PIMFA Weekly News Bulletin - 16 October 2023

View in browser Featured: PIMFA celebrates winners of its third Diversity & Inclusion Awards

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PIMFA WEEKLY NEWS BULLETIN 16 October 2023

PIMFA celebrates winners of its third Diversity & Inclusion Awards PIMFA toasted the inspiring stories and initiatives from across the advice and wealth management industry last week as it held its Diversity & Inclusion (D&I) Awards.

Attended by 300 people from across industry, the 2023 PIMFA D&I awards, held at the Intercontinental Park Lane Hotel in central London on the 12 October 2023, received a huge number of superb entries highlighting D&I initiatives that demonstrated excellence and good practice.

The awards were created in 2021 by PIMFA to shine a light on the excellent, often untold, stories that exist across organisations and among individuals in the wealth management and advice industry, and to use these examples to inspire others to continue to strive and innovate to ensure the profession better reflects the clients it serves and can create a diverse and inclusive organisation and industry.

To see the winners click here.

PIMFA Regulatory Forum This monthly forum provides updates on regulatory hot topics from the PIMFA team and select associates, provide an opportunity to share best practice and get the latest intelligence on policy matters.

The next virtual Regulatory Forum is on Tuesday 17th October between 3pm-4pm.

Topics will include: •

CP23/20: Diversity and inclusion in the financial sector – working together to drive change

•

Home Office Fraud Call for Evidence Update

•

Government policy and conferences update

•

Retirement Income Advice update

•

FCA: new Form

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 next weeks or future forums, please email Heidi Bryant.

FCA welcomes the launch of the Transition Plan Taskforce Disclosure Framework

The FCA has welcomed the publication of the Transition Plan Taskforce (TPT) Disclosure Framework which recommends disclosure of a company’s strategic climate ambition, and how this is reflected in its implementation and engagement approaches, its governance and accountability arrangements, and its financial plans.

With improved forward-looking information, investors will be better equipped to assess companies’ future prospects. The TPT Framework has been designed to align with the transition planning guidance developed by the Glasgow Financial Alliance for Net Zero, and to be consistent with, and build on, the reporting standards developed by the International Sustainability Standards Board.

The FCA is committed to drawing on the TPT Framework as the regulator further develops their disclosure expectations for listed companies, asset managers and FCA-regulated asset owners.

FCA: New blog on digital forms As part of their mission to become a digital, data led regulator, the FCA are redesigning and digitising their forms to make it quicker and easier for firms to apply to them for authorisation.

The new digitised forms will support quicker assessments by making sure they get the information they need.

Emily Shepperd, Chief Operating Officer and Executive Director, Authorisations, has published a new blog explaining the improvements, which is available here.

The 2023 Q4 PIMFA Asset Allocation Survey is now OPEN

Complete this quarter's survey, and you can: •

Receive a complimentary, 40-page report, showing how the strategic asset allocations of your firm’s model portfolios compare to the peer average

•

Ensure the index weight methodology for the MSCI PIMFA Investor and Equity Risk Index Series remain relevant benchmarks for the UK wealth management sector.

Click here to submit.

ISITC Europe T+1 Accelerated Settlement Challenges: Roundtable Series in association with the CISI, the IA and PIMFA - kindly hosted by EY The US plan to move to T+1 settlement in May 2024,

and

the

UK

Accelerated

Settlement

Taskforce's examination of the case for the UK to follow suit thereafter, create business, technology and process challenges which need to be fully explored.

The ISITC Europe T+1 Forum series of roundtable discussions are designed to facilitate an in-depth, cross-industry understanding of the challenges and potential solutions.

The roundtables will be conducted under the Chatham House rule and moderated by the ISITC Europe T+1 research team.

The objectives of the roundtables are to: •

increase industry knowledge and understanding by defining the problems from both buy and sell side perspectives;

•

discuss potential solutions i.e., amending business/operational processes, adapting existing technology or implementing new technology;

•

assist with strategic planning and development.

•

find a successful path to T+1 settlement implementation for everyone.

There are three T+1 roundtables planned for November 2023. The first of these is: Accelerated Settlement Challenges: Treasury/FX/Prefunding 1 November 2023 - 12.30 (working lunch provided) Hard Start 12.45 - 14.15

Venue: EY, 25 Churchill Place, Canary Wharf, London E14 5EY This roundtable will focus on treasury challenges facing the provision of foreign exchange and the associated area of prefunding, which is especially challenging with the US migration to T+1 and will eventually need to be considered for T+1 in the UK and Europe.

To register to attend this roundtable, please click here and watch Bulletin for further updates.

Independent Review of Disclosure and Fraud Offences The Home Office has announced the launch of an Independent Review of Disclosure and Fraud Offences to consider the challenges of investigating and prosecuting fraud cases and the operation of the disclosure regime in a digital age.

This review follows the Government’s commitment in the Fraud Strategy published in May 2023. With fraud accounting for over 40% of all offences in England and Wales last year, the new review aims to investigate the evolving challenges of tackling fraud since the last review in 1986 and will be chaired by Jonathan Fisher KC. The full release can be read here.

PRESS RELEASES

PRESS COVERAGE

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campaign

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NayaOne to Launch Client

economic conditions taking toll on

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advice profession - NextWealth

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winner of D&I awards

READ MORE

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22 November 2023

PIMFA Transaction Reporting Academy (TRA)

Financial Promotions: Fair, clear and not misleading in 2023

The PIMFA TRA is an innovative, practical and

In this PIMFA live, two-hour online session you

results-focused learning experience that

will:

augments your core reporting skills while

• Assess the potential risks of your marketing

deepening your knowledge in key areas of the

and financial promotions against the FCA draft

MiFIR reporting requirements.

guidance ‘GC23/2: Financial promotions on social media’.

The Academy provides the advanced frameworks and tools you need to ensure your

• Strengthen your approach to financial

transaction reports are accurate, complete and

promotions in-line with the requirements of

timely. The course is designed for those

Consumer Duty.

fundamental to, or responsible for transaction reporting, and provides live online tutor-led

• Review control expectations for promotions of

learning, giving learners the knowledge and

any high-risk investment in line with the FCA’s PS22/10.

confidence to embed best practices in their

• Use a proven processes to assess and

firm’s approach to transaction reporting.

mitigate the threat of non-compliance with current and future changes in financial

In contrast to one-day, one size fits all training

promotion regulations

courses where you only learn the essential elements in meeting the FCA’s transaction

• Ensure your approach to social media and

reporting, when you participate in TRA, you

customer communications doesn’t attract the

enter an immersive learning experience that

wrong kind of attention.

ensures you can immediately apply what you’ve learned to real-world, day-to-day

• Enhance the review and approval process for

reporting situations through five live, tutor-led

financial promotions in line with proposed new

online sessions delivered over five weeks.

anti-greenwashing rules.

• Update your social media and influencer

FIND OUT MORE

marketing governance, policies, and contracts with ‘finfluencers’ and agencies to ensure your firm doesn’t fall short of the guidance the

In partnership with:

regulator has in place to stop consumer harm.

BOOK NOW

Please note that responses to this email address are not monitored. If you wish to get in contact, please email info@pimfa.co.uk

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