PIMFA Weekly News Bulletin - 21 November 2022

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Featured: UK Chancellor’s Autumn Statement PIMFA Weekly News Bulletin

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PIMFA WEEKLY NEWS BULLETIN 21 NOVEMBER 2022 UK Chancellor’s Autumn Statement Initially scheduled for 31st Oct, Chancellor Jeremy Hunt delivered his much-anticipated Autumn Statement to Parliament on 17th November.

A summary of the relevant measures announced is available here.

PIMFA Operations Forum This monthly virtual forum provides updates on operational hot topics from the PIMFA team, Euroclear and other Associates.

The next Operations Forum is on Thursday 24th November between 3pm-4pm.

The agenda includes: •

Euroclear UK & International updates – Charlie Pugh, Programme Office Manager, Euroclear

•

PIMFA Regulatory update – Alex Roberts, Head of Regulatory Policy and Compliance, PIMFA

•

The Qualified Intermediary regime – Natalie Dowling, Regulatory Expertise Manager, Efficient Frontiers International (EFI)

•

Clearstream Update – Damien Gillespie, Client Executive, Strategic Business Development, Clearstream

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 next week's event, please email Heidi Bryant.

FOS publishes Future Funding Feedback Statement The Financial Ombudsman Service has published its future funding feedback statement setting out a number of proposals and next steps. Details can be found here.

Please contact Simon Harrington with any queries.

Ministry of Justice Expert panel recruitment

The MoJ has just issued the recruitment advertisements for the Personal Injury Discount Rate Expert Panel here.

As you may know, the Civil Liability Act 2018 amended the Damages Act 1996 to specify a new methodology for the Lord Chancellor to review and set the Personal Injury Discount Rate. The next review is expected to commence in 2024 and the legislation stipulates that the Lord Chancellor must establish an expert panel, chaired by the Government Actuary, to advise for that purpose.

The MoJ are now recruiting for four panellists to sit on this expert panel (job adverts linked below). As per Part 2 of the Civil Liability Act the MoJ are looking for: 1. one member with experience as an actuary; 2. one member with experience of managing investments; 3. one member with experience as an economist; and 4. one member with experience in consumer matters as relating to investments.

We have been asked to make PIMFA members aware of this opportunity – specifically the 4th member which is most relevant to this sector.

FCA’s Nikhil Rathi’s recent speech: Rolling Regulation Forwards On 16 November the Financial Conduct Authority (FCA) published a speech by Nikhil Rathi (Chief Executive) on "Rolling regulation forwards", setting out the FCA’s views on progress towards Consumer Duty implementation, coordination with the Financial Ombudsman Service, and the impact on financial inclusion.

Noting that Parliament debated and explicitly mandated the Consumer Duty due to falling public confidence in retail financial services, the speech notes the FCA:

•

introduced a phased deadline to help firms embed what is undoubtedly a major cultural and operational shift (and as firms seem to be on track) the FCA see no need to move those deadlines.

•

will remain pragmatic in oversight of implementation and ask for continued openness from firms on their implementation path.

•

recognise how critical coordination with the Financial Ombudsman Service will be for successful implementation.

•

advise the Duty does not have a retrospective effect. Conduct will be judged on the rules and standards in place at the time.

•

will be monitoring closely to make sure the Consumer Duty does not prompt risk aversion in firms and the withdrawal of products for difficult to reach groups.

Launch Of the FSSC future skills framework: Phase two The Financial Services Skills Commission is pleased to invite you to the launch of the second phase of its Future Skills Framework on Wednesday 23 November between 9 and 10am at NatWest Bank, 250 Bishopsgate, London, EC2M 4AA or by joining us online.

To book a place in person: Eventbrite in person tickets To book a place online: Eventbrite online tickets Banner, etc is here.

Latest PIMFA Press Releases

PIMFA Press Coverage

PIMFA calls on Chancellor to keep tax reforms under

FT Adviser: FCA admits register in need of further

review to incentivise people to save and invest in future

improvements

PIMFA welcomes Chancellor’s intervention to bring

Financial Planning Today: Only 1 in 4 Planners consider

stability and confidence back to UK financial markets

PFS performing well

PIMFA welcomes FCA action to protect prevent harm in

Wealth Briefing: Investment Managers React To UK

the consumer investment market

Autumn Statement

PIMFA celebrates winners of its second Diversity & Inclusion Awards and previews ‘TIDE’ launch

Financial Times: Does your money manager pass the Ofsted test

PIMFA delighted to welcome Courtney Havers’ Ray FT Adviser: Help is here for prepping your consumer

Tuffield to its Board

duty plan Read more press releases here See more of PIMFA in the press

EVENTS & LEARNING PIMFA TALENT, DIVERSITY AND

PIMFA LIVE ONLINE TRAINING:

INCLUSION CONFERENCE

TRANSACTION REPORTING

7 December | 09:00 - 17:30

6 December 2022 | 09:30 - 12:30

Returning for the first time since 2019, we are

This live online training session led by experts in

delighted to announce the PIMFA Diversity

their field will give you the knowledge and

Conference will be taking place in London on

confidence that your firm’s transaction reporting

December 7.

processes are compliant with regulatory requirements.

This event aims to offer attendees fantastic insights into a variety of topics related to TDI and

For more information and to register, please click

inspire current and future leaders to continue

here.

working on creating a truly inclusive and diverse sector.

This event is free for members to attend.

For more information and to register, please click here.

PIMFA WEEKLY NEWS BULLETIN | 21 NOVEMBER 2022 PRESS RELEASES

ABOUT PIMFA

D&I AWARDS

WEALTHTECH

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