PIMFA Weekly News Bulletin - 5 February 2024

Featured: PIMFA response to the Guidance on the Anti-Greenwashing Rule (GC23/3)

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5 February 2024

PIMFA WEEKLY BULLETIN PRESS RELEASES

ABOUT PIMFA

CONSUMER DUTY

WEALTHTECH

PIMFA response to the Guidance on the Anti-Greenwashing Rule (GC23/3) PIMFA responded to the FCA Consultation on the Guidance on the AntiGreenwashing Rule (GC23/3).

We support the FCA’s aims to make tackling anti-greenwashing a regulatory priority and acknowledge the significance of the antigreenwashing rule within the wider SDR and investment labels regime and its role in building trust in the market for sustainable investment products and helping retail investors make informed decisions and invest in a way that aligns with their values.

We consider the guidance on the anti-greenwashing rule to be broadly helpful for the implementation of the rule, but we also set out what we consider to be areas that require further clarity.

You can find the response here.

Next PIMFA Consumer Duty Working Group Our next Consumer Duty working group session will take place on Thursday 8 February between 11:30am-12:30pm.

Led by our associates Square 4, we will be discussing the challenges closed products might face and what lessons can be learnt from successful open product implementation activity.

Please contact Alexandra Roberts if you would like to join the session.

PIMFA is delighted to be launching our Women’s Symposium on 16 and 17 April this year!

The inaugural annual summit is dedicated to the investment management, financial advice and wealth management communities, and will feature cutting edge thought leadership, high profile speakers, and lively discussions on a range of topics, aiming to create a safe space for professionals to network, learn and share best practice from across their professional world.

The symposium is FREE to attend for PIMFA members and associate members and solely funded by our wonderful sponsors, and we encourage individuals at all stages of their career, from Chief Executives to Interns, to join us for two days of motivational talks, regulatory updates, industry panels, personal development roundtables and thought-provoking content related to our industry, and to career development.

BOOK YOUR FREE TICKETS NOW

PIMFA Operational Resilience Working Group meeting - Tuesday 13 February 14:00 16:00 on MS Teams The next Operational Resilience Working Group meeting will take place on Teams on 13 February, starting at 14:00.

Agenda items include: • Briefing on the EU Digital Operational Resilience Act (DORA) by EY • Governance and accountability

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Review & gather feedback on BoE / FCA Consultation Paper 26/23 'Critical Third Parties to the UK Financial Sector'

If you would like to attend the meeting, please contact Kevin Sloane.

New PIMFA Guest Blog: Your Digital Footprint - It's Bigger Than You Realise

In this new Guest Blog Katie Barnett, Director of Cyber Security for PIMFA Associate member Toro Solutions, discusses how your digital footprint, a byproduct of your online engagement, can become a gateway that potential attackers can exploit to target both you and your organisation.

The Guest Blog can be read here.

FCA launch Practitioner Panel Survey for 2024 This survey will be carried out this year by Verian (formerly known as Kantar Public), an independent social research organisation, affecting all fixed firms and an increased sample of 25,000 flexible firms. If you are one of the firms selected to complete the survey, please take the time to provide your valuable feedback. The survey is now shorter compared to previous years so it will be easier to respond.

The FCA will use the survey results to better understand issues affecting firms and to assess any changes they should consider making to their approach, as part of becoming a more innovative, assertive, and adaptive regulator.

The full new story, along with feedback from last year’s survey, can be read here.

FIRM INPUT NEEDED: FCA Comms Survey We are working with the FCA in seeking feedback from firms on their approach to communication with advisory firms. This survey gives firms the opportunity to feed in their own experiences and shape how the FCA approaches external communication activities towards firms in future.

The survey can be accessed here, and network firms are encouraged to circulate this survey around their ARs.

FCA industry engagement - CP 23-24 Capital deduction for redress The FCA are keen to engage with firms in relation to their proposals set out in CP23/24: Capital deduction for redress and will host a webinar for all personal investment firms on Tuesday 6 February (in addition to a series of in-person roundtables in various locations).

For more information and to register, please click here.

PRESS RELEASES PIMFA announces the launch of its inaugural Women’s Symposium

PRESS COVERAGE Citywire Wealth Manager: Consumer duty debate: An ‘absolute nightmare’ for small firms

PIMFA welcomes FCA proposals for Citywire New Model Adviser: FCA

Sustainability Disclosure

kicks off advice ESG project with

Requirements

Dreblow and Godfrey appointed PIMFA welcomes the Financial Conduct Authority’s proposals for improving financial advice to consumers

READ MORE

FT Adviser: Simpler charges and less jargon: how IFAs comply with consumer duty

READ MORE

PIMFA LEARNING

15 February 2024

27 February 2024

Webinar | 10:00 - 11:00

Live Online Learning | 09:30 - 12:30

Free

£250 - £350

FINANCIAL CRIME OUTLOOK 2024:

PRODUCT GOVERNANCE: WHAT DOES

WHAT YOU NEED TO KNOW

GOOD LOOK LIKE UNDER CONSUMER DUTY?

Whilst some of the same financial crime compliance challenges remain and other risks emerge, what’s clear is that reducing financial crime continues to be a FCA priority in 2024.

The regulator’s dedicated financial crime function within Consumer Investments will be proactive in identifying firms with fraud, scams, money laundering or sanctions risk indicators using data and intelligence. Expect to see an increase in on-site visits and inspections with little-to-no warning. Your preparedness for regulatory scrutiny will be critical.

By the end of the session, you will be able to:

Being confident that you are meeting, implementing and embedding the regulator’s expectations and play your part to reduce financial crime is key. Rebecca Cummings and Daisy White-Smith of Avyse Partners outline and prioritise your financial crime objectives for the year ahead.

FIND OUT MORE

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Provide added confidence to the business that your firm has in place effective risk assessment and mitigation strategies in the product lifecycle [that complies with the enhanced product governance rules]

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Demonstrate to the FCA that your firm has a robust approach product approval process.

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Assure the Consumer Duty champion and Senior Managers that your firm continues to deliver fair value and outcomes for clients – including those with characteristics of vulnerability.

•

Benchmark against your peers how effective your firm is in identifying consumer harms.

REGISTER NOW

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