PIMFA Fortnightly News Bulletin - 11th March 2020

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PIMFA Fortnightly News Bulletin - 11th March 2020 Welcome to the PIMFA Bulletin, our fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within PIMFA and the industry.

What is PIMFA working on?

New PIMFA Member Firm We are pleased to welcome our latest new member firm to the association:

Link Asset Services - UK’s largest share registrar

We look forward to working with you.

BREXIT Update: UK – EU Trade Negotiations The first round of negotiations between the UK and EU on the terms of the future relationship took place in Brussels this week. The talks were constructive and were used to identify areas of convergence and divergence. Both sides agreed to negotiate in parallel on 11 different topics. The main areas of divergence, according to both sides, are a level playing field, criminal justice and law enforcement, governance and fishing. On equivalence in financial services, Michel Barnier, the

EU’s Chief Negotiator, maintained the Commission’s line and stated that the assessment process will be technical, complex and completely in the hands of the Commission. The next negotiating round will be held in London, from 18 – 20 March.

For further information, please contact Maja Erceg.

Financial Advice Market Review (FAMR) & Retail Distribution Review (RDR) Evaluation - HM Treasury want your views PIMFA is working closely with HM Treasury on the recent review of the FAMR/RDR. Treasury have asked for PIMFA members' views on the Pensions Advice Allowance (PAA) which formed a key recommendation of the final FAMR report. Whilst we are supportive of the PAA, take up of it has been low and we harbour concerns both about the amount available to consumers and the way in which it is advertised. Treasury are asking for your thoughts on it, specifically:

•

Do you offer to facilitate PAA, across part or whole of the business? Why / why

not?

•

If you offer it, what is the demand for it? If you don’t, is anyone asking for it?

•

What improvements could make it work better?

We would be grateful if you could send your thoughts as soon as possible to Simon Harrington.

MiFID II/MiFIR Review On 17 February 2020, the European Commission launched a public consultation on the review of MiFID II and MiFIR. After two years of application of MiFID II/MiFIR, the Commission is required to present the Parliament and the Council with a report on the operation of the new framework, as well as a legislative proposal for reform, if deemed necessary. The consultation seeks to gather evidence from stakeholders on areas that would merit targeted adjustments. The Commission also seeks indications on how issues should be prioritised in a potential reform of the MiFID

II/MiFIR rulebook. The consultation is open until 20 April. We are assessing the document with a view to responding to the consultation.

For further information, please contact Maja Erceg.

EU Technical Expert Group on Sustainable Finance: Final Report On 12 March the EU Technical Expert Group on Sustainable Finance will publish its final report on the EU Taxonomy and further guidance on the EU Green Bond Standard. Due to the coronavirus the event itself has been cancelled but the final reports will be issued and the panel discussions will proceed via video-link for those registered to attend.

The draft programme can be downloaded here.

Financial Ombudsman Service (FOS) As a result of Consumer Price Index (CPI) data published on 19 February 2020, the award limit for FOS cases referred after 1 April 2020 for issues that arose after 1 April 2019 will increase to £355,000 and the Dispute Rules (DISP3.7.4) will be updated to reflect this change.

For further information, please contact Des FitzGerald.

Latest PIMFA Press Releases PIMFA on the future of UK supervision – ‘is the FCA fit for purpose?

PIMFA Welcomes IRSG Report on ‘Architecture for Regulating Finance after Brexit’ PIMFA reacts to General Election result: Let's Work Together to Build a Culture of Saving and Investment PIMFA Under 40 Forum: Consistent theme is the Need for Financial Education in the UK

New MSCI PIMFA Equity Risk Index Series Launched

Read all of PIMFA's Press Releases

Latest PIMFA Consultation Responses PIMFA’s Response to ICO; Consultation on a Direct Marketing Code PIMFA Response to HMRC: Technical Consultation Document on the Fifth Money Laundering Directive and Trust Registration Service PIMFA response to the ICO consultation on their draft right of access guidance PIMFA response to ESAs’ Joint Consultation Paper: Amendments to the PRIIPs KID PIMFA Consultation Response on ESMA's Market Abuse Regulation Review

Read all of PIMFA's Consultation Papers

What's coming up in PIMFA? The PIMFA Learning Library Check out the latest PIMFA podcasts and webinars on Vulnerability, Transaction Reporting and SM&CR by clicking on the PIMFA Library here.

Wealth of Diversity Conference and Women in Wealth Drinks ** NEW DATE: 13 May 2020, 08:30 – 17:30 NEW DATE ** Fidelity International, 4 Cannon St, London EC4M 5TA

This event has been moved to 13 May following recent WHO advice.

Keynote speakers confirmed – we are pleased to announce that Mandu Reid, Party Leader of the Women’s Equality Party, will be delivering an Opening Keynote speech at the Conference. This conference will highlight the different approaches taken by firms to break out of the mould and to implement new ideas to enhance D&I in their organisations.

