PIMFA Weekly News Bulletin - 28 February 2022

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PIMFA WEEKLY NEWS BULLETIN | 28 February 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 BRAND REFRESH 2022

We are delighted to announce that we have updated the PIMFA brand and logo design. The new design has been created to reflect the change in technology and digital in our industry and, how we as a trade association are changing to improve our membership offering with an enhanced digital focus. As a modern trade association, we remain dedicated to delivering our manifesto promise through lobbying, advocacy and influence, as we work on behalf of our members to affect important changes in key issues that impact firms and the wider industry.

The new and improved brand designs affirm our position as a forward-thinking and digitally-focussed organisation as we continually strive to enhance your membership

experience. Over the coming months PIMFA will be embarking on a programme of digital upgrades alongside the new and improved designs to improve the website, communications and technology.

Please note, this is a design refresh and there is no change or shift to the overall strategy of PIMFA.

PIMFA's Operational Resilience and Cyber Security Working Groups

These Groups have been in operation for a few years and are useful discussion and engagement forums.

The Operational Resilience Working Group has been looking at the new rules which will go live at the end of March and will continue exploring post-implementation issues.

The Cyber Security Working Group is an opportunity for firms to discuss cyber security issues affecting firms from different angles, such as technology, risk and communications.

We are now planning our working group activities for 2022.

If you are interested in joining either Working Group, or think a colleague would be interested, please get in touch with AlexandraR@pimfa.co.uk

PIMFA & Which? Survey

5 MINUTE SURVEY PIMFA are delighted to be working in collaboration with Which? to conduct a short survey on the value of financial advice for an upcoming feature in Which? magazine. We’re asking financial advisers to help with this research by answering a few questions.

Kindly note, that all results will be anonymous and

will be used in aggregated manner only. Your expertise is greatly appreciated.

To complete the survey please click here.

Latest PIMFA Press Releases

Latest PIMFA Press Coverage

Firms still need certainty and time to

FT Adviser: Govt called to include paid

implement FCA’s Consumer Duty

advertising in online safety bill

PIMFA adds Qwil Messenger as PIMFA

FT Adviser: How the pandemic has

Plus Partner in drive towards further

proved robo-advice will not take over

technology partnership Managers of Wealth: Firms still need PIMFA delighted to welcome Redmayne

certainty and time to implement FCA's

Bentley’s Nick Bettison to its Board

Consumer Duty

MyRegData becomes latest PIMFA Plus

Global Banking & Finance: Britain's

Partner

financial sector wants more time for new 'duty of care'

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

Reuters: Britain's financial sector wants

protect consumers

more time for new 'duty of care'

PIMFA welcomes extension of 10%

FT Adviser: Firms need time to implement

depreciation notification rule flexibility but

FCA's consumer duty, says industry

calls for longer term reform

PIMFA's Latest Consultation Responses

PIMFA’s latest Consultation Responses include:

•

A New Consumer Duty – Feedback to CP21/3 and further consultation

•

Future Regulatory Framework Review Financial Services Strategy

•

DP 21/4: Sustainability Disclosure Requirements (SDR) and investment labels

•

CP 21/28: New cancellation and variation power; Changes to the Handbook and Enforcement Guide

Read these and all other PIMFA consultation papers here.

PIMFA Events

PLACES ARE FILLING FAST! We are now just a few weeks away from the Virtual Fest 2022, taking place over 2 weeks from 14 - 25 March entirely online.

Registration is open now, please click here to confirm your place.

We are delighted to announce that we will be welcoming Therese Chambers, Director of Consumer Investments from the FCA alongside speakers from the City of London Police, SRI Services, Mapped Marketing, Royal London, TIME Investments, Seccl and others. Please keep an eye out for more speakers to be announced in the coming weeks.

PIMFA Learning

PIMFA TRAINING: MARKET ABUSE 2022 REFRESHER FOR WEALTH FIRMS 15 March | 9:30 - 11:30 The FCA expects all firms to have a deep understanding of their market abuse risk, and build control frameworks that are both proportionate and effective, however, recent market abuse reviews by consultancy firm Bovill in wealth firms indicate they are struggling to properly assess, understand and articulate the specific market abuse risks inherent in their business.

In this 2 hour interactive, online training course, leading consultants Bovill reveal where wealth firms are falling foul of regulatory expectations and what they need to do to implement effective policies and procedures to control market abuse risks posed by remote working.

Please click here to register.

View Upcoming PIMFA Events & Learning here

Partner Events

WOMEN & WEALTH FORUM | 15 March 2022 KBC’s unique global Forum will celebrate women wealth holders, wealth creators and wealth managers and discuss what main challenges these women face and how to overcome them.

