PIMFA Weekly News Bulletin - 23 May 2022

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PIMFA WEEKLY NEWS BULLETIN | 23 May 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 ESG Investment Survey

Sustainable finance is fast becoming one of the main priorities for the financial advice sector, along with government and regulators. In recognition of this, we invite you to complete a short survey to help us gain a better understanding of how we can further support your firm.

The survey - produced in partnership with specialist management consultancy Alpha FMC - has been constructed to gain maximum value from a minimal amount of input and has therefore been restricted to only 10 questions, and your responses will be aggregated and anonymised by PIMFA staff. We would be grateful to receive your response by 15 June 2022.

Thank you in advance for taking the time and effort to provide us with this valuable information and, if you have any questions, please contact Maja Erceg.

Upcoming PIMFA Forums

These monthly forums provide 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 next Virtual Regulatory Forum is on Tuesday 24th May between 3pm-4pm.

The next Virtual Operations Forum is on Thursday 26th May between 3pm-4pm.

Topics include: •

Euroclear Crest update from Charlie Pugh, Programme Office Manager, Euroclear

•

Regulatory update from Alex Roberts, Head of Regulatory Policy and Compliance

•

Update on STAR, the industry-wide initiative that is setting standards to promote good

practice in fund transfers, from Andrew Marker, Head of Retail Pension and Platform Proposition lead at Vanguard Asset Management UK.

Attendance of the PIMFA Forums is open to any representatives from Member and Associates firms. If you or any of your colleagues would like to attend next week’s or future forums, please email Heidi Bryant.

Latest PIMFA Press Release

Latest PIMFA Press Coverage

PIMFA launches ‘PIMFA WealthTech’

Forbes Advisor UK: Investment Updates:

supported by Morningstar

Funds Researcher Scrutinises ESG Credentials

Political and regulatory tension has created uncertainty over final salary

Professional Adviser: How advisers can

pension transfers

attract younger investors - PIMFA's Under 40 Leadership Committee

PIMFA’s Financial Crime Conference to be first in-person conference since COVID

The Conservative Investor Daily:

pandemic

Investment Updates: Scammers Feed On Distracted Investors

PIMFA’s Diversity & Inclusion Awards return for second year and open for new

Professional Paraplanner: ESG way to

entries

encourage younger investors, says PIMFA

National Audit Office report sets out how

TheWealthNet: Online Safety Bill given

British Steel Pension members were failed

prominence in Queen's Speech

in stark detail

PIMFA Events

PIMFA DIVERSITY & INCLUSION AWARDS ENTRIES CLOSE 8 JUNE The Awards are FREE to enter and open to all firms and stakeholders in the sector you do not have to be a PIMFA member to enter.

1. (Firm) Inclusive Talent Management Award | small - medium firm (1-350 employees) 2. (Firm) Inclusive Talent Management Award | large firm (351+ employees) 3. (Firm) Best D&I Initiative Award | small - medium firm (1-350 employees) 4. (Firm) Best D&I Initiative Award | large firm (351+ employees) 5. (Individual) Rising Talent Award

6. (Non-Firm) Best Industry D&I Initiative 7. (Firm) Best Approach to Wellbeing Award 8. (Individual) The Overall D&I Champion Award 9. (Firm) Best Supplier Award

Click here to find out more and enter

PIMFA Learning

PIMFA Authentic Leadership for Women Programme Cohort 4 | 6 Month Programme | Begins 8 June The Authentic Leadership programme is PIMFA’s response to supporting women who face a unique set of challenges when progressing into senior leadership positions. Our research shows that women aiming to rise to leadership positions in wealth and finance still have to overcome a set of challenges, including the Imposter Syndrome, unconscious bias in the workplace, a peer group that shrinks as they assume more senior roles, and a struggle to find female role models even in the most progressive firms.

To find out more and register your interest, please click here.

View other upcoming PIMFA Events & Learning here

Partner Events

ETF ECOSYSTEM UNWRAPPED 2022 24-26 MAY

PIMFA are delighted to be partnering with ETF Ecosystem Unwrapped for their 2022 event taking place in May.

To find out more about the event and register, please click here.

FCA webpage: reporting sanctions evasion

On the 17th May, the FCA published a new web-page setting out ways to report sanctions evasion. It explains how to report a firm or an individual, the information that they would like to hear about and how the FCA will deal with the information provided.

If information is shared with the FCA, the provider of that information must still fulfil any statutory legal requirements (for example under the Proceeds of Crime Act 2002 or the Sanctions and Anti-Money Laundering Act 2018).

You can read the web-page in full here.

FCA’s new cancellation and variation power – PS 22/5

The FCA’s new powers will enable it to take quicker action to cancel permissions that are not used or needed and therefore strengthen consumer protection by reducing the risk of consumers misunderstanding or being misled about their exposure to financial risk and how much consumer protection they have.

This new power is available following a change in the law allowing the FCA to streamline and shorten the removals process. The FCA will provide a firm with two warnings if it believes it is not using its regulatory permission. The FCA will then be able to cancel the permission, or change it, 28 days after the first warning if the firm has not taken appropriate action.

In its policy statement (PS22/5), the FCA has clarified that the new power is available to the FCA only when it appears that a firm is carrying on none of the regulatory activities within the scope of its permission. If therefore a firm has several regulated activities specified in its permission and is carrying on one of them, the FCA cannot use the new power in relation to that firm even if it is carrying on none of the others. Firms are however requested to review their permissions and request a removal of any regulated activities they no longer need.

You can read the FCA’s policy statement in full here.

UK Transition Plan Taskforce launched

HM Treasury has launched a new UK Transition Plan Taskforce, to develop the gold standard for UK firms’ climate transition plans.

The new regime being developed by the Taskforce will require UK financial institutions and listed companies to develop and publish rigorous and robust transition plans that detail

how they will adapt and decarbonise as the UK moves towards a net-zero economy by 2050. The Taskforce’s launch forms part of the Chancellor’s commitment at COP26, where he set out proposals to make the UK the world’s first net zero-aligned financial centre.

The Taskforce is led by a Steering Group of private and public sector leaders, co-chaired

by Economic Secretary to the Treasury John Glen and CEO of Aviva Amanda Blanc. It is supported by a Delivery Group of senior experts from across industry, academia and civil society. The Secretariat for the TPT is provided by the UK Centre for Greening Finance and Investment (CGFI) and climate change think tank E3G.

ISSB establishes working group to enhance compatibility between global baseline and jurisdictional initiatives

The International Sustainability Standards Board (ISSB) has formed a working group composed of representatives from several jurisdictions actively engaged in standardsetting in the field of sustainability disclosures.

The working group will discuss compatibility of those initiatives to establish how the global baseline can contribute to optimising reporting efficiency for companies in those jurisdictions and how those jurisdictions can build upon the global baseline according to their needs.

The ISSB aims to deliver a high-quality global baseline of sustainability disclosures, including an initial focus on detailed climate requirements, which addresses the needs of capital market participants around the world and can be directly used on a voluntary basis by market participants or incorporated into jurisdictional mandatory requirements.

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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