PIMFA Weekly News Bulletin - 20 November 2023

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PIMFA WEEKLY NEWS BULLETIN 20 November 2023

NEW PIMFA Report: ‘A Little More Personalisation’ PIMFA, in partnership with Savanta, has published a new report which looks at how increasing levels of personalisation in communications might encourage non-investors to begin investing.

The report is available to download from the PIMFA website.

If you would like to discuss the content of the report, or have any questions, please contact Simon Harrington.

PIMFA welcomes Gretel to PIMFA Plus Gretel leverages a proprietary state of the art technology platform to digitise gone-away client reconnection and dormant asset reactivation, Gretel supports Consumer Duty and other regulatory requirements around customer outcomes, improves data quality, reduces the need for proactive tracing and mitigates the risk of fraud and financial crime.

Their introductory video can be viewed here.

We look forward to working with you.

FCA: Authorisations operating service metrics 2023/24 Q2 The FCA report their authorisations metrics quarterly to provide greater transparency of their performance. This data covers July to September 2023, and can be downloaded here.

The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 1) Regulations 2023

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Statutory Instrument (SI) 2023 No. 1206 (Economic Crime and Corporate Transparency Act 2023 (Commencement No. 1) Regulations 2023) was published on 16 November and brings into force Section 214 (sanctions enforcement: monetary penalties)

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Further details regarding provisions due to come into force on 15 January 2024 are set out in the SI’s explanatory note (e.g. sections 188 to 193 disclosures to prevent, detect or investigate economic crime).

PIMFA Webinar: The Autumn Statement (Member only) What are the implications for retail investors and a future general election?

27th November | 15:00 - 16:00 |Free

The Chancellor has announced that the 2023 Autumn Statement will occur on 22 November 2023 as an update on the Government’s plans for the economy.

This Statement is of particular interest based on a possible general election being called in 2024. Join Iona Martin, Head of Private Banking Tax, KPMG, and David Ostojitch, Director of Government Relations and Policy, PIMFA, for an update on what the Autumn Statement includes and what it means for the wealth management and advice industry.

Book Now

PIMFA Operations Forum Next meeting: 28 November 15:00 - 16:00 At the November Operations Forum, the London Stock Exchange will be presenting 'LSEG: Capital Markets and Regulatory Reform Update'.

If you are from a PIMFA member or associate firm and would like to be added to the distribution list to attend the next Operations Forum on 28th November please contact Heidi Bryant.

PIMFA Cyber Security Working Group Next meeting: 21 November 14:00 - 16:00 The next Cyber Security Working Group meeting will take place via MS Teams on Tuesday 21 November, starting at 2pm. Please note - this meeting is open to PIMFA members only.

On the agenda for this meeting, the working group will be exploring:

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Mitigating harms - what are the harms, how do you identify and manage them?;

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Unmasking the future: how threat actors are unleashing the power of AI in phishing and social engineering attacks - presentation by Jon Cosson, CISO and Head of IT, J M Finn

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Quantum computing for finance - summary of recent presentation at the FCA's TACIG meeting

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Compiling a 'We would never' list

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'What's in your in tray?

If you are from a PIMFA member or associate firm please joins us, get involved in the discussion and share your cyber security knowledge. To join this group and attend our meetings, please contact Kevin Sloane.

PIMFA AI Working Group Next meeting: 4 December 11:00 - 12:30 The next PIMFA AI Working Group meeting will take place via MS Teams on 4 December, starting at 11:00. We have invited Alix Cheema, Technology Consulting Leader at EY and EY EMEIA Nexus Leader with Financial Services, to join us and present recent AI use cases and regulatory considerations for wealth management and financial advice firms, and to participate in a Q&A session.

If you are from a PIMFA member or associate firm would like to attend the meeting, please contact Kevin Sloane

Following March’s successful Roadshow, the PIMFA team are heading back to Bristol for another Regional on 14th December. This free event will provide attendees with the opportunity to hear rom subject matter experts on relevant industry topics (earn up to 3 hours Of CPD) and network.

Book Now

PIMFA Regulatory Forum To reflect on the forthcoming Autumn statement, we have moved the Regulatory Forum to 28th November from 4pm to 5pm.

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 PIMFA Forums are open to representatives from all PIMFA Members and Associate firms. If you or any of your colleagues would like to attend the Operations Forum and are not currently on our distribution list, please email Heidi Bryant.

FCA - Anti-fraud controls and complaint handling in firms The FCA has published key findings from their multi-firm review of how firms mitigate the risks of APP fraud and fraud attacks more broadly.

The publication includes examples of good practice and areas for improvement such as a greater focus on delivering good consumer outcomes and taking account of characteristics of customer vulnerability when making decisions about fraud claims and complaints.

The full report can be accessed here.

Case for Skills: Addressing skills challenges to enhance UK competitiveness, boost productivity and support economic growth.

You are invited to attend the launch of the Financial Services Skills Commission, Case for Change Roadmap report on Tuesday 28 November 2023 – 8.00am-10.00am.

