PIMFA Weekly News Bulletin - 1 August 2022

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PIMFA Weekly News Bulletin

PRESS RELEASES

ABOUT PIMFA

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WEALTHTECH

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Consumer Duty

On 27 July the FCA published the Consumer duty policy statement PS 22-9 and FG22/5 Final non-Handbook Guidance for firms on the Consumer Duty.

PIMFA are pleased to note that the FCA have listened to our concerns, and we are happy with the additional twelve months provided the rules come into force for new and existing products currently on sale on 31 July 2023 and for closed books on 31 July 2024.

Further expectations set out within the rules include: 31 October 2022: boards will need to agree implementation plans for the duty and their intention to maintain oversight 31 July 2023: boards will need to affirm (we assume this in writing) that they are complying with the duty 30 April 2023: manufacturers are obliged to share information with distributors for them to meet their obligations under the Duty.

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The final guidance is extensive and provides specific guidance for firms on how to apply the Duty.

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If you would like more information on our Consumer Duty Working Group, please contact Alexandra Roberts | Yasmin Ataullah

PIMFA have launched a dedicated site for insights and all you need to know on the Consumer Duty, visit: https://consumerduty.sites.pimfa.uk/ Digitisation Taskforce

Pension assets

HM Treasury published the Terms of Reference

20 July: HMRC published further tax provisions

for the Digitisation Taskforce on 20 July.

in connection with the Dormant Assets Scheme: Further tax provisions in connection with the

Following the Austin Review of Secondary

Dormant Assets Scheme.

Capital Raising (19 July) the government

If you are involved with pension schemes, the

accepted the recommendation to establish a

provision of probate services and the Dormant

taskforce to modernise the UK’s shareholding

Asset Scheme, you should familiarise yourself

framework, and has appointed Sir Douglas Flint

with the changes to the tax legislation that this

as chair of the Digitisation Taskforce.

measure delivers.

Qualifying Asset Holding Companies regime 20 July: HMRC published the following amendments to the Amendments to the Qualifying Asset Holding Companies (QAHC) regime allow an investment fund to be treated as meeting the diversity of ownership condition when it is closely associated with another investment fund that meets that condition facilitate the entry into the Qualifying Asset Holding Companies regime of certain types of fund entity extend the existing antifragmentation rule.

Latest PIMFA Press

Press Coverage

Press Coverage

Releases:

CityAM: Consumer Duty set to

FT Adviser: Industry welcomes

deliver ‘biggest regulatory

consumer duty extension

overhaul in a decade’ for

despite 'tight timelines'

PIMFA welcomes extension of the Consumer Duty

financial services Money Marketing:

implementation timeline PIMFA announces shortlist for second Diversity & Inclusion

MoneyAge: FCA confirms final

Tom Selby: FCA takes a step

guidance on Consumer Duty

in the right direction with

rules

Consumer Duty – now it’s time

Awards

to finally address the advice Insurance Post: A ‘thorough

PIMFA updates Future of Supervision paper and calls for more improvements from the Financial Conduct Authority

gap

review’ of approach towards retail customers needed as

Financial Planning Today: FCA

FCA unveils new Consumer

extends Consumer Duty

Duty rules

implementation deadline

EVENTS & LEARNING

PIMFA D&I Awards Recognise & celebrate the fantastic

Roundtable: Navigating Digital Transformation in Wealth

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There are many instances of good practice and innovation aimed at improving diversity, inclusivity and performance driving positive change across the industry and changing

This PIMFA Breakfast Roundtable event in partnership with BNY Mellon | Pershing will be discussing the digital transformation journey in wealth management.

businesses for the better.

This event is free for PIMFA members to PIMFA have launched our D&I Awards to

attend and will be hosted in-person in

shine a light on this hidden work,

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celebrate diverse communities and help to support those leading innovation and

For more information and to register,

driving positive change.

please click here.

Come join us to celebrate and recognise this work! Book your table

PIMFA WEEKLY NEWS BULLETIN | 1 AUGUST 2022 PRESS RELEASES

ABOUT PIMFA

D&I AWARDS

WEALTHTECH

Contact us | Visit website | Terms & Conditions

Personal Investment Management & Financial Advice Association (PIMFA) 69 Carter Lane, London, EC4V 5EQ (registered in England No 2991400)

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