PIMFA Weekly News Bulletin - 6 February 2023

PIMFA responds to HM Treasury/ HMRC Consultation Paper on VAT treatment of fund management services

In its response, PIMFA has expressed concerns about the limited ambitions and scope of the consultation and its proposals.

While the focus is on codifying a definition of what qualifies for VAT purposes as a Special Investment Fund, the paper does not take the opportunity to address some of the other contentious issues and definitions related to the VAT exemption.’

The full response can be read here and, if you have any queries, please contact Kevin Sloane.

Ransomware vs cocaine trafficking

Cybercrime is a dynamic landscape, with not only the types of attacks but the nature of the operators or gangs involved becoming ever-more sophisticated. Understanding the ecosystem in which cyber criminals operate is the first step in understanding and managing the risks involved.

In their latest article, our PIMFA Plus partner Mitigo delve into the evolving methods of extortion, referencing an interesting study which compares cocaine trafficking in the 1990s with modern day ransomware.

Read the article here

Are you aware that T+1 settlement is on the European and North American horizon?

In the USA and Canada there is a likely move towards a T+1 settlement cycle that is going to be mandated by the SEC with an announcement on implementation date due imminently, anticipated for 2024.

In the UK, the Treasury has established a Task force to investigate T+1 for the UK capital market. ISITC Europe CIC has been commissioned by the SWIFT Institute to undertake an academic research study into the impacts of accelerated settlements on global capital markets.

ISITC Europe CIC is a member of the task force and working with PIMFA to provide knowledge and awareness of all the implications to Operational activities, technology and investing businesses.

Anyone wishing to take part in the research should contact Mike Cahill. The interview lasts about 1 hour and is under Chatham House rules.

Launch of FCA and Practitioner Panel Survey

The FCA and Practitioner Panel 2022/23 survey is being sent to a sample of regulated firms, to gather their feedback on how the FCA are doing in regulating the industry.

Carried out on the FCA’s behalf by Kantar Public, an independent social research organisation, the survey will be sent to all fixed firms and a sample of 13,000 flexible firms. If you are one of the firms selected to complete the survey, please take the time to provide your valuable feedback.

The FCA will use the survey results to better understand the issues affecting firms and assess whether any changes should be made to their approach as part of becoming a more innovative, assertive, and adaptive regulator. The anonymised results will be presented to the Practitioner Panel and our Board and published in summer 2023.

If you receive a request to participate in the survey and have any questions, please contact Kantar Public on 0800 015 0302 or at by email Alternatively, you can contact the FCA Supervision Hub on 0300 500 0597

FCA Consumer Duty podcast –Consumer Understanding Outcome

The FCA’s Manager of Consumer Policy (Richard Wilson) discusses the consumer understanding outcome, the regulator’s expectations on tailoring and testing of firm communications, and how this applies proportionally. The podcast also outlines what firms should be doing to monitor and evidence understanding.

The podcast can be found here.

Find more about Consumer Duty on the PIMFA website here.

FSCS Consumer Research: Attitudes towards financial advice 2023

This is the third in a series of FSCS research papers where they share insights from their exclusive consumer research, highlighting opportunities for us all to improve consumer outcomes.

This research is available here

FCA – Consumer Duty: new web-page and letters to the sectors

FCA has set out steps its taking to support firms with the consumer duty implementation together with the letters sent to the various sectors.

You can access the web-page here

Latest PIMFA Press Releases

PIMFA calls for Financial Conduct Authority to have greater role in protecting public from fraud

PIMFA delighted to welcome Paul Stockton and Stuart Dodson to its Board of Directors

Consumer Duty a ‘watershed moment’ that firms must take seriously, FCA warns at PIMFA conference

PIMFA welcomes update from FCA on the FSCS levy but continues to argue for a “polluter pays” model

Read more press releases here

PIMFA Press Coverage

The Wealth Net: PIMFA joins TikTok

Citywire Wealth Manager: Pimfa adds Brooks CEO Andrew Shepherd and Tatton COO to board

Professional Adviser: Consumer Duty is 'watershed moment' for firms, FCA warns

FT Adviser: Consumer duty ‘watershed moment’ to take seriously, warns FCA

Financial Planning Today: Consumer Duty is a ‘watershed moment’, says FCA director

Money Marketing: Leader: Are diversity and inclusion quotas a good thing?

See more of PIMFA in the press

EVENTS & LEARNING

Upcoming PIMFA Academies in 2023

PIMFA LIVE ONLINE LEARNING: MARKET ABUSE – ARE YOU DOING ENOUGH?

15 March | 09:30 - 12:30

PIMFA FINANCIAL CRIME CONFERENCE

LONDON

18 May | 10:00 - 18:00

PIMFA Crypto Academy

PIMFA CASS Academy

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

The PIMFA Financial Crime 2023 gives attendees access to industry leading debates from professionals across the regulatory, law enforcement, innovators and providers in the Financial Crime space.

For more information and to register, please click here

| View in browser

You are receiving this email because you are subscribed to the 'Bulletin' Preference. If you no longer wish to receive this newsletter, please update your preferences here