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