PIMFA Weekly News Bulletin - 5 Decmber 2022

Featured: FCA consults on broadening access to financial advice for mainstream investments PIMFA Weekly News Bulletin

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PIMFA WEEKLY NEWS BULLETIN 5 DECEMBER 2022

Platinum Life Launch Platinum Brands, a new social venture focused on serving the needs of those aged 50 and over with innovative products and services, together with The Shaftesbury Partnership,

unveiled Platinum Life this week, supported by PIMFA. The platform has been designed to help the UK’s 50s and over transition into retirement and make the many decisions and choices that will enable them to enjoy the retirement they truly desire.

Envisaged as a strategic lifestyle planning and brainstorming tool, covering many important subjects and discussion points that are highly relevant to those approaching retirement, Platinum Life will help the over 50s plan for retirement and enjoy life to the full after they have left the world of work.

For more information click here

FCA consults on broadening access to financial advice for mainstream investments The FCA has set out proposals which provide for a simplified advice regime for the sale of stocks and shares ISAs. The proposed regime is based on existing requirements for holistic advice with clear streamlining of requirements around: •

The scope of the service;

•

Suitability;

•

Individual adviser training & competence;

•

Product governance; and

•

Fees and charging

As an advocate for a simplified advice regime, PIMFA is enthusiastic about these proposals and they represent a significant step forward by the FCA.

We invite you to contact Simon Harrington with any individual firm views on these proposals

Consumer redress scheme for unsuitable advice to transfer out of the British Steel Pension Scheme The FCA has set out its final rules for the s404 scheme for consumer redress for those who wrongly transferred out of the BSPS scheme.

The scheme remains an opt out scheme and will cover consumers who received advice between 26 May 2016 and 29 March 2018 to transfer out of BSPS. The FCA estimate that around 1,100 consumers are in scope of this redress scheme and the total redress will amount to £49m with £15.4m expected to fall on the FSCS. In addition to this scheme, the FCA has set out its intention to extend the BSPS asset retention scheme for firms in scope of the redress scheme.

Please contact Simon Harrington for further details.

Regulatory Fees & Levies: Policy Proposals for 2023/24 The FCA has published a Consultation Paper 22/23 ‘Regulatory fees and levies: policy proposals for 2023/24’ outlining proposed policy changes, e.g.: •

the FCA’s proposed approach to the assumptions needed to set next year’s consultation on fee-rates

•

updates on the charges that principal firms pay for appointed representatives

•

options for redefining the fees calculations for firms subject to the Investment Firms Prudential Regime

•

a new fee for applications under the new financial promotions regime

•

amending some of the charges for Data Reporting Service Providers, Trade Repositories and Securitisation Repositories

•

clarification of the definition of gross income in fee-block A.9 (managers and depositaries of investment schemes or pension schemes)

•

information about the Economic Crime Levy

The deadline for responses to CP22/23 is 16 January 2023. If you have any comments on the consultation, please get in touch with Alexandra Roberts.

Bank of England (BoE): Joint Transformation Programme The BoE has published an update on the joint transformation programme which it is conducting with the FCA to transform data collection from the UK financial sector. The communication includes: •

the progress made with the joint transformation programme and the phase two use cases (involving commercial real estate data)

•

an update on the Data Standards Review

•

information about the ‘discovery’ stage for the Incident, Outsourcing and ThirdParty Reporting (IOREP) use case (due to commence Q1 2023)

Members who are interested in attending Transforming Data Collection (TDC) events should contact: TDCSecretariat@bankofengland.co.uk

FCA Discussion Paper 22/5 - the potential competition impacts of Big Tech entry and expansion in retail financial services Review meeting 12 December 14:00 The presence of Big Tech firms in the UK financial marketplace has been steadily increasing with potential to expand further and change markets quickly. Big Tech firms have the capability to disrupt established markets, drive innovation and reduce costs for consumers. The FCA wants to ensure the benefits Big Tech can bring are fully realised whilst ensuring good consumer and market outcomes.

DP22/5 focuses on four areas of financial services - payments, deposits, credit and insurance; it does not include investments.

PIMFA is keen to submit a response and to present its members' views on the potential impact of Big Tech firms and we would value input from our members.

We have arranged a virtual meeting to explore the discussion paper, share our views and understand your thoughts, ideas and concerns, which will be included in the response.

The virtual meeting will take place on Monday 12 December at 14:00.

If you would like to attend the meeting, please email KevinS@pimfa.co.uk.

Latest PIMFA Press Releases

PIMFA Press Coverage

PIMFA welcomes FCA proposals for a simplified

Daily Mail: UK watchdog sets out pension redress

advice regime

rules for steelworkers

PIMFA continues to maintain concerns about

MSN: UK watchdog sets out pension redress rules

British Steel Consumer Redress Scheme

for steelworkers

PIMFA welcomes reduction in 2023/24 FSCS levy

Investors Chronicle: Investment Trust Portfolio:

forecast

Questioning inflation forecasts

PIMFA calls on Chancellor to keep tax reforms

Daily Mail: Britain mulls 'buy now, pay later' to

under review to incentivise people to save and

make basic financial advice cheaper

invest in future Nasdaq: Britain mulls 'buy now, pay later' to make PIMFA welcomes Chancellor’s intervention to

basic financial advice cheaper

bring stability and confidence back to UK financial markets

FT Adviser: PIMFA supports private retirement platform launch

Read more press releases here See more of PIMFA in the press

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FINANCE POLICY: WHERE ARE WE

7 December | 09:00 - 17:30

WHAT’S NEXT?

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8 December 2022 | 14:00 - 14:45 FREE to attend

Returning for the first time since 2019, we are delighted to announce the PIMFA Diversity Conference will be taking place in London on December 7.

This event aims to offer attendees fantastic insights into a variety of topics related to TDI and inspire current and future leaders to continue working on creating a truly inclusive and diverse sector.

This event is free for members to attend.

The Government’s ambition is to make the UK a For more information and to register, please click

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Fayyaz Muneer, who leads the team in HM Treasury responsible for green and sustainable finance, will speak about the Government’s green finance policy and set out the latest thinking on key issues – sustainability disclosures, ESG ratings, the UK green taxonomy, and transition plans.

For more information and to register, please click here.

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