PIMFA Weekly News Bulletin - 13 September 2021

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PIMFA WEEKLY NEWS BULLETIN | 13 September 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.

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Latest PIMFA Press Releases

PIMFA launches ESG Academy for Wealth Managers

Latest PIMFA Press Coverage

Daily Telegraph: Bitcoin price rises 75pc in six weeks – is it safe to buy?

Government proposals for social care merit further consideration – but system remains highly complex and may lead to significant costs for individuals

Wealth Adviser: PIMFA launches ESG academy for wealth managers

FCA Consumer Duty must be accompanied with clarity for firms and understanding of their business models

Money Marketing: Liz Field: What could the

PIMFA welcomes FCA proposals to streamline decision making

Wealth Briefing: ESG Phenomenon: PIMFA

new Consumer Duty mean in practice?

Ramps Up ESG Training

Financial Planning Today: Planners react as PM announces dividend and NI rises

VIRTUAL ASSOCIATE MEMBERS BRIEFING

21 September 2021 16:00 - 17:30 FREE for Associate Members - Virtual Event

We will explore topics such as regulation, operations, latest industry developments and provide an opportunity to discuss with PIMFA staff specific issues important to the membership.

This event also showcases our ongoing events and publications programme providing examples of how Associates can engage with Members and maximise the value they receive from their membership.

Attendees will also benefit from networking opportunities with other industry professionals in a virtual format.

This event is free for PIMFA Associate Members. To book your place please go to tickets and complete the registration form. If you have any questions please email us on events@pimfa.co.uk

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View other upcoming PIMFA Events and Learning here.

PIMFA's Consultation Responses

PIMFA’s latest Consultation Response is to the FCA's CP21/17: Enhancing climate-related disclosures by asset managers, life insurers, and FCA-regulated pension providers.

Read this and all other PIMFA consultation papers here.

ONS: UK Economic Growth Slows

The Office of National Statistics said that gross domestic product (GDP) is estimated to have grown by 0.1% in July 2021, and remains 2.1% below its pre-pandemic level (February 2020). It was the sixth consecutive month of growth, but the increase was lower than in the previous month, which saw 1% growth. Production output increased by 1.2% in

July 2021 and was the main contributor to GDP growth.

Services output remained broadly flat in July 2021 and remains 2.1% below its prepandemic level. Financial services contributed positively, mainly because of a 2.1% growth in financial service activities (not including insurance and pensions). Overall, GDP grew by 3.6% in the three months to July, largely because of the performance of the services sector.

New CityUK International Strategy for UK to regain Financial Centre Leadership

TheCityUK has worked with firms, business groups and partners across the industry to set out an ambitious new international strategy that seeks to return the UK to being the world’s leading international financial centre within five years. Over the past decade, despite the growing size and volume of many market segments, the UK has seen decline relative to its international competitors. This has been driven by a number of factors, not least the highly impressive growth of new financial centres in Asia and the ongoing progress made by the US. It has resulted in the UK losing ground in global market share in some areas of financial and related professional services.

Their strategy sets out a plan for future success, with a clear focus on bolstering competitiveness and attractiveness. The plan underlines the need to strengthen market share in existing areas of advantage, such as FinTech. It also calls for the UK to build its capabilities in future areas of global growth where the UK has a strong competitive advantage, such as data and technology, global ESG markets, international investment opportunities and risk management. Read more.

Consultation on Changes to the UK’s Data Landscape

The Government has launched a consultation on reforms to create an ambitious, progrowth and innovation-friendly data protection regime that underpins the trustworthy use of data. Unlocking the power of data is one of the government’s 10 Tech Priorities and this consultation is the first step in delivering on Mission 2 of the National Data Strategy to

secure a pro-growth and trusted data regime.

Outside of the EU, the UK can reshape its approach to regulation and seize opportunities with its new regulatory freedoms, helping to drive growth, innovation and competition across the country. The UK needs agile and adaptable data protection laws that enhance its global reputation as a hub for responsible data-driven business that respects high standards of data protection. This consultation presents proposals that build on the key elements of the current UK General Data Protection Regulation (UK GDPR), such as its data processing principles, its data rights for citizens, and its mechanisms for supervision and enforcement.

