PIMFA Fortnightly News Bulletin - 7th March 2019

PIMFA - Building personal financial futures

PIMFA Fortnightly News Bulletin - 7th March 2019 Welcome to the PIMFA Bulletin, our fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within PIMFA and the industry.

What is PIMFA working on?

New PIMFA Member Firms We are delighted to welcome a new member firm to PIMFA: 

IMVS Ltd – Software Solution Provider

We look forward to working with them.

PIMFA Hosts DCMS GDPR Roundtable On 27th February 2019, PIMFA hosted a roundtable discussion with the Department for Digital, Culture, Media and Sport (DCMS) focusing on business readiness in respect of the application of the GDPR if the UK leaves the EU without a deal and the impact of this on data flow across border.

DCMS held a presentation on the steps the Government had taken in order to prepare for a ‘no deal’ Brexit and was interested to hear from PIMFA member firms present about their reliance on the flow of personal data from clients in the EU and whether any restrictions on it may affect their ability to carry out investment business or advice in respect of their clients post Brexit. Questions and comments provided by the firms will enable DCMS to investigate these issues further and help determine how they might best be handled.

The DCMS have provided a "Personal Data Transfers in a ‘No Deal’ EU exit Scenario" presentation is available for members to view, as well as a document to help firms ensure they continue to comply with data protection laws if the UK leaves the EU without a deal, including videos, GIFs and 'suggested' external & Internal communications.

Additionally, the Information Commissioner's Office (ICO) have created a six step checklistto help firms prepare for data protection compliance if the UK leaves the EU without a deal.

PIMFA Launches New Under 40 Forum On Tuesday 26th February PIMFA's Under 40 Forum - formally known as ‘Millennial Forum’ - welcomed up and coming talent from the wealth management and financial advisers industry.

The newly rebranded forum, now in its fourth year, addressed how the industry can engage with the next generation of clients who are new to investment, and how to attract and retain new and diverse talent to the industry.

During the year-long forum series, participants - who were selected by nomination by PIMFA member firms, for their skill, knowledge and progressive thinking - will be working across a range of topics to determine and propose strategies to help move industry forward, such as addressing financial and mental wellbeing, inter/intra-generational wealth, financial education and literacy, changing policy and more.

Updates from the Under 40 Forum will be available throughout the year.

As part of the Millennial forum, an ongoing research initiative spanning several months, groups came to together to present their findings to the industry and produced 2018 PIMFA Millennial Survey which can be read here.

The next round of events, council meetings are coming up, for additional information or if you'd like to know more about the Under 40 Forum, please contact Gary Sunderland.

PIMFA Discusses New Pension Transfer Data Template PIMFA attended a meeting at the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) on Thursday 28th February to discuss the new pension transfer data draft template.

There have been widespread requests across industry for a standard template to streamline the transfer process for both advisers and schemes.

We are hoping an agreement on a format can be finalised so this can be rolled out to interested parties soon.

The proposed draft is not intended to cover all the options available under all occupational schemes or become mandatory but it should be a helpful referencing point for advisers and schemes to build more consistency and transparency into the transfer process.

Once an agreement is reached to issue the final draft, the FCA and TPR will also confirm their positions on the draft.

If you have any queries or questions on the template, which some member firms have contributed to, please do not hesitate to contact Des FitzGerald

PIMFA Keynote at Digital Integration in Wealth Management Conference On 28 February, PIMFA Deputy Chief Executive, John Barrass delivered a keynote speech about the implications of Brexit, and how financial service and wealth management industry firms can navigate their way through uncertainty and find opportunities in the future.

John's talk at the at the conference addressed what new regulatory arrangements will be in place after the UK leaves the EU, what steps firms should be taking to mitigate possible disruption, and how firms can turn Brexit into a catalyst to accelerate potential global opportunities.

The Digital Integration in Wealth Management conference, hosted by Arena International, focused on the integration of digital capabilities with existing processes that could help enhance client engagement and reach new clients in from different demographics.

Asset Allocation Changes implemented In response to quarterly surveys submitted by PIMFA member firms regarding the asset allocation to the Conservative, Income, Balanced, Growth and Global Growth portfolios, the Private Investor Indices Committee made changes to the MSCI WMA Private Investor Index Series.

The asset allocation changes is now effective (since Friday 1st March 2019).

Details of Asset Allocation changes can be found here, and further details of current asset allocations are available here.

If you require any further information, please contact Gary Sunderland.

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, our Press Releases are available to read online.

In the last few weeks, we have been talking about the importance of diversity and inclusivity in the financial services, the Financial Services Compensation Scheme (FSCS) Levy, the retirement outcomes review from the FCA, and more.

Read PIMFA press releases 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. From this member feedback PIMFA create responses to consultation documents and discussion papersissued 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 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 PIMFA's Consultation Papers here

What's coming up in PIMFA? Tell Us What Events You Would Like in 2019 We look forward to an exciting year ahead, exploring new initiatives in support of our members and the investment management and financial advice community. To ensure we are providing members with the best events, please help us by filling out our five question survey

1.

Which type of events/subjects would you like to see from PIMFA in 2019?

2.

3.

4.

Which events would you like us to continue for 2019?

Are you interested in attending a PIMFA seminar in your region? If so, please state below the region you are in and content you’d like covered: If you have recently attended a PIMFA event, please select the most valuable aspects of attending a PIMFA event: • CPD Hours • Content • Networking • 5.

Other (please state)

If you would like to submit general events feedback, please do so.

