PIMFA launches make it. campaign
As part of PIMFA’s commitment to promoting Talent, Inclusion, Diversity and Equity (TIDE) in our industry, we have recently launched our ‘make it.’ campaign which is aimed at attracting new talent from all backgrounds into the wealth management and financial advice industry.
The ‘make it.’ campaign comprises of a new one stop shop website, featuring useful information and an array of real-life videos that brings together different voices from
across our industry, it also hosts a free toolkit designed to help with your firms recruitment. The toolkit enables you to download an array of images, social media posts, logos, posters, example recruitment messaging and adverts etc created to encourage diverse new talent to start a career in our industry.
In the New Year PIMFA will be calling for the industry’s support by sharing the campaign’s website and using the toolkit to help promote this campaign.
For full details, please click here
FCA publishes feedback on its Compensation Framework Review
The Financial Conduct Authority (FCA) have published a feedback statement on the funding of the FSCS. Whilst the feedback statement does not outline any specific proposals, the FCA has committed to a next phase of reviewing the current settlement and is planning to:
• Review compensation limits to consider whether or not they remain appropriate – the feedback statement suggests that at the moment they are;
• Review funding class thresholds to consider whether they remain at an appropriate level;
• Carry out consumer and firm research to improve their own understand of the impact FSCS protection has on consumer decision making and broader confidence.
PIMFA is happy to see that the FCA have listened to our calls for FCA fines to be put towards funding of the FSCS and FCA have confirmed that they have made representations to the Government (who are responsible for this decision) to that effect.
Should you wish to discuss this further, please contact
UK Green Taxonomy Delayed
Parliamentary Secretary in HM Treasury, Baroness Penn, made the Written Ministerial Statement on 14 December 2022 confirming that the government will not make secondary legislation under the Taxonomy Regulations this year and will repeal the statutory requirement to make technical screening criteria regulations by 1 January 2023.
The Government will consider how to use the powers in the Financial Services and Markets Bill, that is currently before Parliament, to restate and modify retained EU law, and decide whether to change the UK’s approach. The Government will provide a further update as part of its publication of the Green Finance Strategy in early 2023.
Simon HarringtonFuture Disclosure Framework
In recognition that the existing retail investment disclosure framework fails to support good consumer outcomes, on 13 December, the FCA published discussion paper DP 22-6: Future Disclosure Framework. This DP aligns with and complements the Treasury consultation paper on disclosure (9 December 2022).
The FCA aims to design an outcomes-focused, flexible disclosure regime that supports retail investors to make informed investment decisions and is inviting feedback on:
• the delivery of retail disclosure (Chapter 3)
• the presentation of retail disclosure (Chapter 4)
• the content of retail disclosure (Chapter 5)
The deadline for responses is 7 March 2023. Firms who wish to share their views should contact Sarah McGuffick /Simon Harrington
new talent into the wealth management and advice industry
International Adviser: FCA to review compensation limits for pension claims
Read more press releases here
Professional Adviser: What your small firm can do to recruit and retain talented women See more of PIMFA in the press
Upcoming PIMFA Academies in 2023
PIMFA Crypto Academy PIMFA CASS Academy
EVENTS & LEARNING
CONSUMER DUTY CONFERENCE
PIMFA
31 January | 10:30 - 18:00
Join us on the 31 January to hear from the regulator and key industry experts on the key themes of consumer duty. Bringing together a high-level audience who can engage with the experts, this conference will facilitate fruitful discussions with opportunity for questions and networking.
For more information and to register, please click here
PIMFA ONLINE LEARNING: MARKET ABUSE
14 February | 09:30 - 12:30
In this 3-hour interactive, online training course leading consultants Bovill reveal where wealth firms are falling foul of regulatory expectations and what they need to implement effective policies and procedures to control market abuse risks posed by remote working.
For more information and to register, please click here
David Ostojitsch joins PIMFA as Director of Government Relations and PolicyContact us | Visit website | Terms & Conditions
Personal Investment Management & Financial Advice Association (PIMFA) 69 Carter Lane, London, EC4V 5EQ (registered in England No 2991400)
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