PIMFA News Bulletin - 12 June 2020

View this email in your browser

PIMFA NEWS BULLETIN | 12 June 2020 Welcome to your Weekly PIMFA Bulletin Grab a coffee and take 10 minutes to read this week's highlights and key issues affecting you and your firm

WE ARE IN THIS TOGETHER Dear Nigel,

We hope you and your loved ones are safe and well during this difficult time. Due to the virus, PIMFA is continuing to work remotely, and we remain committed to representing our members and providing as much useful information as possible.

This Bulletin contains the latest news on the impact of the virus and other key issues PIMFA are working on for our members. If there is anything we can be of assistance with,

please contact us at enquiries@pimfa.co.uk.

Best wishes The Team at PIMFA

COVID 19 & What's happening in PIMFA

Brexit: UK – EU Brexit

UK – Japan Free Trade

Negotiations

Negotiations

Half way through the transition period, yet

On 9 June the UK and Japan began

another round of UK–EU negotiations has

negotiations on a free-trade agreement

ended without real progress. In the week

with the aim of concluding a partnership

of 2 June the UK and EU engaged in

that will go deeper than the EU – Japan

virtual talks on the terms of the future

free trade agreement. The two sides have

relationship but stuck to their opening

only until the end of the year to agree a

positions on the most difficult issues - the

deal or they will have to trade on the WTO

level playing field provisions and fisheries.

terms from 1 January 2021, when the UK

It is hoped by negotiators on both sides

leaves the Brexit transition and ceases to

that a high level conference, due to take

be part of all EU trade deals.

place in June, will inject much needed political momentum to the process that is

There are 100 negotiators on the UK side

now effectively in a deadlock. This

working in six working groups with their

conference, which will be attended by

Japanese counterparts and covering 23

Prime Minister Boris Johnson, European

chapters and annexes of a future

Commission President Ursula von der

agreement. The UK hopes to use a deal

Leyen and European Council President

as a springboard for joining the

Charles Michel, should provide a direction

Comprehensive and Progressive

of travel in the coming months.

Agreement for Trans-Pacific Partnership, which covers much of the Asia-Pacific

The UK Government has repeatedly said

region. The UK Government has already

it will not seek an extension of the

stated that the US, Japan, Australia and

transition period, which means that the

New Zealand are priority countries for

talks should be concluded by mid -

post-Brexit FTAs.

October at the latest. This would allow the

ratification process to take place in time Webinar Wednesday:

for the new agreement to come into effect

Brexit: What happens next?

on 1 January 2021.

Speaking to the European Economic and

Following the very successful Virtual Fest,

Social Committee on 10 June, EU Chief

PIMFA is resuming its free

Brexit Negotiator Michel Barnier said that

weekly, Webinar Wednesday on key

Brussels is prepared to hold weekly

topics impacting our members due to

meetings with the UK in order to speed up

COVID-19 (for members only).

the negotiations. He said that, in addition to regular rounds of talks over the summer

Next week (17 June) we will be discussing

months, the EU is willing to hold specific

‘Brexit: What happens next?’, including

meetings to advance discussions on

the current state of Brexit negotiations and

certain issues.

how they are likely to develop, the impact of COVID-19 and what the future for

Barnier also said that the UK is “looking to

financial services may look like post

pick and choose the most attractive

Brexit.

elements of the Single Market without the obligations” and added that “the UK chose

Book your place here.

to become a third country so it cannot have the best of both worlds". He added that there was “no automatic entitlement

PIMFA Crest Courier and Sorting

to benefits given by the EU under previous

Service (CCSS) Working Group

free trade agreements” as each FTA, with Canada, South Korea or Japan, has been

Euroclear are keen to ensure that all

tailor made to the partner with which the

CCSS participants are up to date with the

EU negotiated. Barnier warned that even

current position and plans and to answer

with an ambitious free trade agreement in

any questions.

place, European businesses would have to plan for significant trade disruption from

Their next update will take place via a

1 January 2021.

Zoom video conference on Thursday 25 June at 10:00.

PIMFA Website: COVID-19 Information

If you or a colleague would like to join the Zoom conference call, please contact Michael Cahill and we will send you the link.

Visit our members only COVID-19 web area for the latest information on the

PIMFA Podcasts

virus, to access webinar recordings, download briefing notes, and view the

Don't forget to access the latest freely

latest global response tracker.

available PIMFA podcasts on topics such as Wellbeing, Cyber Resilience & SM&CR

Click here if you have forgotten your

etc, all in our online learning library.

password or to create a user account.

The public COVID-19 page can be accessed here.

PIMFA 'Compare My Allocations' report

For over 20 years PIMFA have provided the wealth management community with a suite of indices that reflect how UK wealth managers invest on behalf of their clients across a number of strategies and asset classes. We are now pleased to provide our members with further insights into this rich data with the PIMFA Compare My Allocations report.

The Compare My Allocations (CMA) report shows how your firms’ model portfolios compare to the survey peer group across 22 asset classes within the ranges of the MSCI PIMFA Equity Risk index Series. This quarterly report is FREE to PIMFA member firms.

For more information on the CMA report and to receive your firms’ FREE copy, email indices@pimfa.co.uk.

EU Capital Markets Union (CMU) High Level Forum published its final report

On 10 June the High Level Forum on Capital Markets Union, an expert group of financial services industry executives, experts and scholars, published its final report, “A new vision for Europe’s capital markets”, with recommendations for future CMU actions. The report sets out 17 interconnected recommendations aimed at removing the biggest barriers in the EU’s capital markets. The EU considers completing the CMU a particularly urgent task in order to speed up the recovery from the coronavirus pandemic.

