PIMFA Weekly News Bulletin - 15 November 2021

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PIMFA WEEKLY NEWS BULLETIN | 15 November 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.

PIMFA Partners on Lexis Nexis Report: How technology and social change drives major transformation in Wealth Management

PIMFA joined LexisNexis Risk Solutions® as a partner to this extensive research project about some of the major trends and changes that are transforming the Wealth Management sector. The project is delivered by ESI ThoughLab and includes contributions from Over 2300 investors and 500 Wealth Management firms worldwide.

Download this fascinating piece of in-depth global research here.

You can also register to attend a FREE webinar on this research by clicking here.

PIMFA MSCI Index Series – New asset allocations effective from 01.12.2021

The PIMFA Indices Committee have made changes to the portfolio weights of the MSCI PIMFA Index Series’. Changes below will be effective from Wednesday 1st December.

•

MSCI PIMFA Private Investor Index Series

•

MSCI PIMFA Equity Risk Index Series

For further details please contact us at indices@pimfa.co.uk

Latest PIMFA Press Releases

PIMFA welcomes lower Financial Services Compensation Scheme levy forecast

Latest PIMFA Press Coverage

Investment Week: FCA joins forces with PIMFA to ease FSCS levy 'burden' on firms

PIMFA delighted to welcome Geoff Towers to board as non-executive director PIMFA delighted to announce winners in first Diversity & Inclusion Awards

FT Adviser: MPs question tech giants on fraud prevention

Daily Telegraph: Surging US inflation sends FCA must focus attention on transformation programme following departure of Chair Charles Randell

Bitcoin to new all-time high

Citywire Wealth Manager: FSCS levy set to fall PIMFA welcomes industry guide helping

to £717m as investment blow ups slow (for

advice firms to structure their relationships

now)

with Discretionary Investment Managers International Adviser: PEOPLE MOVES: Manx Financial Group, Sun Life, Sanne

PIMFA's Latest Consultation Responses

PIMFA’s latest Consultation Response is to the FCA CP 21/28 on the New Cancellation and Variation Power; Changes to the Handbook and Enforcement Guide Read this and all other PIMFA consultation papers here.

Update from the FCA: IFPR questionnaire and webinar

As part of the FCA’s work on implementing the IFPR, they have created a set-up questionnaire for firms to complete. The responses to the questionnaire will equip the FCA with the information needed to set up firm reporting schedules and update their internal systems.

The questionnaire will ask for key information such as: •

whether or not the firm meets the conditions to be small and non-interconnected (SNI)

•

whether the firm is part of an investment firm group and if so, its membership and

composition •

The firm’s expected internal capital and risk assessment (ICARA) submission date.

Firms subject to the IFPR will receive the questionnaire by email on or around 12 November 2021 with responses due by the end of 26 November 2021. Response to the questionnaire is mandatory.

There will be no individual feedback in response to the information submitted, but the FCA may undertake follow-up work which may include additional information requests or followup calls.

If firms have any questions, please contact the FCA's IFPR Firm Set-up Questionnaire query inbox here. Firms can also contact the Supervision Hub on 0300 500 0597 from the UK or +44 207 066 1000 from abroad, or by email.

The FCA will also be running two webinars for IFPR firms on 30 November 2021, which they will be inviting PIMFA member firms to attend. More information is available here.

COP26 Roundup

At the time of writing, the COP26 Final Declaration has yet to be agreed - updates as of 12.11.21 include:

Finance Day at COP26 COP26 has been the first COP to bring together so many of the world’s finance ministers, businesses and investors with a clear common purpose to deliver the promise, made in Paris six years ago, to direct the world’s wealth to protect the planet. At Finance Day last week, the UK government announced commitments which include requirements for UK financial institutions and listed companies to publish their net-zero transition plans. In his Finance Day COP26 speech the Chancellor announced that the UK will commit £100m to the Taskforce on Access to Climate Finance, making it quicker and easier for developing countries to get the finance they need. The UK is also supporting a new Capital Markets Mechanism, which will issue billions of new green bonds in the UK, to fund renewable energy in developing countries. The Chancellor said that action was needed to invest that capital in our low carbon future.

Investors need to have as much clarity and confidence in the climate impact of their investments as they do in the traditional financial metrics of profit and loss. That is why it is important to rewire the entire global financial system for Net Zero to include better and more consistent climate data, sovereign green bonds, mandatory sustainability disclosures, proper climate risk surveillance and stronger global reporting standards. The Chancellor announced that the UK will go further and become the first ever ‘Net Zero Aligned Financial Centre’ which means moving towards making it mandatory for firms to publish a clear, deliverable plan setting out how they will decarbonise and transition to Net Zero, with an independent Taskforce to define what is required.

COP26 Adaptation Loss and Damage Day On 8 November the UK convened ministers from across the globe to urge action within the next decade to make our world resilient to the impacts of climate change. In 2021 alone, climate change is believed to have contributed to devastating drought in southern Madagascar, flash flooding in Germany and China, and wildfires in Greece and the US, leading to loss of life and livelihoods. Developing countries and small island states are the most acutely at risk.

Even if we get on track to limit global warming to 1.5 degrees, we will still need to deal with increasing impacts like these. To support global efforts to tackle the impacts of climate change, the UK announced new funding totalling £290 million, including: £274 million to

help countries across Asia and the Pacific better plan and invest in climate action, improve conservation and deliver low carbon development; £15 million for the Adaptation Fund which backs developing countries to lead action where they most need it; £1 million to support delivery of faster and more effective global humanitarian action, including in response to climate-related disasters.

