PIMFA News Bulletin - 28 May 2020

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PIMFA NEWS BULLETIN | 28 May 2020 Welcome to your Weekly PIMFA Bulletin Grab a coffee and take 10 minutes to read this week's highlights and key issues affecting you and your firm Don't forget to book your place at the VIRTUAL FEST taking place entirely online on 3 & 4 June. Tickets are FREE to Members!

All sessions are available to watch LIVE & ON-DEMAND for registered attendees.

WE ARE IN THIS TOGETHER Dear Nigel,

We hope you and your loved ones are safe and well during this difficult time. Due to the virus, PIMFA is continuing to work remotely, and we remain committed to representing our members and providing as much useful information as possible.

This Bulletin contains the latest news on the impact of the virus and other key issues PIMFA are working on for our members. If there is anything we can be of assistance with, please contact us at enquiries@pimfa.co.uk.

Best wishes The Team at PIMFA

COVID 19 & What's happening in PIMFA

Updated European Commission

New PIMFA paper - Cyber

Work Programme 2020

Resilience in Extraordinary Times

The European Commission has published

PIMFA, in cooperation with security

its revised Work Programme for 2020, in

experts from our membership, has

response to delays in the EU legislative

published a paper reflecting on the

process caused by the coronavirus crisis.

experiences firms have had in adapting to

The Commission insists that the priorities

the new ways of working imposed by the

set at the beginning of its mandate remain

Coronavirus crisis.

valid in addressing the current challenges but it has had to refocus its work and take

It looks at the challenges which firms have

actions to help Europe exit and recover

overcome as a result of the lockdown,

from the coronavirus crisis.

what firms can do to protect themselves in these extraordinary times and future-

The EU’s green finance plans are pushed

proofing our businesses.

back three months and the renewed Sustainable Finance Strategy will now

We would welcome any feedback you

come in the fourth quarter of this year,

may have on the content of this guide,

instead of the third. The Action Plan on

particularly if you identify issues which

the Capital Markets Union will also be

have not been addressed. Please email

moved to the fourth quarter.

any comments and feedback to Giulia Lupato, marked ‘Cyber Resilience’ in the

Review of MiFID II remains as planned in

email title.

the third quarter of 2020. Digital finance proposals for financial technology and

PIMFA Learning Library

payments, crypto assets and cyber

Webinars & Podcasts

resilience will come in the third quarter of 2020 as well. The Commission officials insist there is no detraction or delay on the

Click below or visit the PIMFA Learning

EU’s flagship initiatives, the European

Library to listen to on-demand recordings

Green Deal, the Digital Strategy and

of podcasts on topics such as:

completion of banking and capital markets union, as they are key to relaunching the

•

How to manage, protect and

economy post coronavirus crisis. For

enhance your reputation during

more information, please contact Maja

COVID-19

Erceg.

•

Your Cyber Security During COVID-19

Identifying and supporting vulnerable clients

•

Answering The FCA five conduct questions

The National Cyber Security Centre has warned firms implementing remote working practices to ‘be aware of email scams and to encrypt/protect sensitive data’, Beyond Encryption is a PIMFA Plus

Members can also log in to watch on demand webinars related to COVID-19, Wellbeing, Cyber Resilience, SM&CR, Money Laundering etc.

member and provides secure encryption to safeguard the data within your emails,

Please click here if you have forgotten your password or to create a free user

read more here.

account.

Warning: alarming new trend in ransomware attacks

PIMFA Website:

Our cybersecurity partner, Mitigo, reports

COVID-19 Information

that foreign cyber criminal gangs are targeting financial services firms using new tactics. Theft of data is followed by encryption. Ransom demands for decryption are followed by threats to publicly release, bit by bit, the confidential data of the firm and its clients. Read more

Visit our members only COVID-19 web area for latest information on the virus, to access webinar recordings, download briefing notes, and view the latest global response tracker and health statistics.

here.

FCA Publishes Updated Guidance on CPD

Following discussions between PIMFA and the FCA, the regulator has published guidance for Financial Advisers and others required to complete Continuous Professional Development (CPD) under their rules.

In summary, during the current coronavirus situation, the FCA will temporarily allow individuals in exceptional circumstances to carry over any uncompleted CPD hours into the next CPD year. This applies to CPD years ending before 1 April 2021.