Skills gaps remain a huge challenge for the industry coupled with the increasing demand for tech and data skills alongside record labour shortages. 1 in 8 job roles in financial services is now tech centric – double the proportion compared to the wider economy.

This event will showcase new research published by the Commission, supported by PwC and EY, and provide a platform to discuss how the industry collectively tackles the sectors existing skills gaps to boost UK innovation, productivity, and competitiveness.

Please register to attend in person or online and join us alongside senior leaders, executives, and parliamentarians from across the financial and professional services industry.

Confirmed speakers at the event include:

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The Rt Hon, The Lord Mayor of the City of London (welcome)

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Ian Stuart, CEO, HSBC UK, keynote (virtual)

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Tim Bailey, Zurich UK, CEO

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Claire Tunley, CEO, Financial Services Skills Commission

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Mark Hoban, Chair, Financial Services Skills Commission

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Sharon Doherty, Chief People and places Officer, Lloyds Banking Group

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Tanuj Kapilashrami, Chief Human Resources Officer, Standard Chartered Bank

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Mohit Sarvaiya, International CIO, BNY Mellon

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Chris Box, Global Client Partner, PwC

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Davd Storey, Partner, EY

ISITC Europe T+1 Accelerated Settlement Challenges - Roundtable series in association with the CISI, the IA and PIMFA - kindly hosted by EY. With the US markets planning to move to T+1 for equities settlement in May 2024, and the UK Accelerated Settlement Taskforce looking at when the UK could follow suit, the ISITC Europe T+1

Forum has arranged a series of roundtables to facilitate an in-depth, cross-industry understanding of the business, technology and process challenges T+1 could bring to the UK market, and to explore potential solutions.

These roundtables are designed to increase industry knowledge and understanding of the impact of T+1 settlement, to explore solutions, assist with strategic planning and development, and to find a successful path to T+1 settlement implementation for everyone.

The fourth T+1 roundtable focuses on Data Challenges.

Date: Wednesday 29 November 2023 - 12.15 - 12:45 lunch, 12:45 opening address, 14:15 close Venue: EY, 25 Churchill Place, Canary Wharf, London, E14 5EY Data quality and data access on an industry-wide scale has always been a significant problem and with a shorter settlement cycle, these challenges will be magnified. The aim of this roundtable is to understand and define the issues across the transaction chain and to explore possible solutions.

Register to attend this roundtable here Please note ISITC Europe and the trade associations are planning a T+1 roundtable which will focus on the issues and challenges for Wealth Management and Retail Investment firms. This roundtable will take place in Q1 2024 - we will publish full details in Bulletin when the agenda, venue and date are agreed.

PRESS COVERAGE PRESS RELEASES Professional Adviser: Personalised Greater personalisation may

advice may encourage greater

encourage greater saving & investing

saving and investing

in UK, although there are limits to how much, PIMFA research finds

FT Adviser: Personalisation may encourage greater saving and

PIMFA welcomes Financial Services

investing

Compensation Scheme levy forecast for 2024/25

Reuters: OPINION: Hard work on Online Safety Act is only just beginning - PIMFA

PIMFA continues to urge for FCA to have a role in combatting fraud

IFA Magazine: Greater personalisation may encourage

PIMFA WealthTech partners with

greater saving & investing in UK

WealthOS in latest Tech Sprint on

although there are limits to how

the Client Onboarding process

much, PIMFA research finds

READ MORE

READ MORE

PIMFA LEARNING

27 November

22nd November

Webinar | 12:45 - 13:45 | Free

Training | 9:30 - 11:30 | £250 - £350

Authentic Leadership: How to Thrive as a Female Leader in Wealth and Finance -

Financial promotions: fair, clear and not misleading in 2023

Find out more session In this live online course, you will examine good We would like to invite you to discover more

and bad examples of recent promotional

about PIMFA’s ‘Authentic Leadership: How to

campaigns, assessing potential non-

Thrive as a Female Leader in Wealth and

compliance of your current and future

Finance’ programme with this FREE 60 minute,

campaigns. By improving your grasp of good

no obligation webinar.

practice, you will be better prepared to protect your firm, brand reputation, and competitive

In this webinar with executive coach Caroline

advantage and respond rapidly to unexpected,

Holt, you will:

consequential events. In this live, two-hour online session with Bovill’s Adam Strickland you’ll:

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• Find out if the programme is appropriate for you or your colleagues

Assess the potential risks of your marketing and financial promotions against the FCA draft guidance

• Hear about women graduates who have

‘GC23/2: Financial promotions on

completed the programme

social media’.

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Strengthen your approach to financial

• Get your questions answered about the

promotions in-line with the

programme – what you will get from it, how it all

requirements of Consumer Duty.

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works, the admission process and fees

Review control expectations for promotions of any high-risk investment

• Discover how this programme differs from

in line with the FCA’s PS22/10.

•

other Women in Leadership programmes for women

Use a proven processes to assess and mitigate the threat of non-compliance with current and future changes in financial promotion regulations

BOOK NOW

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Ensure your approach to social media and customer communications doesn’t attract the wrong kind of attention.

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Enhance the review and approval process for financial promotions in line with proposed new anti-greenwashing rules.

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