Sessions will cover specific issues encountered by such groups of women as: entrepreneurs and owners of family businesses; next generation; newly divorced or widowed.

PIMFA Chief Executive, Liz Field will be chairing a session at the forum on philanthropy.

While the event is focused on women’s wealth, ALL professionals interested in current wealth management trends are welcome. To find out more about the forum, please click here.

PIMFA Members qualify for a 15% discount. Please use the code PIMFA when registering. You can register by clicking here.

18th ANNUAL AML & FINANCIAL CRIME SEMINAR 27 - 28 April Join us at the seminar hosted by Herbert Smith Freehills, providing essential updates from the Home Office, FCA, HMRC, OFSI, FCDO, JMLSG, Companies House, CPS, Met Police and leading

cross-industry experts!

The full programme and speaker faculty can be viewed here.

Please click here to register and use code 'PIMFA' to get a 10% discount.

FCA publishes a web-page on financial sanctions measures against Russia

On 22 February, the FCA published a web-page in relation to the tranche of financial sanctions imposed on Russia, reminding firms of their obligations to have systems and controls to counter the risk that they might be used to further financial crime and this includes compliance with financial sanctions obligations.

Firms should screen against the UK Sanctions List to meet these new measures and screen against the OFSI list of asset freeze targets for financial sanctions obligations.

You can read the web-page in full here.

Chancellor Rishi Sunak's Mais Lecture 2022

On 24 February 2022, the Chancellor Rishi Sunak gave the annual Mais lecture at Bayes Business School where he set out his vision for a lower tax, dynamic market economy, and for creating the conditions for private businesses and individuals to thrive.

Dismissing the claim that ‘tax cuts always pay for themselves’ the Chancellor argued for sustainable tax cuts to turbocharge UK growth. He said he believed in lower taxes, adding that the most powerful case for the dynamic market economy is that it brings economic freedom and prosperity, and the best expression of that freedom is for everyone to be able to make decisions about how to save, invest or use the money they earn.

The Chancellor emphasised the importance of cutting taxes responsibly and said that he is going to deliver a lower tax economy, and will do so responsibly and in a way that tackles the UK’s long term challenges. Capital, people and ideas are three priorities to deliver higher productivity, tied with one golden thread: that what government does is far less important than creating the conditions for private businesses and individuals to thrive.

IRSG Report - ESG Ratings and ESG Data in Financial Services – A view from practitioners

ESG and sustainability are becoming increasingly central to investment decisions around the world. COP26 in particular provided a big boost to sustainable finance and the shift in capital toward sustainable activities.

ESG ratings are a vital component of this capital re-allocation, so both demand for and reliance on these products is only expected to grow. It is therefore crucial that market users and investors have confidence in ESG ratings when making investment decisions.

However, with the ESG Ratings market still in its infancy and demand increasing at a rapid rate, it is unsurprising that significant challenges are emerging.

These include transparency of methodology, ratings varying widely between different providers, clarity of purpose behind different products, availability of data disclosure and potential conduct risks. As demand is set only to accelerate, it is paramount that these challenges are addressed to ensure the market is fit for purpose and can properly support market practitioners in assessing the risks and opportunities of potential ESG investments.

It is in response to this need that the IRSG, in partnership with Accenture, has undertaken this work. The report explores the challenges the market faces in its present state and offers recommendations of steps industry, regulators and policymakers can take to futureproof the integrity and efficiency of the ESG Ratings Market.

The Council of the EU adopts its position on the corporate sustainability reporting directive (CSRD)

The Council of the EU has agreed its position on the European Commission proposal for a corporate sustainability reporting directive (CSRD). This draft directive will complement the European sustainable finance strategy.

The European Commission’s proposal revises the non-financial reporting directive from 2014 and will ensure the robustness of companies’ commitments by introducing the following new features: an extension of the scope to all large companies and companies listed on a regulated market (except listed micro-companies); a certification requirement for sustainability reporting; more detailed and standardised requirements on the information to be published by companies; improved accessibility of information, by requiring its publication in a dedicated section of company management reports.

These changes will increase a company’s accountability, prevent divergent national standards and ease the transition to a sustainable economy. The European Commission submitted the CSRD proposal on 21 April 2021. The general approach reached completes the negotiating position agreed by the Council. It provides the Council presidency with a mandate for further discussions with the European Parliament, which are expected to start in spring 2022.

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.

www.pimfa.co.uk Personal Investment Management & Financial Advice Association (PIMFA) 22 City Road, Finsbury Square, London EC1Y 2AJ (registered in England No 2991400)

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