A fully-fledged CMU would help rebuild the EU’s economy by providing new funding sources for businesses and investment opportunities. Savers and investors will play a vital role in getting the economy moving again and they need to have the confidence to invest through capital markets. The EU hopes the CMU project will also mobilise much-needed long-term investments in new technologies and infrastructure to tackle climate change and to deliver Europe’s New Green Deal and Digital Agenda. The Commission has launched a call for feedback from stakeholders on the report which is open until 30 June.

For more information, please contact Maja Erceg.

LATEST PIMFA BLOGS & PRESS RELEASES

•

Regulator working on how to avoid ‘lumpy bills’ for firms in future, FCA Executive Director of Supervision, Megan Butler, tells PIMFA’s Virtual Fest

•

Financial services has a chance to help consumers in the aftermath of COVID-19, Baroness Morgan tells PIMFA’s Virtual Fest

•

UN Special Envoy Mark Carney says financial services sector has ‘jumped ahead of government’ on issue of climate change at PIMFA’s inaugural Virtual Fest

•

Treasury’s John Glen signals government stands ready to do ‘whatever is needed’ to support financial services at PIMFA’s inaugural Virtual Fest

•

Blog: ESG and Covid 19

•

PIMFA’s Virtual Fest adds Treasury’s John Glen and FCA’s Megan Butler to panel of keynote speakers

EVENTS & LEARNING

VIRTUAL FEST The inaugural PIMFA Virtual Fest took place on 3 and 4 June 2020. If you missed it, you can still catch up with all the sessions using our on-demand service for 2 months. Simply register your place to gain access. The content is FREE to members, (paid for tickets are also available for non-members).

Catch up with sessions from 30+ high profile experts such as Mark Carney, Megan Butler, John Glen and Baroness Morgan of Cotes (Nicky Morgan) on topical areas which you have identified to us as key priorities for the profession.

ALL SESSIONS AVAILABLE ONDEMAND. BOOK NOW

BEST PRACTICES IN BUSINESS CONTINUITY: HOW YOUR FIRM CAN RESPOND PROACTIVELY TO DISRUPTIVE EVENTS To support member firms meet their regulatory obligations and proactively assess, review and update their business continuity plans, PIMFA is running a live interactive online learning course to ensuring your business continuity plan is fit for purpose not just now but for the future.

What you’ll learn:

•

Recognise what makes an effective business continuity plan and a disaster recovery plan

•

Understand what information goes into each document and how to obtain that information

•

How to implement and audit a business continuity management system

•

Identify and address in your firm the known and unknown risks, threats, and incidents

•

and more.

You can click here to register your place.

22 June 2020

BUILDING OPERATIONAL RESILIENCE IN WEALTH MANAGEMENT FIRMS This online course will explore the FCA’s interpretation of Operational Resilience as it applies to wealth management firms and their expectations of those firms who will be required to evidence that they are have identified their critical business services and set challenging impact tolerances for each of them.

What you’ll learn: •

Understand what the regulator means to achieve operational resilience in your firm

•

Recognise the business value of operational resilience and business continuity

•

Co-ordinate people and resources to build an effective resilient management

•

Leverage proven approaches to set impact tolerances for each important business service you provide

•

and more.

You can click here to register your place.

29 June 2020

PIMFA IN THE PRESS

•

CNBC: The ex-head of the Bank of England has this piece of advice for young investors amid the pandemic

•

Citywire: Gov't trailing financial services on climate investing, Carney says

•

Financial Adviser: Carney says advisers are central to climate change

•

Professional Adviser: John Glen - Financial services growth and competition will be fostered post-crisis

•

New Model Adviser: FSCS levy will only fall if unauthorised firms stopped – Nicky Morgan

•

Money Marketing: FCA prepares for firms to exit market due to Covid-19

LATEST PIMFA CONSULTATION RESPONSES

PIMFA’s latest consultation response is to the European Commission regarding their Review of MiFID II and MiFIR.

Read this and all of our other PIMFA consultation papers here.

WHAT'S HAPPENING IN OUR INDUSTRY

Euroclear Crest Courier and Sorting Service (CCSS) update

As mentioned previously in ‘Bulletin’, the courier company TNT have given notice to Euroclear to discontinue their involvement in CCSS with effect from December 2020.

Euroclear have been looking at alternative solutions and consulting with the parties who use CCSS. They have discounted implementing a digital solution as there is insufficient time to resolve the legal and liability issues in time to go live at the end of this year. TNT are unwilling to extend their part of the service into 2021. Therefore Euroclear have been looking at other options, including taking a greater role themselves in the provision of the CCSS service.

To learn more, please contact Michael Cahill.

City and Financial: Meeting the Regulators’ Expectations About Treating Customers Fairly During the Coronavirus Crisis

City and Financial Global’s virtual roundtable series: ‘Meeting the Regulators’ Expectations About Treating Customers Fairly During the Coronavirus Crisis’ (16th – 25th June 2020), will cover the key issues lenders and other regulated firms need to be aware of to ensure they are meeting regulatory expectations to treat customers fairly.

Click here for more information and PIMFA members are entitled to a 20% discount please use the discount code ‘VULC1PIMFA’ when registering.

www.pimfa.co.uk Personal Investment Management & Financial Advice Association (PIMFA) 22 City Road, Finsbury Square, London EC1Y 2AJ (registered in England No 2991400) Unsubscribe | Manage Profile | Terms and Conditions

This email was sent to NigelRS@pimfa.co.uk why did I get this?

unsubscribe from this list

update subscription preferences

PIMFA 路 22 City Road 路 Finsbury Square 路 London, EC1Y 2AJ 路 United Kingdom