Sign Up

PIMFA Workshop: Let’s Talk about Product Governance and PROD Rulebook 24 March 2020, 09:00 – 16:30 PIMFA, 22 City Road, London EC1Y 2AJ

This practical one day workshop prepares you to meet your obligations under PROD helping you make any changes to products and services that you offer, so that by the end of this workshop you will be able to; •

Grasp what the FCA expects you to know about Product Governance & The PROD rules

•

Know how to find PROD and its updates

•

Know how PROD interacts with the FCA Principles, the COBS rulebook and RPPD

•

Build effective product governance arrangements

•

Identify target markets

•

Obtain, apply and review stress test results

•

Know how to learn how products work

•

Limit sales to target markets and tell providers of issues in that area

•

Exclude inappropriate products for your distribution method

Sign Up

PIMFA Workshop: Evidencing Suitability for Wealth Managers – Why are Many Firms Still not Meeting the Regulator’s Expectations?

22 April 2020, 09:30-12:30 PIMFA, 22 City Road, Finsbury Square, London, EC1Y 2AJ In this session, we’ll give you an insight into the most common suitability-related problems we come across, and some ideas about how you can evidence high quality advice and portfolio management in your firm.

Sign Up

Cyber Resilience Conference 29 April 2020, 08:30 – 17:30 Venue: Global Relay UK, 45 Cannon Street, London EC4M 5SB EARLY BIRD Ticket offer available until 31 March: Members £269, Non-Members £549

Join us in London, for the Cyber Resilience Conference for an opportunity to discuss topics such as: •

Latest regulatory updates

•

Emerging technology and implementation

•

Governance, Risk Management & Capability – The Human Element

This conference will highlight the different approaches taken by firms to safeguard their operations and what trends the industry needs to be aware of to prepare for future threats. This event is a must for senior managers in the sector.

Sign Up

PIMFA Workshop: Getting DB Transfer Advice Right 6 May 2020, 09.30-12.30 PIMFA, 22 City Road, Finsbury Square, London, EC1Y 2AJ With the FCA cracking down on poor advice given to consumers and in some cases stopping firms from giving DB pension advice, your firm in 2020 must review its processes and procedures to ensure your DB Pension advice is suitable. In this half day session we show you how to test whether your DB pension transfer advice is likely to stand up to FCA scrutiny.

Sign Up

2020 Events and Learning Call for Speakers Do you or someone you know have an amazing story to share, a great innovation to showcase or do you just love being on stage? Complete our Call for Speakers Submission form and let us know about it so we can get you involved in 2020!

Please click here to complete your submission

What's happening in our industry Latest from the FCA FCA announces proposals to improve climate-related disclosures by listed companies

The FCA has published proposals outlining new climate-related disclosure requirements for premium listed issuers. The new rule will require all commercial companies with a premium listing to either make climate related disclosures consistent with the approach set out by the Taskforce on Climate-related Financial Disclosures (TCFD) or explain why not. The FCA will consider consulting on extending this rule to a wider scope of issuers. The proposals set out in the CP build upon the recommendations of the TCFD, an existing global standard.

The FCA is also seeking feedback on clarifications to how existing requirements applicable to all listed companies already require climate- and other sustainabilityrelated disclosure. They recognise that standards for disclosure and companies understanding of the financial impacts of climate change are evolving. For this reason, where companies are not yet able to make full disclosures, they should provide an explanation of the reasons why.

The consultation period closes on 5 June 2020. View the Consultation Paper here, and the Press Release here.

PIMFA will be responding to the CP; If you have any comments or feedback, please send them to Des FitzGerald by the end of April.

'Driving Purposeful Cultures' - a new Discussion Paper (DP20/1).

This paper focuses on how a clearly defined purpose is integral to creating a healthy business culture. Similar to the DP which the Financial Conduct Authority (FCA) published two years ago on transforming culture in financial services, this new DP includes a foreword by the FCA explaining its thoughts, plus a collection of essays presenting a range of perspectives from across industry leaders, professional bodies, and culture experts setting out how financial services might meet the challenges to embedding ‘meaningful purpose’ into the organisations. The FCA does not prescribe what a firm’s culture should look like, but it has articulated what it believes are some main drivers of a healthy culture.

Read the DP here. PIMFA will be responding and, if you have any comments, please contact Des FitzGerald.

Latest Industry Events The Money Marketing Awards 2020 June 2020

London The Money Marketing Awards recognise, reward and bring together the industry's leading advisers and providers for an unforgettable night of networking and celebration.

The shortlist of nominations will be announced in March 2020.

Find out more about the awards here.

Sign Up

View all the latest industry events on our website here If your firm has an event which you would like to post on this area, please click here to submit it.

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