WMA Bulletin 26th January 2016
Need to Know What's happened in our industry? MiFID II - Delays The European Parliament has now agreed in principle to delay MIFID II. The scope and length of time has yet to be formally agreed but there is a general expectation that the implementation date will be postponed by 1 year i.e. January 2018. For further information FCA also holds regular meetings with all trade associations and the minutes are published on published on the FCA's website.
TSC Call for Evidence: WMA Discusses the Costs and Benefits of being in the EU On 19th January WMA's John Barrass gave evidence at the Treasury Select Committee (TSC) call for evidence on "the economic and financial costs and benefits of UK membership of the EU". This powerful group of MPs covered many key areas such a regulatory costs and burden, red tape, transparency, impacts of
FSCS Levy
a potential Brexit etc and WMA strongly
FSCS has published its 2016/17 Plan and
represented the interests of members and
Budget - a full explanation will be published
their clients.
in the next edition of Update. In terms of the actual levies the amounts will be broadly
Read the full transcript here.
comparable to last year.
Thematic Review on Suitability
Blockchain
The review was published just before
On 19th January the Government’s Chief
Christmas and many of the findings reflect
Scientific Adviser, Sir Mark Walport
issues that have been previously flagged by
published a report entitled Distributed
FCA and WMA. There was a wide variation
Ledger Technology: beyond blockchain.
in respect of the findings. There was clear
It includes a case study on corporate
evidence that the better firms had actioned
actions. WMA is planning to hold an event
points from the 'Dear CEO letters' and other
on this issue in 2016 to enable member
messages, this was in contrast to certain
firms to better understand its potential
firms who had failed to adequately address
impact on the wealth management industry.
this issue and the FCA will be taking
appropriate action. We have discussed the publication with the FCA and have no major disagreement with the content but will address certain points of details in the next edition of Update.
What's happened in WMA? WMA LEI Working Group
Sarah Soar Joins WMA Board
WMA has formed an LEI user group in
Sarah Soar, Head of Investment
conjunction with LSE. An initial meeting
Management at JM Finn & Co has joined
was held in December 2015 with plans to
the WMA Board of Directors with immediate
meet at regular intervals and the focus is
effect. She said: “I have been part of the
addressing the practical administrative
investment community for many years and
issues firms face in obtaining LEIs on
am pleased to join the WMA Board at a
behalf of clients. If you are interested in
time of such change. I look forward to
joining the group please contact Andy
contributing to its continued success.” Click
Thompson. Further details will be provided
here to read the full press release.
in the next edition of Update.
New WMA Events Area with WMA MiFID II Bible
Online Payment Facility
Whilst we continue to be in a ‘rolling
We are pleased to announce the launch of
deadline’ scenario, WMA are progressing
a new events area on our website. This
on areas such as:
area is available to view publically and
- Responding to ESMA's CP on Transaction
allows payments to be made online with a
Reporting and Reference Data, Order
credit/debit card or to request an
Record Keeping, and Clock
invoice. Please click here to view the
Synchronisation.
details of all upcoming events.
- Meetings will be held with FCA with support from members firms on Best Execution, Transaction Reporting Product
WMA Pensions Whitepaper
Governance and Costs and Charges.
Following our recent roundtable to discuss
- Working with other trade bodies on
the new pension freedoms the WMA, in
Product Governance.
conjunction with Sanlam Private Wealth,
We continue to monitor the timetable - the
has captured the various insights in
legal process has not been completed but it
this whitepaper which looks at the three
is highly likely implementation has been
emerging themes from the day - overall
delayed by at least 12 months although
investment strategies, suitability and
there remains uncertainty about other
looking ahead. Click here to read the
timings i.e transposition date.
paper.
Details can be found on the member’s only
Regulatory Committee Meets
MiFID section of our website which you will
Some of the issues discussed at the recent
need to log in to.
Regulatory Board Sub Committee were: - MiFID II/MiFIR – current timetable and
Please note your username is your first
meetings planned with FCA on transaction
name and surname together i.e
reporting, best execution, product
JohnSmith and the password will have
governance, costs and charges
been issued to you separately.
- TR15/12: Wealth management firms and
If you have forgotten or wish to apply for
private banks – Suitability of investment
your WMA log in details, please contact us
portfolios.
at enquiries@thewma.co.uk.
- We also discussed a number of papers from Europe where they have made a call for evidence. The next European and International Board Sub Committee will be held on 2nd February.
Coming Up What's coming up in our industry? Creating a Long Term Investment Culture Discussion
WMA to Discuss Improving
with Harriet Baldwin MP
Financial Education with MP Mark Garnier
WMA will be meeting Harriet Baldwin MP to
Following WMA's appearance at the recent
follow up on recent conversations and joint
Treasury Select Committee's call for
interests in creating a long term investment
evidence, WMA has been asked to write to
culture in the UK.
Mark Garnier MP to engage with his All Party Parliamentary Group (APPG) and his work on improving financial education.
What's coming up in WMA? WMA to meet DBIS to Discuss De-materialisation
Millenials Forum
Following a change of personnel, the
launched on 2nd February. The forum will
Department of Business, Innovation & Skills
be attended by millennials nominated by
(DBIS) has recently appointed an official
our member firms to debate and discuss
with responsibility for taking forward the
the business issues affecting the wealth
The inaugural Millennial Forum will be
Department’s consultation on how and
management industry. Its key aims are:
when share certificates should be replaced.
1. Help to develop the next generation of
WMA is meeting with the official on 29th
wealth management leaders
January to find out more about DBIS’
2. Generate new ideas for specific
proposed consultation timetable and ensure
challenges that impact the continued
that member firms’ interests are taken into
success of wealth management
account.
3. Stimulate thinking that individuals can take back into their own firms to input into the firms’ strategy
WMA to meet HMRC to Discuss
Discussion with FCA and HMT
Offshore Accounts
on the Prospectus Directive
WMA is meeting with HMRC in early
Following a recent Trade Association
February to discuss draft regulations in
Coordination Committee (TACC) meeting
respect of the obligation for Financial
with FCA, WMA will be in discussions with
Institutions and tax advisers to notify all
FCA and HMT to review the Prospectus
their individual clients about disclosing
Directive Regulation re-write and ensure all
offshore accounts. This follows up a
UK interests are speaking with the same
meeting last October when WMA flagged
voice on key issues, including obtaining a
with HMRC that most clients do not have
change to the ÂŁ100 000 denomination
any offshore interests and questioned why
threshold.
they therefore needed such a communication.
UK Debt Market
Financial Crime Conference
WMA have been invited to join the UK
The BBC will be interviewing our keynote
Listing Authority (UKLA) and Listing
speaker from the City of London Police on
Authority Advisory Panel (LAAP) meeting
site at our upcoming Financial Crime
on 8th February to discuss ways of
Conference. Join us for a day dedicated to
improving the UK retail debt market.
tackling Financial Crime issues exclusively tailored for the Wealth Management Community. Other speakers include the National Crime Agency and a live demo hack from an Ethical Hacker.
If you have forgotten or do not have your WMA log in details, please contact us at enquiries@thewma.co.uk.
Wealth Management Association (WMA) 22 City Road Finsbury Square London EC1Y 2AJ
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