PIMFA Weekly News Bulletin - 9 May 2022

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PIMFA WEEKLY NEWS BULLETIN | 9 May 2022 Dear Nigel,

Welcome to the PIMFA Bulletin; grab a coffee and take 10 minutes to read the latest news impacting you and your firm.

PIMFA WealthTech Launches

This week PIMFA, in partnership with Morningstar, was pleased to announce the launch of PIMFA WealthTech, a next generation digital marketplace and industry network that will drive innovation and enhance collaboration between WealthTechs

and wealth management and advice firms.

In doing this, we are fulfilling one of the key objectives set out in our manifesto to enable digital business transformation through the development and adoption of market-leading technology.

PIMFA WealthTech will act as a primary source for market intelligence and insights on the latest technologies and trends impacting the industry, providing fast-track market research, expert forums and Tech Sprints to deliver tech-based solutions to wealth management and advice firms keen to digitise many of their back-office operations or enhance front-office services for their clients.

The platform will focus on key issues affecting the sector, from how tech is being applied across the industry, to customer acquisition and onboarding, product structuring and development, investment management and execution, portfolio management, account administration and after-sales client reporting and servicing.

A practitioner-led Advisory Board, comprising of leading wealth management and financial advisory companies to be announced shortly, will help shape the new initiative and determine priority areas that will make a positive change for the industry.

PIMFA's British Steel Pension Scheme Working Group

We will be hosting a British Steel Working Group meeting on Wednesday 11 May at 4pm to discuss specifically what PIMFA’s position on the high level proposals for redress calculations should be.

Should you have any interest in attending, please contact Simon Harrington.

Latest PIMFA Press Release

Latest PIMFA Press Coverage

PIMFA launches ‘PIMFA WealthTech’

FT Adviser: PIMFA launches tech platform

supported by Morningstar

with Morningstar for advisers

Political and regulatory tension has

Citywire Wealth Manager: PIMFA partners

created uncertainty over final salary

with Morningstar to help firms use AI and

pension transfers

Blockchain

PIMFA’s Financial Crime Conference to

IFA Magazine: PIMFA launches ‘PIMFA

be first in-person conference since COVID

WealthTech’ supported by Morningstar

pandemic International Adviser: PIMFA rolls out PIMFA’s Diversity & Inclusion Awards

WealthTech platform

return for second year and open for new entries

Citywire New Model Adviser: PIMFA partners with Morningstar to help firms

National Audit Office report sets out how

use AI and Blockchain

British Steel Pension members were failed in stark detail

Financial IT: PIMFA launches ‘PIMFA WealhTech’ supported by Morningstar Fintech Finance: PIMFA launches ‘PIMFA WealthTech’ supported by Morningstar

Fintech Times: This Week in Fintech: TFT Bi-Weekly News Roundup 05/05

FT Adviser: PIMFA continues push for regulatory clarity

Money Marketing: Paul Lewis: FSCS fines are Rishi Sunak’s image shiner

Money Marketing: PIMFA Chief: Our damning British Steel inquiry evidence

PIMFA Events

PIMFA EVENT: FINANCIAL CRIME CONFERENCE 18 May 2022 As the financial crime landscape evolves with new techniques and technologies, the growing threat to firms and their clients is undeniable.

This conferences gives attendees access to industry leading insights and debates from professionals across the regulatory, law enforcement, innovators and providers in the Financial Crime space, to help firms better understand and combat these threats.

The full agenda for the day can be viewed here.

To find out more and register, please click here

PIMFA DIVERSITY & INCLUSION AWARDS ENTRIES ARE OPEN The Awards are FREE to enter and open to all firms and stakeholders in the sector you do not have to be a PIMFA member to enter.

Click here to find out more and enter

PIMFA Learning

PIMFA Authentic Leadership for Women Programme Cohort 4 | 6 Month Programme | Begins 8 June The Authentic Leadership programme is PIMFA’s response to supporting women who face a unique set of challenges when progressing into senior leadership positions. Our research shows that women aiming to rise to leadership positions in wealth and finance still have to overcome a set of challenges, including the Imposter Syndrome, unconscious bias in the workplace, a peer group that shrinks as they assume more senior roles, and a struggle to find female role models even in the most progressive firms.

To find out more and register your interest, please click here.

PIMFA WEBINAR HOW TO TURN AN INCUMBENT WEALTH MANAGER INTO A DIGITAL LEADER 2022 17 May | 11-Midday Join next gen digital wealth tech providers Kidbrooke and investment provider Skandia (founded in 1855) as they go through their experience of turning a traditional, face-to-face wealth manager into an omni-channel, lean, and digitally empowered market leader. In this FREE 60-minute webinar, we discuss how Wealth Management firms can:

•

Managing risks and overcome common challenges linked to updating an incumbent wealth business

•

Follow a simple blueprint to achieve their digital ambitions and demonstrate significant improvements in customer engagement

•

Learn how the clever application of financial analytics can help you shape frictionless, pedagogical, and visual customer experiences To find out more and register, please click here.

View other upcoming PIMFA Events & Learning here

Partner Events

ETF ECOSYSTEM UNWRAPPED 2022 24-26 MAY

PIMFA are delighted to be partnering with ETF Ecosystem Unwrapped for their 2022 event taking place in May. To find out more about the event and register, please click here.