The proposals aim to deliver an even better data protection regime that will support vibrant competition and innovation to drive economic growth, maintain high data protection standards without creating unnecessary barriers to responsible data use, keep pace with the rapid innovation of data-intensive technologies, help innovative businesses of all sizes to use data responsibly without undue uncertainty or risk, both in the UK and internationally, and ensure the Information Commissioner’s Office (ICO) is equipped to regulate effectively in an increasingly data-driven world.

FCA’s Green FinTech Challenge 2021 and 2nd Digital Sandbox

The FCA opened applications for the Green FinTech Challenge 2021 and the Second Digital Sandbox pilot on 6 September 2021. Both are part of a programme of work to assist firms and regulators to overcome some of the challenges that moving to a net zero economy will raise in the area of sustainability and climate change. The Digital Sandbox is for firms at the early proof of concept stage, and the Green FinTech Challenge is for firms preparing to take their services to market.

Green FinTech Challenge 2021 provides firms with access to firm support services to facilitate development and live market testing of new products and services that will aid the transition to a net zero economy, support in understanding our regulatory regime, and identifying appropriate consumer protection safeguards to build into new products and services and provide better access to finance through demonstration of the proposed innovation in a real-world context.

Digital Sandbox is for firms that are at the idea or proof of concept stage in the product lifecycle, the solution/product is sufficiently different from what already exists in the market, the solution would benefit UK consumers or financial services firms by solving one of the ESG data and disclosure use cases, or that the firm would benefit from access to data sets and other types of support in the Digital Sandbox to further develop or validate the idea or solution.

HMRC Trust Registration Service Now Open

HMRC's Trust Registration Service is now open for non-taxable trust registrations. You should now register all UK express trusts and some non-UK express trusts with HMRC, including non-taxable trusts, unless the trust is specifically excluded due to its characteristics.

You must register: •

non-taxable trusts in existence on or after 6 October 2020 by the 1 September 2022.

•

non-taxable trusts created after 1 September 2022 within 90 days.

•

changes to the trust details and/or circumstances, within 90 days of the change.

Please note that this gives more time than what is set out in current legislation and the legislation will be amended shortly to reflect the information above.

More information on the trusts that you need to register and the trusts that are excluded can be found here, and more detailed technical information can also be found in the Trust Registration Service Manual.

To register a trust as a trustee, go here and click on the ‘register now’ button. To register a trust as an agent, go here and click on the ‘register now’ button.

Please note, the digital live service email address included in previous communications is no longer in use for general enquiries, please contact the Trusts helpline or raise a ticket via the appropriate page within the Trust Registration Service.

FCA Consults on New Power to Remove Regulatory Permissions

On the 9th September, the FCA published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms.

The changes will help to prevent scams and improve the accuracy of the FS Register. It is part of the FCA’s Transformation Programme and its drive towards being more proactive, as such permissions are often used to mislead consumers about the level of protection offered by a firm or to give credibility to a firm’s unregulated activities.

The new power, granted to the FCA via the Financial Services Act 2021, will streamline and shorten the process of removing firm permissions. The FCA will be able to start the cancellation process as soon as it considers permissions are not being used, by serving 14 days’ notice on a firm. The FCA will then be able to vary or cancel permissions after 1 month.

The FCA has made clear that the new power in Schedule 6A to cancel or vary is available to the FCA only where it appears to them that the firm in question is conducting no regulated activities whatsoever within the scope of its permission.

You can read the FCA Press Release here.

Investment Association - Common Shareclass Register

With effect from Friday 10 September, the IA's Common Shareclass Register will move to www.commonshareclassregister.org. Continuing to facilitate unit transfers between firms as before, the upgraded online register has the following features: •

data updates shown in real-time;

•

notifications to registered users of changes to data;

•

full history and audit trail held in the register; and

•

available to download in spreadsheet form.

Going forward, changes to register data will be made by investment firms in real-time.

Users are encouraged to register for update notifications to avoid missing important changes.

Find Out More About PIMFA ...

Bulletin is just one of the many insights and publications PIMFA produces on the latest industry news and issues - most of which are accessible to PIMFA members only.

If you have a query on how to become a member firm, the work we undertake or anything in Bulletin, please contact us at info@pimfa.co.uk.

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

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