COP26 Urban Climate Action Programme (UCAP) The UK pledged £27.5m of new funding for the new Urban Climate Action Programme (UCAP) to support cities targeting net zero. The programme, funded through International Climate Finance, will support cities across Africa, Asia and Latin America to take climate action and create a sustainable future. UCAP will help cities to implement projects like lowemission public transport systems, renewable energy generation, sustainable waste management, new climate-smart buildings codes and climate risk planning.

The programme will be delivered in partnership with the C40 Cities Climate Leadership Group, a global network of cities focused on climate action, and GIZ, the German development agency.

COP26 Transport Day As one of the Glasgow Breakthroughs at the World Leader Summit, 30 countries have agreed to work together to make zero emission vehicles the new normal by making them accessible, affordable and sustainable in all regions by 2030 or sooner. The UK has pledged to shift to clean trucks by committing to end the sale of most new diesel trucks between 2035 and 2040. Nineteen governments have also stated their intent to support the establishment of ‘green shipping corridors’ – zero-emission shipping routes between two ports. This will involve deploying zero-emission vessel technologies and putting alternative fuel and charging infrastructure in place in ports to allow for zero emission shipping on key routes across the globe.

COP26 Gender Day There has been new momentum from around the world to put gender at the forefront of climate action on Gender Day on 10 November 2021, as countries and non-state actors set out gender and climate commitments. The UK set out how £165 million in funding will address the dual challenges of gender inequality and climate change. The USA promoted gender equity and equality in responding to climate change as a priority of its National Strategy on Gender Equity and Equality, investing at least $14 million of the Gender Equity and Equality Action Fund toward gender-responsive climate programming and more than $20 million towards initiatives to increase women’s economic opportunities in the clean

energy sector, strengthen action on gender-based violence and the environment, address barriers to women’s land rights, and support women farmers in East Africa to adapt to climate impacts.

EVENTS & LEARNING

Operational Resilience for Firms

25 November | Click here to register

This half-day PIMFA Virtual event with PwC on Operational Resilience will offer insights on key topics including: •

Executive and Board engagement on operational resilience (and the self-assessment)

•

Operational resilience meets financial resilience: how ICARA fits with the operational resilience

•

Managing your third parties

•

Testing your resilience: the importance of robust scenario testing

•

Level of sophistication” how much is enough?

Click here to register

View other upcoming PIMFA Events and Learning here.

New: Cyber Emergency Button

PIMFA & Mitigo have launched the first Cyber Emergency Hotline, available at the click of a button on the PIMFA Homepage.

If you are experiencing a cyber issue, you can access this at any time and PIMFA PLUS Partner - Mitigo will provide a rapid response, containment and investigation service, and can assist you with reporting obligations to regulators and clients.

As a PIMFA member, you are entitled to a discounted rate to use Mitigo's cyber services.

To find out more about this service, please click here.

INDUSTRY EVENTS

PIMFA are partnering with ETF Stream on their upcoming event: BIG CALL: ESG Investors Forum. The event will take place on 17 November from 08:00-17:30 at the Leonardo Royal (St. Paul's, London). Key topics for discussion at the event include: •

ESG as a factor

•

The rise of fixed income ESG

•

The effectiveness of climate ETFs

•

Developments in regulation

•

How to incorporate ESG ETFs into a multi-asset portfolio

To find out more, and book your place, please click here.

PIMFA & LEXIS NEXIS WEBINAR | How is technology and social change driving transformation in wealth management?

17 November | 11am - Midday

PIMFA Director of Government Relations and Policy, Tim Fassam will be moderating the webinar with the speakers including: • Tamsin Baumann, Partner, Deloitte • Gerard Green , Head of AML EMEA, Invesco • Nina Kerkez , Director of Consulting, LexisNexis Risk Solutions • James Galea, Financial Crime Compliance – UK MLRO, M&G To find out more and register, for this FREE webinar, please click here.

THREESIXTY WEBINAR | Structuring relationships between financial advisers and discretionary investment managers 17 November | 11am - Midday

threeisxty recently collaborated with PIMFA and DFM Connect to publish a guide to help financial advisers and discretionary investment management firms understand the different ways that relationships between their firms can be structured. The guide is informed by, and builds on, previous work carried out by the Personal Finance Society and also picks up on a wide range of queries and concerns raised by adviser firms.

To find out more and register your FREE place, please click here.

CITY & FINANCIAL EVENT | The FCA Consumer Duty Virtual Summit 18 November 2021

PIMFA are proud to be partnering with City & Financial on the FCA Consumer Duty Summit. Tim Fassam, Director of Government Relations and Policy at PIMFA, will be taking part in a panel discussion. You can join him and listen to the discussion pertaining to 'The impact for financial institutions of the new consumer duty proposals'.

PIMFA members will receive 20% discounted rates with the code “CD20PIMFA”, find out more and register your place here.

Sign up your colleagues!

Did you know that your colleagues can also sign up to PIMFA on an individual level for free, and benefit from a host of great membership benefits?

Individuals from non-member firms can also sign up to receive Bulletin and updates on new events and learning that may be of interest.

Register for a free account here.

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CONTACT US If you have a query on becoming a PIMFA member, the work we undertake, or any of the articles in this Bulletin, please contact us.

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