Complete 5 key questions here

PIMFA Women in Wealth Networking Reception 2019 13th March 2019, 18:00 - 21:00 Fidelity International, 25 Cannon St, London EC4M 5TA *WAIT LIST * The PIMFA Women in Wealth event series is back for 2019, continuing to provide a platform for candid discussion amongst professionals within the world of wealth.

This event will provide access to the UK’s top professionals in the investment management and financial advice industry.

This forum provides the opportunity to network, meet inspirational people while gaining insights on the wider industry and ways to progress your career #WomenInWealth Book now to be added to the waiting list

PIMFA Financial Crime Conference 2019 19th March 2019, 09:00 - 17:00 BDO,150 Aldersgate St, London EC1A 4AB

CPD: 5 hrs BOOK NOW Join us at the PIMFA Financial Crime Conference and access leading industry debate from professionals across the regulatory, law enforcement and cyber security space.

Keynote Speaker will be Andy Ryan, Head of Domestic Anti-Money Laundering | Counter Illicit-Finance and Economic Crime Reform, HM Treasury Our other expert speakers include: Paul Hoare, Senior Manager – Protect and Prevent, National Crime Agency Chris Ninan, Senior Associate, Herbert Smith Freehills Sandip Patel QC, Barrister / Partner, Scarmans Chris Pulham, Partner, Commercial & IP/Technology/Media, Rosenblatt Simon Walton, Partner, Dispute Resolution, Rosenblatt Topics at the conference will cover: GDPR, Bitcon/Distributed Ledger Technology (DLT), Risk Assessment, Vulnerable Customers, Cyber Security and more. #PIMFAFinCrime19 Book now

PIMFA Associate Members Briefing and Drinks Reception 27th March 2019, 17:30 - 21:00 Farrer & Co, 20 - 23 Lincoln's Inn Fields, London, WC2A 3ED FREE for Members Attendees will benefit from networking opportunities with other industry professionals over a drinks reception.

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.

Book now

PIMFA Compliance Conference 2019 18th June 2019, 09:00 - 17:00 Herbert Smith Freehills Offices, Exchange House, Primrose St, London, EC2A 2EG

CPD: 5hrs The annual PIMFA Compliance Conference will be taking place on Tuesday 18th June 2019.

Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world. #PIMFAComplianceConf Book now

What's happening in our industry Cyber attacks on UK financial services sector rise in 2018 According to figures provided by the Financial Conduct Authority (FCA) financial services firms in the UK saw a significant increase in data breaches in 2018 (145 breaches reported) compared to the previous year (25 breaches reported in 2017).

The increase in reported attacks is said to be due to the introduction of the EU’s General Data Protection Regulation (GDPR), which requires businesses to identify and report cyber attacks within 72 hours.

No-deal Brexit Vote To Be Held on 12th March Prime Minister, Theresa May, will give MPs the choice between delaying Brexit or leaving the EU with no deal if her plan is rejected in a Commons vote on 12th March. If it is rejected again, she will provide two alternative options: either to leave the EU without an agreement in place, or to vote on whether to extend Article 50 and delay Brexit past the current date of 29 March.

A "no-deal" Brexit would mean there will be no 21-month transition period, and consumers, businesses and public bodies would have to respond immediately to changes as result of leaving the EU.

FCA publishes proposals in the event of a no-deal Brexit The Financial Conduct Authority (FCA) has published 'near-final' rules and guidance that will apply in the event the UK leaves the EU without an implementation period.

The documents published detail the FCA’s proposals in the event of a no-deal Brexit, which will be implemented under powers given to the FCA under the EU (Withdrawal) Act - subject to approval by the Treasury.

You can access the policy statement and information on their temporary transitional power, on the FCA website.

Additional information is available to read here.

FCA announces Changes to their Board In March, Richard Lloyd, Baroness Sarah Hogg and Amelia Fletcher OBE were announced to be joining the Financial Conduct Authority (FCA) Board as non-executive directors.

More information about each new member is available to read here.

CISI relaunches CFP as ‘highest’ UK planning qualification The Chartered Institute for Securities and Investment (CISI) will be relaunching its Certified Financial Planner (CFP) designation with a new pathway.

This will move the qualification up from Level 6 to Level 7, making it the highest available to UK Financial Planners.

More information about the newly revised qualification can be found here.

Latest Industry Events AFME’s 12th Annual European Post Trade Conference 8th May 2019 etc.venues Fenchurch Street, 8 Fenchurch Pl, London EC3M 4PB

Association for Financial Markets in Europe (AFME)’s 12th Annual European Post Trade Conference will take place on 8 May 2019 at etc. Venues, Fenchurch Street, London.

The programme is designed by the AFME Post Trade Board and the is attended by over 200 senior market professionals representing; European buy and sell side, regulators, policymakers, central banks and industry service providers.

PIMFA members receive special discount rate of 10% off the AFME non-member rate. For more details and to register, please visit www.afme.eu/PT2019 and quote PIMFAEB to receive the discount.

Sign Up

Paris Blockchain Week Summit 16th - 17th April 2019 France Paris Blockchain Week Summit will discuss EU regulation, stable coins, decentralized exchanges, security tokens, scalability issues many more.

Sign Up

ASIFMA Tech & Ops Conference 2019 2nd - 3rd April 2019 Hong Kong

Members of PIMFA can enjoy a discounted delegate fee as Guests of Endorsers to the inaugural Asian conference for technology and operations.

Please click here for more information or to sign up.

Sign Up

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