PIMFA Weekly News Bulletin - 11 October 2021

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PIMFA WEEKLY NEWS BULLETIN | 11 October 2021 Dear Nigel,

Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.

Welcome to our newest PIMFA Member

We are delighted to welcome a new PIMFA Plus member firm to the association:

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GoSimpleTax - offering firms a tailored tax solution for clients.

You can read more about the partnership and benefits to members here.

PIMFA Data Working Group

PIMFA is looking to re-start regular meetings of our Data Working Group, looking at the recent DCMS data consultation and at other data-related items, as relevant to our member firms.

If you are from a member firm and are interested in taking part in this group, please email

Alexandra Roberts and/or Giulia Lupato to be included in the mailing list for meetings, communications etc.

Latest PIMFA Press Releases

GoSimpleTax becomes latest PIMFA Plus Partner – offering firms a tailored tax solution for clients PIMFA calls for fundamental review of PRIIPs regime rather than a ‘sticking plaster’ approach PIMFA delighted to announce shortlist for inaugural Diversity & Inclusion Awards

Latest PIMFA Press Coverage

The Daily Telegraph: Bitcoin is losing popularity – is it still worth buying?

FT Adviser: It's time to get to grips with ESG investing

Money Marketing: Consumer Duty: Putting yourself in the shoes of customers

PIMFA appoints Alison Moynihan as Chair of its Private Investors Indices Committee IFA Magazine: PIMFA’s Liz Field: working to PIMFA Comments on FCA’s plan to tackle investment harm

future-proof our industry

Citywire New Model Adviser: What FCA should do after ‘embarrassing’ FSCS target blunder

Book your Virtual Ticket for D&I Awards

DIVERSITY & INCLUSION AWARDS | 20 OCTOBER | 4PM Register your for your ticket Launched earlier this year, PIMFA’s industry awards received close to 100 entries and come at a time when the Financial Conduct Authority has made it clear that diversity and inclusion within financial services is a key area of focus and that it could be a regulatory matter in the future.

Individuals and firms shortlisted in each category for the Awards can be found here.

The winners were chosen by a group of industry peers alongside experts in diversity and inclusion from charities that PIMFA partner with last week. This includes Richard Wilson, Chief Executive of Interactive Investor; Peter Moores, Chief Executive of Raymond James; Andrew Croft, Chief Executive of St. James’s Place Wealth Management; Jennifer Mathias, Chief Finance Officer at Rathbones; Theresa Heaton, Head of Change at Brown Shipley; Matt Cameron, Global Managing Director at LGBT Great and Bev Shah, Chief Executive & Founder at City Hive, amongst others.

The winners will announced on 20th October and you can register to attend the virtual awards ceremony here

View other upcoming PIMFA Events and Learning here.

PIMFA responds to HM Treasury's Wholesale Markets Review

PIMFA’s latest Consultation Response is to HM Treasury on the Wholesale Markets Review.

Notwithstanding its overall focus on the competitiveness of wholesale capital markets, HM Treasury's recent consultation contained a small number of questions relating to retail reporting and disclosure issues. In our response, PIMFA emphasises that the impact of MiFID II on the competitiveness of retail-facing businesses and on the quality and effectiveness of services delivered to retail investors must not be forgotten.

Commenting on MiFID II reporting and information requirements that do not necessarily

operate in the best interests of either clients or firms, we highlight the need for review and reform in the following areas: 10% depreciation reporting, electronic communications, distance communications, quarterly asset/cash statements and costs and charges disclosures (specifically as regards the impact of costs on returns and implicit transaction costs).

Read this and all other PIMFA consultation papers here.

EU Sustainable Investment Summit

Speaking at the EU Sustainable Investment Summit, Valdis Dombrovskis, Executive Vice President of the European Commission, said that with COP26 approaching fast, the world will look to governments for leadership. People expect to see that governments do what it takes to meet the challenges that affect every person and country on the planet.

Dombrovskis confirmed the EU is committed to the goals of the Paris Climate Agreement to become a sustainable economy and turn climate-neutral by 2050 and will achieve this through the European Green Deal. He said that to implement recently proposed measures across all sectors of the economy will require an entire rethink of the economy and will not be cheap. Achieving the higher 2030 target of cutting emissions by 55% calls for additional annual investments of some €355 billion over the next decade. This is in addition to around €130 billion that the EU will need for other environmental goals.

He also said that the EU is committed to working with all like-minded partners on sustainable finance to make sure that the international work is coherent and ambitious. He singled out The International Platform on Sustainable Finance as a good example of a forum for global cooperation on sustainable investments and finance.

Lastly, Dombrovskis committed to building a coalition of trade ministers across the globe who want to take action to promote trade in green goods and services and to promote trade and sustainability as a way to help us reach our climate and environmental objectives.

Global Investment Summit to Showcase UK innovation and Green Technology

Twelve of the UK’s leading green innovators will showcase their technology to some of the world’s most high-profile investors at the Global Investment Summit on 19th October.

Hosted by the Prime Minister and supported by members of the Royal Family, the Summit will demonstrate UK’s commitment to green industrial revolution in the UK and abroad ahead of COP26 and promote the UK as a top destination for foreign investment.

Around 200 investors attending the Summit will see the latest cutting-edge innovation that is helping deliver key areas of the PM’s Ten-Point Plan, helping cement the UK’s position as a science superpower and the world’s number one centre for green technology. The country’s pioneering work in this space will be vital in helping reduce emissions and limit the rise in global temperatures.

UK prepares for Trade Deal with Gulf Cooperation Council

International Trade Secretary Anne-Marie Trevelyan has launched a 14-week consultation calling for the public and business to share their views ahead of negotiations for a trade deal with the Gulf Cooperation Council (GCC), starting in 2022.

The GCC is already an important trading partner, with almost £22 billion of UK exports and bilateral trade worth over £30 billion in 2020. An advanced trade deal would take the relationship to the next level in industries of the future such as digital trade, services and green growth - delivering higher-paying jobs across the country. British business could seize new opportunities in areas like renewable energy and play a key role in helping a region that wants to move away from a reliance on oil.

Financial and digital services companies, along with education and healthcare providers could also strengthen their position in a region that holds UK expertise in high regard.

Concluding in January 2022, the consultation includes a questionnaire that will gather information from participants about their experiences and priorities when doing business with the countries in the GCC to ensure any deal reflects the country’s best interests.

City of London Corporation Urges UK and EU to Reach Agreement on Clearing

Catherine McGuinness, Policy Chair of the City of London Corporation, has called on the UK and EU to urgently reach agreement on a deal to permit European banks access to UK clearing houses.

Speaking at the L’Agefi Global Invest Forum in Paris, the Policy Chair said the ‘clock is ticking’ for a decision on the issue, with temporary arrangements put in place by the EU set to expire at the at the end of June 2022. Clearing houses play a critical role in financial transactions, acting as an intermediary between buyers and sellers to speed up the process and ensure stability. London is a world leader in clearing of all types of currencydenominated derivatives, with the majority of transactions being processed by the London Stock Exchange Group-owned LCH.

The call by the City Corporation follows publication of a letter from industry associations in September urging the EU to either extend the current temporary permission or grant openended permission. The Policy Chair also used her speech to urge EU partners to take part in discussions on sustainable finance at the UN Climate Change Conference – better known as COP26 – in Glasgow in November.

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