Issue 3 March 2015
WMA JOURNAL In this issue
Financial Crime Technology The EU Managing Change
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The first year of WMA in review Acheived RDR – RMAR returns on commission 8 fees n/a to members.
Achieved Compensation Directive – Allowing National Discretion
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APCIMS became The WMA
October
Dec
2014
2013 Establishment of FCA dedicated Wealth Management and Private Banking Team.
The WMA secured the deletion of article 28a from MiFIR, which would have ended the UK’s system of share trading for individual investors. One year anniversary of RDR
Budget – Pension and ISA changes improve freedom and flexibility of investment.
Financial crime – Boiler Room flyer and fight back to achieve revised guidance.
The European Parliament election was held
The WMA secure a change in the EU regulation, PRIIPS which now enables retail investors to trade stocks, shares and other investments in real-time.
WSOC launched Wider Share Ownership Council
June M.I.F.I.D – • Elimination of ‘independent’ from definition • Retention of EXO broking • Return of viable ‘advice’ framework • International unit holders 1 year delay (more concession to come?) • Removing Article 28a.
WMA have also contributed to and influenced a number of other changes and welcome: The establishment of FCA dedicated Wealth Management and Private Banking Team The allowance of AIM shares to be in ISAs
26 @WMA_UK
UCITS iv – FSA writes to the commission about market problems
April
March
FATCA – less onerous requirements on smaller firms
Short selling – naked S/S n/a to members firms
May The TSB float made shares available to retail investors after The WMA’s recommendation in May.
FATCA became active in the UK
2014 The introduction of a Junior ISA The reduction of the burden of what was originally proposed for FATCA, creating less onerous requirements on smaller firms The abolition of stamp duty on AIM shares The abolition of stamp duty on ETFs The introduction of NISAs