PIMFA Weekly News Bulletin - 22 May 2023

22 May 2023

PIMFA named as one of the top places to work by

the Sunday Times

We are delighted to announce PIMFA has been named as one of the top 100 best places to work in the Sunday Times.

PIMFA was among those firms with a headcount below 50 staff named as one of the best small places to work in the UK by the Sunday Times survey, which included companies such as Ovo Energy, the retailer Fat Face and Pizza Express among others

The Sunday Times Best Places to Work list, powered by WorkL, is a nationwide workplace survey which celebrates Britain’s top employers and acknowledges the best workplaces for

women, the LGBTQIA+ community, disabled employees, ethnic minorities, younger and older workers, and employee wellbeing.

PIMFA Regulatory Forum

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

The next virtual Regulatory Forum is on Tuesday 23rd May between 3pm-4pm

Topics will include:

Government Vision for Smarter Regulation

Primary Markets Listing Reforms

T+1 settlement

Update on the HMT/FCA Advice-Guidance review

Update from the Consumer Duty Working Group Review of SMCR

Attendance at the PIMFA Forums is open to any representatives from Member and Associate firms, if you or any of your colleagues would like to attend next week's or future forums, please email Heidi Bryant

Appointed Representatives Roundtable

PIMFA is in discussions with the FCA with the intention of running a small, private roundtable meeting to discuss both recent changes made to the Appointed Representatives regime and firm experiences of the changes made.

Firms which have an interest in feeding back their views on the operation of this regime to the FCA should contact Simon Harrington

PIMFA Thought Leadership Area

FSCS - 'Beyond Compensation'

Have you seen the PIMFA Thought Leadership Area?

This section contains various papers outlining developments and suggestions for a future fit industry.

Access the papers here.

Advice/ Guidance

Insights from new FSCS research indicate that there is a clear opportunity to leverage the role of the FSCS in contributing to economic growth as the findings show awareness of how the FSCS can help encourage competition, improve consumer outcomes and support investment.

Read the report here.

The FCA and HM Treasury have launched an industry working group to discuss issues arising at the boundary between advice and guidance. PIMFA will be participating in this group. We have previously advertised the existence of an advice/guidance working group which will feed in member views to this industry wide group.

Firms who are interested in participating should contact Simon Harrington

SHARE YOUR VIEWS: PIMFA seeks feedback from firms on impact of FSCS costs

We continue to seek member views on the impact of the FSCS on their respective businesses.

A link to the survey can be found here.

This is the second iteration of PIMFA’s FSCS Survey to firms. Your input is crucial in providing PIMFA with an evidence base to make representations to the Government and the regulators regarding material impacts to your business.

While our previous survey focused on measuring the total cost of funding the FSCS (as well as associated PI costs) the purpose of this survey is to measure the material impact the cost of funding the FSCS has on your business.

In doing so, we can make direct representations to HM Treasury to support our campaign to find alternative sources of funding for the FSCS. Our intention is to collate the responses from this survey into a short public report.

As a result, your responses are both valued and any longer-form answers which bring the impact of the levy on your business to light are welcomed. For further information or to provide additional views, please contact Simon Harrington

FCA Financial Resilience Survey

The FCA is due to issue another Financial Resilience Survey to firms with investment, insurance, or mortgage permissions between 5 and 16 June.

The FCA still requires firms to complete the financial resilience survey when requested until the new return (FIN073 - Baseline Financial Resilience Report) comes into force in January 2024.

Under section 165 of the FSMA it is mandatory for firms who receive the survey to complete it.

Firms will have 21 days to complete the survey (from the date received) and all firms will receive an email from the FCA one week in advance of receiving the survey.

PIMFA is proud to be partnering with the Morningstar Investment Conference London this year

To join us on 4 July register here

The discounted early-bird price to attend is £19, thereafter £99. Register now to secure your place and save £80 if you register before 31st May 2023!

Stock Transfer Form for funds

The Stock Transfer Form for collective investment schemes is used by investors in UK funds to transfer ownership of their units / shares to other parties. The current version of the form dates from 2014.

The Investment Association is running a consultation on some amendments to the form for the benefit of users. It is inviting feedback and input on any, or all, aspects of the proposed document by 30 June 2023. Full details of the consultation and proposed changes are available here

PRESS RELEASES

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Third PIMFA Diversity & Inclusion Awards Opens for

6 JUN

PRESS COVERAGE

Financial Times: How to invest in wind farms, motorways and mobile phone masts

FT Adviser: FCA to carry out more firm assessments 'with less or no notice'

IFA Magazine: PIMFA delighted to have been named as one of the Best Small Places to Work in the UK by The Sunday Times

The Wealth Net: FCA calls on firms to help prevent fraud

EVENTS & LEARNING

PIMFA WEBINAR: CYBER RISK MANAGEMENT – HOW COMPLACENCY CAN RUIN YOUR REPUTATION Sign

8 JUN

PIMFA LIVE ONLINE

LEARNING: T&C UNDER CONSUMER DUTY: WHAT YOU NEED TO KNOW SESSION

Sign

PIMFA Consumer Duty Training Engaging with Third Parties

23 May | 09:30 - 11:30

This session (that you can attend in person or online) will focus on:

• Engagement strategies with third-party suppliers to access information to monitor customer outcomes

• The additional information you may need to share between manufacturers and distributors, and what is the most efficient way to achieve this.

Find out more