Thematic Review of Retirement Income Advice
The FCA are undertaking a thematic review assessing the advice consumers are receiving on meeting their income needs in retirement. The review will begin in Q1 2023, and the FCA aim to publish a report setting out the findings in Q4 2023. Firms selected for the review can expect to be contacted by the FCA early in 2023.
We have had initial contact with the FCA to discuss the review and have committed to being open and constructive as they conduct it and would welcome input from firms on their views on the current state of the market post the introduction of pension freedoms in 2015.
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PIMFA WEEKLY NEWS BULLETIN 23 JANUARY 2022
Please contact Simon Harrington for further details.
FCA: Understanding Approaches to D&I in Financial Services
The FCA has published its findings on how financial services firms are approaching Diversity and Inclusion (D&I) strategies and an overview of initiatives which industry leaders can consider in reviewing their own diversity and inclusion strategies.
The FCA chose a sample of 12 larger firms across multiple sectors and asked each for information including their D&I policy and strategy, their targets or goals and any data that they used. Whilst almost all those who the regulator spoke to were committed and passionate about making progress, many firms’ strategies were generic and did not take a holistic view, lacking both a clear articulation of purpose and actions oriented to achieving their goals.
UK as an International Financial Centre
The UK-based financial and related professional services industry’s trade surplus increased to £81bn ($110.9bn) in 2021, up from £79.6bn ($106.6bn) in 2020, according to TheCityUK’s annual ‘Key facts about the UK as an international financial centre’ report.
Other findings include that, overall, the UK has 38.1% of the global total of foreign-exchange turnover; London’s importance as a centre for global equity trading is illustrated by the 333 foreign companies listed on the London Stock Exchange (LSE) as of September 2022 – more than on Euronext, but less than on the Nasdaq and New York Stock Exchange; the UK private equity market is the most developed in the world outside the US, with UK private equity funds investing $37.8bn (£29.5bn), the largest amount in Europe, in 2021.
FCA Release New Podcast on Consumer Duty – Products and Services Outcome
Click here to listen to the FCA Consumer Duty podcast – products and services outcome
The FCA’s Manager of Consumer Policy (Richard Wilson) discusses the detail behind the products and services outcome and the FCA's expectations including how firms should identify & test target markets, and the importance of identifying vulnerable customers. See what else is going on with Consumer Duty via the PIMFA Consumer Duty website
2023 Q1 PIMFA Asset Allocation
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Latest PIMFA Press Releases PIMFA delighted to welcome Paul Stockton and Stuart Dodson to its
of Directors PIMFA welcomes update from FCA on the FSCS levy but continues to argue for a
pays” model PIMFA Press Coverage Money Marketing: Leader: Are diversity and inclusion quotas a good thing? Citywire: New Model Adviser: PIMFA appoints Rathbones CEO and Openwork MD to board
• Enable the index weight methodology for the MSCI PIMFA Private Investor and Equity Risk Index Series’ to ensure they remain relevant benchmarks for the UK wealth management sector. Click here to submit
Board
“polluter
welcomes
services
wealth
David
Government Relations and Policy Read more press releases here The Wealth Net: PIMFA makes two appointments to board of director Investors Chronicle: Investment Trust Portfolio: Seeking the right balance Professional Paraplanner: Edinburgh Reforms: PRIIPS and other proposals welcomed FT Adviser: FCA warns of 'cannibalism' of focusing on senior staff diversity See more of PIMFA in the press EVENTS
LEARNING Upcoming PIMFA Academies in 2023 PIMFA Crypto Academy PIMFA CASS Academy PIMFA CONSUMER DUTY CONFERENCE 31 January | 10:30 - 18:00 Join us to hear from the regulator and key industry experts on the key themes related to consumer duty. This conference will facilitate fruitful
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Government proposals to revoke PRIIPs regulation as part of wider shake up of financial
PIMFA launches ‘make it.’ campaign to attract diverse new talent into the
management and advice industry
Ostojitsch joins PIMFA as Director of
&
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ONLINE LEARNING:
ARE
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discussions between delegates from across our industry with subject matter experts to provide practical insight with ample opportunity for questions and networking.
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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.
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