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PIMFA Regulatory Forum
This monthly forum provides updates on regulatory hot topics from the PIMFA team and select associates, giving an opportunity to share best practice and get the latest intelligence on policy matters.
The next Virtual Regulatory Forum is on Tuesday, 17th January between 3pm-4pm Topics will include:
· Edinburgh Reforms
· HMT consultation - "PRIIPs & retail disclosure"
· FCA DP22/6 - "Future disclosure framework"
· Core Investment Advice
· ESG
· Retirement income advice thematic review
· Updates on working groups
Attendance of the PIMFA Forums is open to any representatives from Member and Associates firms; if you or any of your colleagues would like to attend this or future forums, please email contact us
PIMFA CASS Working Group
27 January 2023, 10:00 - 12:00 via MS Teams
Many thanks to everyone who has already signed up to attend the first meeting of the CASS Working Group. The purpose of this working group is to discuss and share information on the interpretation of the CASS rules, to respond to CASS queries from members and to raise questions as a group with the FCA, and to share knowledge and experience of CASS audits and the issues and common themes highlighted in CASS audit reports.
If you or a colleague are from a member or associate member firm and would like to join this meeting please contact us
The FCA's Head of Competition Policy, Ed Smith, discusses the expectation on considering price and value through the lifecycle of a product and explains how the FCA expects firms to assess their products and services.
The podcast can be found here
See what else PIMFA has to say on Consumer Duty visit our microsite
FCA release new Consumer Duty podcast on the price & value outcome
PIMFA review of FCA Discussion Paper 22/4: Artificial Intelligence 24 January 2023, 14:00 - 16:00
In 'DP22/4: Artificial Intelligence', the FCA shared their thinking on the potential benefits and risks relating to use of AI in financial services, how the current regulatory framework applies to AI, whether additional clarification of existing regulation may be helpful and how policy can best support further safe and responsible AI adoption. The deadline for responses to the DP is 10 February 2023.
Many PIMFA firms are already using various forms of AI in their day-to-day operations. Responding to this DP gives us an opportunity to influence the FCA's thinking on how they treat AI from a regulatory perspective.
We will be reviewing DP22/4 and gathering feedback from PIMFA members at a virtual meeting on Tuesday 24 January, starting at 14:00. If you or a colleague would like to join us please contact us
FCA Whistleblowing Data
During Q3 (July to September) 2022, the FCA received 291 new whistleblowing reports containing 734 allegations. The allegations almost doubled from the 474 raised in the previous quarter (April to June).
Most of the whistleblowing reports were received via FCA’s online reporting form and, typically, contain allegations that fall under the following 5 overarching themes: fitness and propriety treating customers fairly FSMA culture compliance.
For all the data, please view here.
The 2022 Q4 PIMFA Asset Allocation Survey is OPEN
Complete this quarter's survey, and you can:
• Receive a complimentary, 40 page report, showing you how the strategic asset allocations of your firms model portfolios compare to others
• Enable the index weight methodology for the MSCI PIMFA Private Investor and Equity Risk Index Series’ to ensure they remain relevant benchmarks for the UK wealth management sector.
Click here to submit
FCA Events for Retail Investment Firms
The FCA have have reopened registrations for their ‘Live & Local events’ which will include information specifically tailored to the needs of small and medium sized firms in the retail investment and mortgage sectors.
For further information please see the FCA event website.
Latest PIMFA Press Releases
PIMFA delighted to welcome Paul Stockton and Stuart Dodson to its Board of Directors
PIMFA welcomes update from FCA on the FSCS levy but continues to argue for a “polluter pays” model
PIMFA welcomes Government proposals to revoke PRIIPs regulation as part of wider shake up of financial services
PIMFA
PIMFA Press Coverage
Read
press releases here
launches ‘make it.’ campaign to attract diverse new talent into the wealth management and advice industry David Ostojitsch joins PIMFA as Director of Government Relations and Policy
more
Money Marketing: Leader: Are diversity and inclusion quotas a good thing?
CEO
to board The Wealth Net:
two appointments to board
director Investors Chronicle: Investment Trust Portfolio: Seeking
right balance
PRIIPS and other proposals welcomed FT
senior
diversity See
EVENTS & LEARNING Upcoming PIMFA Academies in 2023 PIMFA Crypto Academy PIMFA CASS Academy PIMFA CONSUMER DUTY CONFERENCE 31 January | 10:30 - 18:00 PIMFA WEBINAR: REGULATORY CONSIDERATIONS IN ALLEGATIONS OF NON-FINANCIAL MISCONDUCT 19 January | 12:00 - 13:30 REGISTER YOUR INTEREST REGISTER YOUR INTEREST
Citywire: New Model Adviser: PIMFA appoints Rathbones
and Openwork MD
PIMFA makes
of
the
Professional Paraplanner: Edinburgh Reforms:
Adviser: FCA warns of 'cannibalism' of focusing on
staff
more of PIMFA in the press
Join us to hear from the regulator and key industry experts on the key themes related to consumer duty. This conference will facilitate fruitful discussions between delegates from across our industry with subject matter experts to provide practical insight with ample opportunity for questions and networking.
For more information and to register, please click here
As an HR, Compliance or Legal professional, understanding how the FCA conduct rules under SM&CR interplay with allegations of misconduct is crucial when you are undertaking any disciplinary process. You need to be alive to considerations of fitness and propriety and notification obligations to the FCA as well as understanding how the issues interrelate with regulatory references and settlement considerations.
For more information and to register, please click here
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Personal Investment Management & Financial Advice Association (PIMFA) 69 Carter Lane, London, EC4V 5EQ (registered in England No 2991400)
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