PIMFA ‘make it’ campaign now on TikTok and Instagram
PIMFA is committed to promoting Talent, Inclusion, Diversity and Equity (TIDE) within the wealth management and financial advice industry and continually looking for new initiatives to grow this. Therefore, in December last year we launched our brand new ‘make it.’ campaign, created to attract diverse talent to our industry whilst trying to squash myths, such as the need for a degree at entry level, at the same time.
The ‘make it.’ Campaign comprises of a one stop shop website and a free downloadable toolkit for firms to use to help create your recruitment marketing and social media posts.
We are pleased to announce that we have now launched this campaign on TikTok and Instagram. We encourage you to help promote this by following and sharing. You can find us on these platforms by searching for @pimfa_uk. We look forward to growing this campaign with you.
PRIIPs and UK retail disclosure
PIMFA will be holding a member meeting on Monday 6 February (10.00 - 12.00) to discuss both HM Treasury's consultation on the revocation of the UK PRIIPs legislation and FCA's DP22/6 on the UK's future retail disclosure regime.
Although we will provide a brief overview of the papers, the main focus will be on getting feedback from members to inform PIMFA's responses. If you would like to attend the meeting, please email Sarah McGuffick
FCA Consumer Duty Implementation Plans – Multi Firm Reviews (January 2023)
The FCA have published their Consumer Duty implementation plan review, outlining three key areas of focus (with board/senior management oversight) for firms:
• Effective prioritisation – focusing on reducing the risk of poor consumer outcomes
• Embed substantive requirements of the Duty - as set out in final rules and guidance
• Work with other firms in the chain –important part of implementation
Firms will be issued with letters setting out consumer harms and key risks (by sector). Next steps include sending a survey to a sample of firms and targeted engagement with smaller firms to understand their progress on implementation.
Application forms and the Consumer Duty
The FCA have advised firms applying for permission for the first time, and those applying to vary their permissions, will be asked to explain how they’ve incorporated the Consumer Duty into their businesses.
The 'requirements for firms seeking authorisation' section (information for firms) gives an idea of the types of supporting information firms will need to provide.
Crypto asset AML/CTF regime
The FCA have published a new webpage setting out feedback on good and poor quality applications under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) to support firms with the registration process.
The webpage sets out advice for firms preparing and submitting applications.
The FCA’s Regulation round-up
On 26 January 2023, the FCA published its latest Regulation Round-up, noting the introduction of multi factor authentication when logging into FCA systems, the recent review of Consumer Duty implementation plans and information on authorisations.
FCA: Appointed Representatives Section 165 data collection
The FCA have asked us to remind members to complete the S165 data collection on Appointed Representatives before 28 February 2023. Failure to do so could lead to enforcement action.
For your information, they have a schedule of reminders being issued in January and February to firms that are yet to submit. They are also monitoring firms progress with the data collection.
Their initial analysis of the data received shows some of the most common errors when submitting the data include:
1. firms failing to submit details for all of their ARs and
2. firms submitting the wrong FRN for their ARs:
3. submitting their own FRN as that of the AR
4. noting the FRN of a different AR in the submission
5. using an old FRN of an AR (for example if the AR used to be directly authorised and then became an AR, and acquired a new FRN in the process)
Firms can double check their AR population details against the Financial Services Register.
The removal of these errors will mean the data is more accurate and they will not have to contact you for the correct data.
PIMFA responds to FCA CP 22/20: Sustainability Disclosure Requirements (SDR) and investment labels
PIMFA has responded to the FCA consultation paper on SDR and investment labels (CP22/20). While supportive of the intended purpose and spirit of the proposals, we also raised concerns about some of the details of the proposed regulations and their potential implications for the sector. You can read the response here.
Please contact Maja Erceg with any queries.
The 2023 Q1 PIMFA Asset Allocation Survey is OPEN
Complete this quarter's survey, and you can:
• Receive a complimentary, 40 page report, showing you how the strategic asset allocations of your firms model portfolios compare to others
• Enable the index weight methodology for the MSCI PIMFA Private Investor and Equity Risk Index Series’ to ensure they remain relevant benchmarks for the UK wealth management sector.
Click here to submit
Latest PIMFA Press Releases
PIMFA delighted to welcome Paul Stockton and Stuart Dodson to its Board of Directors
PIMFA welcomes update from FCA on the FSCS levy but continues to argue for a “polluter pays” model
PIMFA welcomes Government proposals to revoke PRIIPs regulation as part of wider shake up of financial services
PIMFA launches ‘make it.’ campaign to attract diverse new talent into the wealth management and advice industry
David Ostojitsch joins PIMFA as Director of Government Relations and Policy
Read more press releases here
PIMFA Press Coverage
Money Marketing: Leader: Are diversity and inclusion quotas a good thing?
Citywire: New Model Adviser: PIMFA appoints Rathbones CEO and Openwork MD to board
The Wealth Net: PIMFA makes two appointments to board of director
Investors Chronicle: Investment Trust Portfolio: Seeking the right balance
Professional Paraplanner: Edinburgh Reforms: PRIIPS and other proposals welcomed
FT Adviser: FCA warns of 'cannibalism' of focusing on senior staff diversity
See more of PIMFA in the press
EVENTS & LEARNING
PIMFA CONSUMER DUTY CONFERENCE
31 January | 10:30 - 18:00
PIMFA LIVE ONLINE LEARNING: MARKET ABUSE – ARE YOU DOING ENOUGH?
15 March | 09:30 - 12:30
Join us to hear from the regulator and key industry experts on the key themes related to consumer duty. This conference will facilitate fruitful discussions between delegates from across our industry with subject matter experts to provide practical insight with ample opportunity for questions and networking.
For more information and to register, please click here
In this 3-hour interactive, online training course leading consultants Bovill reveal where wealth firms are falling foul of regulatory expectations and what they need to implement effective policies and procedures to control market abuse risks posed by remote working.
For more information and to register, please click here Contact
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