior managers, board members and chief executives from
around the world to interact directly with key players defining the industry today. Delegates will be provided with an exclusive all-rounded set of line-ups – from Fintech workshops and panel discussion with London’s venture capital community, to 13 site visits to organisations such as Startupbootcamp Fintech, London Stock Exchange, Barclays’ Rise London and many more. 10% discount will be given to all representatives and members of PIMFA (Promo-code: UKDFLPspecial). The registration fee includes accommodation. Please contact Orlanda Poblete at opoblete@theasianbanker.com for more details and group discounts. Please click here to see full agenda. Sign Up
The 2nd UK Robo Advice and Digital Wealth Summit Thursday 20th September 2018 London
The digital transformation of the financial services industry is continuing apace, and roboadvice and digital wealth management are a fast-growing part of this digital transformation. Originally conceived as a means of extending financial advice to the mass market, the technology’s real potential lies in its use being extended to insurance, pensions and other sectors. Attendance at the second edition of The UK Robo Advice and Digital Wealth Summit will therefore be invaluable for both incumbents and start-ups that want to know how to adjust their business models to take full advantage of the significant opportunities presented by robo-advice and digital wealth management. This year’s conference will offer attendees the opportunity to listen to talks by a variety of high level speakers including the FCA’s Anna Wallace, who will be giving a keynote earlier on in the day. Discussion topics include: Robo-advice: progress so far and opportunities ahead; Meeting
the developing expectations of regulators; Robo-advice in the UK: a country specific perspective; Customer acquisition and engagement; Increasing the granularity and quality of advice ; Outlook for robo-advice in the pension and insurance sectors; Robo-advice from two different angles: established financial institutions and fintech start-ups. Delegate Fee: £595 + VAT* Small Company and Fintech Rate: £199 +VAT* *Get 20% off these rates by quoting the following discount code at registration: ROBO2PIMFA. Sign Up
AMLP 12th Annual AML & Financial Crime Conference 5 – 6th November 2018 Merchant Taylors’ Hall, City of London The AMLP Forum is an association of leading AML/CTF, financial crime and anticorruption practitioners, both from within and outside financial services, insurance, MSBs, gambling, extractive, defence and other sectors in the UK and internationally. AMLP provides a vibrant platform for the exchange of knowledge, experience and evolving best practice. This event, a mixture of lively lecture-style presentations and interactive sessions, brings together leading stakeholders to examine the latest strategies and practical measures to combat Money Laundering/Terrorist Funding, financial crime & corruption. It provides an excellent opportunity to learn about recent developments, best implementation practices, and share knowledge and solutions with professionals from UK, Europe and further afield. Member fee: GBP £752.00 + VAT Non-member fee: GBP £852.00 + VAT First night dinner fee GBP £85.00 + VAT
For more information on the AMLP, please visit www.amlpforum.com. For more detail on the conference and the agenda, please click here Book here
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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