PIMFA Weekly News Bulletin - 27 June 2022

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PIMFA WEEKLY NEWS BULLETIN | 27 June 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.

Recruitment of specialist members to the Upper Tribunal

The Upper Tribunal plays an important role as the judicial body which hears challenges against the imposition of sanctions by the financial services regulators against firms and individuals working in the financial sector.

Specialist members with expertise in the financial markets sit alongside a judge on these cases and the Judicial Appointments Commission is shortly to carry out an exercise to recruit additional members to the Tribunal. The number to be recruited is not yet determined but is likely to be around four in total and they are keen to encourage as many suitably qualified applicants as possible to apply for these roles.

Potential applicants can sign up on the Judicial Appointments Commission website for alerts as to when the exercise will go live (expected early July 2022).

Please email here with any queries about the post or the process.

Treasury Committee establishes Sub-Committee for scrutiny of financial services regulations

The Treasury Committee has launched a new Sub-Committee to scrutinise regulatory proposals for financial services. In a new report detailing its approach, the Committee outlines those new forms of scrutiny that will be required, given that the number of regulatory initiatives is likely to grow as regulators assume additional responsibilities following the UK’s exit from the EU.

The Sub-Committee on Financial Services Regulations, chaired by the Rt. Hon. Mel Stride MP, will take the lead on scrutiny of financial regulatory proposals and will normally intervene at the consultation paper stage, when proposals have crystallised into draft texts.

It will consider the following points: Is the policy justified and desirable? Is the balance between service providers, consumers and others the right one? Do the benefits outweigh any drawbacks? Is the regulator acting within their delegated power? Is the drafting of the necessary standard?

Latest PIMFA Press Release

Latest PIMFA Press Coverage

PIMFA publishes Diversity & Inclusion

FTAdviser: Tim Fassam exits Pimfa role

reports as it extends deadline for entries to this year’s D&I Awards

The WealthNet: PIMFA government and policy head exits

PIMFA welcomes Financial Conduct Authority ban on Claims Management

Citywire Wealth Manager: Facebook vets

‘phoenxing’

financial services firms in scam crackdown

PIMFA calls for FCA to be given power to

FT Adviser: Post-Brexit rules could make

direct Ofcom to remove fraudulent content

FCA ‘most powerful’ regulator

in Online Safety Bill Money Marketing: Consumer Duty will PIMFA welcomes reduction in FSCS levy,

make ongoing fees hard to justify

but repeats call for FCA fines to subsidise the levy and ensure ‘polluters pay’

This week's PIMFA Forums

Regulatory Forum – Tuesday 28th June Operations Forum – Wednesday 29th June

This monthly virtual forum provides updates on operational hot topics from the PIMFA team, Euroclear and other Associates. The next Operations Forum is on Wednesday 29th June between 3pm-4pm. The agenda includes: •

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

•

Regulatory round-up from Alex Roberts, Head of Regulatory Policy, PIMFA

•

MiFID II Transaction Reporting update from Simon Appleton, Director, Kaizen Reporting

•

Operational Resilience - next steps from Nick Hawker, Senior Manager, PwC

The PIMFA Forums are open to representatives from all PIMFA Members and Associate firms. If you or any of your colleagues would like to attend this week's Operations Forum, please email Heidi Bryant.

PIMFA Events

PIMFA Member-Only Roundtable NAVIGATING DIGITAL TRANSFORMATION IN WEALTH

28 June | 08:30-11:00 This PIMFA Breakfast Roundtable event in partnership with BNY Mellon | Pershing will be discussing the digital transformation journey in wealth management.

For more information, and to register please click here.

PIMFA Compliance Conference 2022 EARLY BIRD TICKETS AVAILABLE UNTIL 15 JULY

Tickets available online and in person 28 September | 08:30-16:30 Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world.

For more information, and to register please click here.

View other upcoming PIMFA Events & Learning here

FCA tackling scams faster as part of data strategy

The FCA is using data to tackle online fraud faster by scanning approximately 100,000 websites created every day to identify those that appear to be scams. Where the FCA identifies fraudulent websites, it is proactive in requesting the website host shut them down, though it does not have the powers to force them to. Between May 2021 and April 2022, the FCA added 1,966 possible scams to its consumer warning list, over a third more

than during the same period the previous year.

This action forms part of an update on the FCA’s data strategy showing the progress it has made on improving its use of data and its plans to identify and prevent harm sooner. As part of the strategy, the FCA plans to invest heavily in its use of data in 2022/23, recruiting a significant number of skilled roles and use advanced analytics and new sources of data to identify inappropriate financial adverts. This will make it easier to identify and focus on the highest risk cases.

This underpins the FCA’s recent three-year strategy to reduce and prevent serious harm, set higher standards and promote competition.

Over 400 firms now signed up to Women in Finance Charter

For the first time ever, over 400 firms covering one million employees are now signed up to the Women in Finance Charter. By signing up to the Charter, firms pledge to support the progression of women into senior roles in financial services, set internal targets to improve diversity and publicly report on progress. 78% of signed-up firms are meeting or are on track to meet their targets, up 5% on last year.

The Charter, established in 2016 with PIMFA as an early recruit, reflects the government’s aspiration to enhance gender equality at all levels across financial services firms, in recognition that a balanced workforce is good for businesses and good for customers – and is increasingly attractive to investors. The annual review, published on 23 June, found that 78% of firms are already meeting or are on track to meet their targets to see more women in the boardroom, up 5% on last year, and almost half of firms have committed to have 40% of their boardroom made up of women.

The average level of female representation in senior management within the industry has remained flat at 33% in 2021 compared to 2020. Two-thirds of signatories either increased or maintained their proportion of women in senior management. While progress has been made, there is more work to be done to ensure greater representation of women in senior roles in financial services.

HM Treasury publishes review of the money laundering regulations

On the 24th June, HM Treasury published its review of the UK’s AML/CTF regime.

Alongside this, the government is also publishing two post-implementation reviews to fulfil its statutory obligations: one of the Money Laundering Regulations 2017 and one of the OPBAS Regulations 2017.

You can read these documents in full here.

NCA/UKFIU updated guidance on SARs glossary codes and reporting routes

The National Crime Agency (NCA) and the UK Financial Intelligence Unit (UKFIU) have updated their guidance on Suspicious Activity Report (SAR) glossary codes and reporting routes.

You can access the updated guidance here.

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