PIMFA Weekly News Bulletin - 21 February 2022

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PIMFA WEEKLY NEWS BULLETIN | 21 February 2022 Dear Nigel,

Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.

PIMFA & Which? Survey

5 MINUTE SURVEY PIMFA are delighted to be working in collaboration with Which? to conduct a short survey on the value of financial advice for an upcoming feature in Which? magazine. We’re asking financial advisers to help with this research by answering a few questions.

Kindly note, that all results will be anonymous and will be used in aggregated manner only. Your expertise is greatly appreciated.

To complete the survey please click here.

Latest PIMFA Press Releases

Latest PIMFA Press Coverage

Firms still need certainty and time to

Managers of Wealth: Firms still need

implement FCA’s Consumer Duty

certainty and time to implement FCA's Consumer Duty

PIMFA adds Qwil Messenger as PIMFA Plus Partner in drive towards further

Global Banking & Finance: Britain's

technology partnership

financial sector wants more time for new 'duty of care'

PIMFA delighted to welcome Redmayne Bentley’s Nick Bettison to its Board

Reuters: Britain's financial sector wants more time for new 'duty of care'

MyRegData becomes latest PIMFA Plus Partner

FT Adviser: Firms need time to implement FCA's consumer duty, says industry

PIMFA welcomes FCA’s move to strengthen financial promotions rules to

WealthNet: PIMFA partners with secure

protect consumers

messaging platform

PIMFA welcomes extension of 10%

Raconteur: Why retailers must balance

depreciation notification rule flexibility but

personalisation and privacy

calls for longer term reform

PIMFA's Latest Consultation Responses

PIMFA’s latest Consultation Responses include: •

A New Consumer Duty – Feedback to CP21/3 and further consultation

•

Future Regulatory Framework Review Financial Services Strategy

•

DP 21/4: Sustainability Disclosure Requirements (SDR) and investment labels

•

CP 21/28: New cancellation and variation power; Changes to the Handbook and Enforcement Guide

Read these and all other PIMFA consultation papers here.

PIMFA Events

Following on from the HUGE success of the PIMFA Virtual Fest series in 2021, PIMFA is proud to announce the Virtual Fest is back for 2022, this time taking place over 2 weeks.

Registration is open now, please click here to confirm your place.

Unlike previous years (where the conference took place over 2 days), the Virtual Fest 2022 will be taking place over 2 weeks, with exclusive and limited content released each day and available on demand throughout so that you can enjoy at a time which suits you best.

The Virtual Fest 2022 is a great opportunity for attendees to gain valuable insights, hear from industry experts, earn CPD hours and make connections with fellow colleagues.

PIMFA Learning

PIMFA TRAINING: TRANSACTION REPORTING 2022 8 March | 9:30 - 12:30 A third of firms getting transaction reporting wrong Over four years since MiFID II regulations were introduced, many firms are still not fulfilling basic reporting requirements. The regulators 2021 figures showed over 1,000 error and omissions forms have been submitted every year since the introduction of MiFID II. This live online training session led by experts in their field will give you the knowledge and confidence that your firm’s transaction reporting processes are compliant with regulatory requirements.

Please click here to register.

View Upcoming PIMFA Events & Learning here

Partner Events

WOMEN & WEALTH FORUM | 15 March 2022 KBC’s unique global Forum will celebrate women wealth holders, wealth creators and wealth managers and discuss what main challenges these women face and how to overcome them.

Sessions will cover specific issues encountered by such groups of women as: entrepreneurs and owners of family businesses; next generation; newly divorced or widowed.

PIMFA Chief Executive, Liz Field will be chairing a session at the forum on philanthropy.

While the event is focused on women’s wealth, ALL professionals interested in current wealth management trends are welcome. To find out more about the forum, please click here.

PIMFA Members qualify for a 15% discount. Please use the code PIMFA when registering. You can register by clicking here.

The UK Reaches a Major Milestone to Join £8.4 trillion CPTPP Free Trade Area

An announcement made on 18 February by Japan, as Chair of the UK’s Accession Working Group on behalf of the CPTPP members, confirmed the UK’s move into second and final phase of accession to join £8.4 trillion CPTPP free trade area. The Trans-Pacific Partnership trade bloc contains some of the world’s most dynamic economies and

demonstrates the value of UK’s future-facing trade strategy. Market access negotiations will now begin in which the UK will agree new trading relationships with CPTPP countries, which could lead to 99.9% of UK exports to CPTPP being eligible for tariff-free trade.

Benefits of UK accession could include new guarantees of access to services markets, providing valuable opportunities for the UK’s world-class services industry to increase exports to CPTPP countries as well as ensuring UK businesses are in an even better position to expand their digital reach in the global marketplace thanks to CPTPP’s modern rules for digital trade across all sectors of the economy.

CPTPP member countries include some critical growth markets for the UK-based financial and related professional services industry. Membership will give UK firms greater access to business opportunities in one of the fastest growing regions in the world, benefiting the UK’s overall export performance. CPTPP membership is also expected to support levelling up by benefitting every nation and region of the UK, with the greatest relative gains predicted to be in the West Midlands, Scotland and Northern Ireland.

City of London: New Campaign Launched to Boost UK’s Position as a World-Leading Investment Management Centre

On 7 February the City of London Corporation, in partnership with Department for International Trade and the Investment Association, launched 'Global Investment Futures', a new campaign to preserve and promote the UK as a leading investment management centre globally. The campaign, supported by KPMG, will build on the UK’s success in the investment management industry.

The UK is the second largest investment management centre in the world, accounting for approximately 15% of global assets under management. £11tn of assets are managed for clients in the UK and internationally and a large number of overseas investors already operate offices in London and other cities.

The campaign will promote and highlight to global investors the factors that makes the UK a success in investment management and a trusted place to do business including the concentrated network of asset managers across specialisms; an educated, talented, diverse and experienced workforce; digital infrastructure; internationally connected

financial markets; its global leadership in fintech; its leadership in green finance; a timezone that is central to the global business day.

Find Out More About PIMFA ...

Bulletin is just one of the many insights and publications PIMFA produces on the latest industry news and issues - most of which are accessible to PIMFA members only.

CONTACT US If you have a query on becoming a PIMFA member, the work we undertake, or any of the articles in this Bulletin, please contact us.

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