CYBER GRIFFIN - an initiative founded by the City of London Police in 2017 that helps businesses and individuals in the Square Mile to protect themselves from cyber crime

Cyber Griffin currently offers three cyber security training sessions and exercises:

For companies and individuals: •

Baseline Briefing - a free webinar training course designed to raise attendee's baseline level of knowledge by providing accessible, effective advice to those with little or no knowledge of cyber security. During the two one-hour briefing sessions, police officers will share intelligence trends and teach you how to keep yourself and your company safe from cyber attacks. The content is NCSC certified so it is as up to date as possible. For more information and booking, please click here.

For companies:

•

Table top exercise - every cyber security programme needs leadership buyin to be successful. This award-winning table top exercise is designed to explore the decisions people make in order to protect their businesses from modern day threats. The exercise has a physical game board, that can be digitalised, which makes cyber security easier to understand. Participants can see at first-hand how cyber security can affect a company's turnover, reputation and regulatory fines. Includes current NCSC and Cyber Griffin guidance. For more information and booking, please click here.

•

Incident response training - understanding how to respond to and manage any type of incident is a critical skill for any organisation in order to safeguard against the loss of revenue, reputation, trust and assets. Cyber Griffin is well positioned to give first hand insight into the tried and tested incident response models and methods used today by UK Policing. For more information and booking, please click here.

FCA Handbook Notice 98

On the 29th April, the FCA published Handbook Notice 98 which sets out the changes to the FCA Handbook and other material made by the FCA Board under its legislative and other statutory powers on 24 March 2022, 22 April 2022 and 28 April 2022.

The principle changes of interest are: •

Listing Rules and Disclosure Guidance and Transparency Rules (Diversity and Inclusion) Instrument 2022 - this instrument makes changes to the Handbook to require, as an ongoing listing obligation, issuers that are in scope to include a statement in their annual financial report setting out whether they have met specific board diversity targets on a ‘comply or explain’ basis, as at a chosen reference date within their accounting period and, if they have not met the targets, why not.

This allows companies flexibility to provide relevant context on their approach to board diversity, whether or not these targets are met.

•

British Steel Pension Scheme (Financial Resilience) Instrument 2022-these changes introduce temporary asset retention rules which apply to certain firms that provided transfer advice to British Steel Pension Scheme (BSPS) members. The rules require firms to retain assets to help ensure that they can meet redress liabilities if they provided unsuitable advice.

•

Application Fees (Amendment) Instrument 2022 - this instrument introduces a new £250 charge (Category 1 under the new pricing structure) for notifications of functions under the senior managers regime (SMR) and controlled functions for appointed representatives (CF(AR)).

You can read the Handbook Notice in full here.

Findings from FCA investment platforms costs and charges review – good and poor practice

The FCA has published a review of direct-to-consumer investment platforms’ costs and charges. The regulator focused on the experience of non-advised consumers and looked at how easy it is to access charging information and whether the information available helps them understand what they pay.

The FCA’s Financial Lives Survey identified that 56% of consumers in the survey said they found it easy to find the total cost of investing on their platform and 14% said it was fairly or very difficult. 51% said they found it easy to compare the total costs of investing between platforms, and 28% said they found it fairly or very difficult.

Good practice included single comprehensive lists of all fees and charges applicable, interactive tools, infographics, calculators and worked examples, simple and clear explanations of charges - for example via information buttons when hovering over terms or phrases used, platforms stating whether any exit fees apply or not.

Poor practice was mainly related to a lack of a succinct comprehensive list of charges being clearly signposted, information being spread out across different webpages, too many links to different sections and pages, omission of a clear statement of the interest applying to any cash held or the information being ‘hidden away’ in legalistically worded terms and conditions.

Platforms need to provide both existing and potential clients with all costs and charges clearly explained, total prices/aggregated costs - expressed both as a cash amount and as a percentage - with a breakdown available, illustrations showing effect of costs on returns.

FCA warns of 86% increase in screen sharing scam

New research from the FCA has found that nearly half (47%) of investors would fail to identify a screen sharing scam, as it reveals an increase of 86% in cases in one year, with 2,014 cases and over £25 million in losses.

To understand what might be influencing potential victims, the FCA surveyed 2,000 investors from the ages of 18 to 55+. The results showed that 51% of would-be investors would check if a company appeared on the FCA’s Warning List when deciding if an investment opportunity is legitimate. Likewise, while 88% said they would check if their investments were offered or sold by FCA firms, 10% of these people would still trust their gut instinct with an investment opportunity from someone they didn’t know, without making proper checks, like ensuring the firm or the financial promotion is properly authorised.

The FCA’s Warning List is a list of firms that are not authorised or registered by the FCA and are known to be running scams. The FCA is calling on all investors to check the advice on their Scamsmart website, including their Warning List, before making any investment decisions. This will help identify any firms that are actively running scams, or flag to investors where additional research is needed.

Net Zero Delivery Summit launched

The City of London Corporation, in association with the COP 26 UK Presidency 2022, has announced the launch of the Net Zero Delivery Summit at Mansion House, London, on 11 and 12 May 2022.

This international summit, delivered at the halfway milestone between COP 26 in Glasgow and COP 27 in Sharm El-Sheikh, will focus on net zero delivery and the progress of key priorities for finance agreed at COP 26 in Glasgow.

Hosted by the Lord Mayor of London, Vincent Keaveny, with participation by the COP 26 and the Glasgow Financial Alliance for Net Zero (GFANZ) leadership, as well as financial and professional services (FPS) and business leaders, the summit will commit to driving three objectives: maintain momentum on key policy initiatives for finance from COP 26; present as best practice, the role of FPS in helping the wider economy achieve net zero; secure London’s role as a strategic leader on sustainable finance.

Over the two days, the Summit will feature a series of keynotes and two ‘In conversation’ sessions with high-level international participants.

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