PIMFA Weekly News Bulletin - 24 January 2022

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PIMFA WEEKLY NEWS BULLETIN | 24 January 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.

Compensation Framework Review

You will have seen that the FCA have published a discussion paper on the Compensation Framework, following extensive lobbying from PIMFA.

We are committed to continuing to shape the dialogue around this issue and, as a result, are inviting interested parties to participate in our response to the Review. We will be hosting a roundtable with FCA colleagues in March but would like to work through issues arising from the review more closely with firms.

Should you have interest in participating, please contact Simon Harrington.

PIMFA seeks firms' views on FCA Cost-Benefit Analysis

HM Treasury's consultation on the review of the financial services regulatory framework open until 9 February 2022 - puts forward a number of proposals aimed at improving the regulators' Cost-Benefit Analysis (CBA) processes.

To inform our response to these proposals, we will be issuing a brief survey to members in the next few days, seeking views on how the CBA process operates and the value that regulated firms attach to it.

We would be grateful if you could look out for the survey and send us your views as soon as possible.

PIMFA & Accenture Survey

PIMFA, in collaboration with Accenture, are currently conducting a short survey on what Wealth Management firms are doing to meet current challenges and opportunities and how they intend to future proof and secure their franchises.

This survey forms an integral part of our research to provide a view of the key impacts on the industry post pandemic and reflect on how firms are evolving.

We expect the Survey to take you no longer than 20 -30 minutes to complete.

To complete the survey, please click here.

Latest PIMFA Press Releases

Latest PIMFA Press Coverage

MyRegData becomes latest PIMFA Plus Partner

FT Adviser: FIMFA partners with RegData tool

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

Reuters: Britain to curb marketing of crypto investments

protect consumers The WealthNet: FCA reporting tool PIMFA welcomes extension of 10%

becomes PIMFA Plus Partner

depreciation notification rule flexibility but calls for longer term reform

Managers of Wealth: PIMFA welcomes FCA’s move to strengthen financial

Coalition of consumer groups, charities &

promotions rules to protect consumers

industry bodies welcomes recommendation by committee of MPs to include paid-for digital ads in Online Safety Bill & calls on Government to act

PIMFA calls for FCA to make better use of data in supervising Appointed

UK Time News: UK financial watchdog to curb marketing of crypto-assets and other high-risk investments CityAM: Exclusive: SIPP godfather John Moret on half a century in the City’s

Representatives

competitive pensions industry

PIMFA calls for greater ambition to solve FSCS levy funding issues

FT Adviser: 2022 will see more digitalisation as tech sector grows

PIMFA's Latest Consultation Responses

PIMFA’s latest Consultation Response is to the FCA DP 21/4 on Sustainability Disclosure Requirements (SDR) and investment labels

Read this and all other PIMFA consultation papers here.

Upcoming PIMFA Forums

Regulatory Forum – Tuesday 25th January. Contact: committees@pimfa.co.uk Operations Forum – Thursday 27th January. Contact: committees@pimfa.co.uk

PIMFA UNDER 40 FORUM SURVEY

PIMFA have again brought together some of the brightest upcoming talent from within our industry to participate in our Under 40 Forum to investigate ideas for broadening the appeal of our industry, fostering a culture of savings and investment, and tackling financial exclusion.

The Forum are conducting primary research to support their analysis, and your help in gathering as much data would be invaluable.

To complete the 5-minute survey, please click here.

PIMFA Events & Learning

PIMFA LIVE ONLINE TRAINING: COMPLYING WITH YOUR OPERATIONAL RESILIENCE OBLIGATIONS – A WEALTH MANAGEMENT FIRMS CHECKLIST

31 January 2022 Time is running out for PIMFA member firms to comply with The FCA’s new operational resilience regulations that come into force on 31st March 2022. The deadline gives firms less than four months to carry out mapping and testing, to a level of sophistication necessary to accurately identify their important business services (IBS), set impact tolerances and identify

any vulnerabilities in their operational resilience.

This live, interactive, online 3-hour session led by Richard Preece, Director of DA Resilience provides your Compliance and Risk function with confidence and knowledge to assess, compare, test, evaluate and score your approach to Operational Resilience against good practice and the regulator’s expectations.

To find out more and register, please click here.

View Upcoming PIMFA Events & Learning here

FCA confirms approach to European firms temporarily operating in the UK

European firms wishing to remain in the temporary permission regime (TPR), need to meet the FCA’s standards to continue operating in the UK. The regime was designed to ensure that European firms operating in the UK via a passport when the Brexit transition period ended could continue operating temporarily while they seek full authorisation in the UK. The TPR should only be used by firms who want to operate in the UK in the long-term and meet the standards to do so.

Firms may be asked to stop undertaking new business or could be removed from the TPR if they miss their ‘landing slot’, fail to respond to mandatory information requests, have no intention in applying for full authorisation, or if their authorisation application is refused.

Firms that have had their permissions cancelled can no longer conduct regulated business in the UK and will be committing a criminal offence if they do so.

Government to strengthen rules on misleading cryptocurrency adverts

The government plans to legislate to address misleading cryptoasset promotions.

Around 2.3 million people in the UK are now thought to own a cryptoasset. While their popularity is rising, research suggests that understanding of what crypto actually is, is declining and some users may not fully understand what they are buying. This poses the risk that these products could be mis-sold.

The government plans to bring the promotion of cryptoassets within the scope of financial promotions legislation. This means the promotion of qualifying cryptoassets will be subject to FCA rules in line with the same high standards as other financial promotions. This will balance the desire to encourage innovation with the need to ensure that cryptoasset advertisements are fair, clear, and not misleading.

The Government’s decision to bring these types of advertisements into the scope of regulation will mitigate the risk of consumer harm, ensuring that people have the appropriate information to make informed investment decisions. The FCA will shortly be consulting on their proposed financial promotions rules that will apply to cryptoassets.

UK-Swiss Bilateral Trade and Investment Council

The CBI and economiesuisse have joined forces to create a Bilateral Trade and Investment Council aimed at improving terms of the UK-Swiss FTA which is expected to open for renegotiation this year.

Deepening trade ties between the two economies will bring benefits in sectors such as services and digital trade, in which both countries excel. The UK is Switzerland's third most important economic partner worldwide after the EU-27 and Switzerland is the UK’s tenth. There is a strong, shared desire to increase the ambition following previous agreements reached by the UK’s Department for International Trade.

The Council will provide a vital platform, fostering high-level dialogue between policymakers and businesses in both countries, and is backed by both the UK and Swiss governments. Stephen Timms MP, the Prime Minister’s Trade Envoy for Switzerland and Liechtenstein, said that building on the already strong trading relationship was important for growing financial and professional services sector and increasing opportunities for investment.

FCA Covid-19 Impact Survey

The FCA are now repeating this survey for a sixth time, and are planning to send it to the relevant firms in Tranche 2 on one of the following dates:

Batch 1: to be sent on 1st February 2022 - response due by 22nd February 2022 Batch 2: to be sent on 2nd February 2022 - response due by 23rd February 2022 Batch 3: to be sent on 3rd February 2022 - response due by 24th February 2022 Batch 4: to be sent on 7th February 2022 - response due by 28th February 2022

FCA will send an introductory email to all the firms at least one day prior to them receiving the survey. As they know that firms will be concerned about phishing emails and scams, they ask that firms when firms receive the email that they check it is from either 'FCA@fcanewsletters.org.uk' or an '@fca.org.uk' email address.

Completion of the survey is mandatory under section 165 of the Financial Services & Markets Act (FSMA) 2000. The FCA may exercise their powers under FSMA for firms who do not respond.

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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