In drafting this guidance, the FCA have struck a balance between consideration of unusual

and difficult circumstances financial advisers may face while continuing to provide services to customers and the valuable protection the CPD requirement provides to ensure they maintain up-to-date knowledge. They are therefore allowing a deferral of CPD rather than a waiver.

More information is available here.

LATEST PIMFA BLOGS & PRESS RELEASES

Blog: ESG and Covid 19 PIMFA’s Virtual Fest adds Treasury’s John Glen and FCA’s Megan Butler to panel of keynote speakers UN Special Envoy Mark Carney and Baroness Morgan of Cotes join PIMFA’s inaugural Virtual Fest as keynote speakers PIMFA welcomes Rt. Hon. Jim Murphy to Webinar Wednesday PIMFA to provide consumer advice on how to avoid scams as part of Financial and Mental Wellbeing campaign Blog: Tech and the fight against Financial Crime

EVENTS & LEARNING

VIRTUAL FEST The inaugural PIMFA Virtual Fest will be taking place entirely online on 3 and 4 June 2020 and is FREE to members, (paid for tickets are also available for nonmembers).

This 2 day immersive experience is an excellent opportunity for industry colleagues to network and hear from 30+ high profile experts such as Mark Carney, Megan Butler, John Glen and Baroness Morgan of Cotes (Nicky Morgan) on topical areas which you have identified to us as key priorities for the profession.

3-4 June | 2 Full Days BOOK NOW

BEST PRACTICES IN BUSINESS CONTINUITY: HOW YOUR FIRM CAN RESPOND PROACTIVELY TO DISRUPTIVE EVENTS To support member firms meet their regulatory obligations and proactively assess, review and update their business continuity plans, PIMFA is running a live interactive online learning course to ensuring your business continuity plan is fit for purpose not just now but for the future.

What you’ll learn:

•

Recognise what makes an effective business continuity plan and a disaster recovery plan

•

Understand what information goes into each document and how to obtain that information

•

How to implement and audit a business continuity management system

•

Identify and address in your firm the known and unknown risks, threats, and incidents

•

and more.

You can click here to register your place.

22 June 2020

BUILDING OPERATIONAL RESILIENCE IN WEALTH MANAGEMENT FIRMS This online course will explore the FCA’s interpretation of Operational Resilience as it applies to wealth management firms and their expectations of those firms who will be required to evidence that they are have identified their critical business services and set challenging impact tolerances for each of them.

What you’ll learn: •

Understand what the regulator means to achieve operational resilience in your firm

•

Recognise the business value of operational resilience and business continuity

•

Co-ordinate people and resources to build an effective resilient management

•

Leverage proven approaches to set impact tolerances for each important business service you provide

•

and more.

You can click here to register your place.

29 June 2020

LATEST PIMFA CONSULTATION RESPONSES

PIMFA’s latest consultation response is to the European Commission regarding their Review of MiFID II and MiFIR.

Read this and all of our other PIMFA consultation papers here.

WHAT'S HAPPENING IN OUR INDUSTRY

Fake Email Warning From the FCA

The FCA have been made aware of an email in circulation asking firms about due diligence and asking them to open an attachment.

The address it originates from, connect6@gabriel-FCA.org.uk, is actually in Arizona. There are variants of this email address where the number shown is different but they all link back to the same origin.

The FCA stress that they would never ask a consumer for personal information such as bank account details or internet banking passwords.

This fake email has been reported to phishing.gov.uk., and the FCA have updated information about it on both their website and Twitter feed.

Euroclear Crest Courier and Sorting Service (CCSS) Update

For many years, Euroclear has worked with the courier company TNT to deliver the CCSS service. In December 2019, TNT gave one year’s notice of its intention to discontinue its involvement in CCSS. Since receiving that notification to terminate the agreement from TNT, Euroclear has been looking at alternative solutions and consulting with the parties who use the CCSS service.

It was agreed that a digital solution would be the ideal, with firms scanning in documents and sending them electronically, but there are legal and liability issues which need to be resolved before this can be implemented.

It is unlikely that these hurdles will be overcome and a new digital solution built, tested and ready to go live in time for December, so Euroclear have asked TNT to consider extending the service into 2021 and they are looking at alternative solutions. For further information, please contact Michael Cahill.

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