PIMFA Fortnightly News Bulletin - 12th June 2019

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 12th June 2019 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 Firms We are delighted to welcome our latest new member firm:

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Focus Solutions Group - business automation, CRM, T&C and financial planning

solutions provider

We look forward to working with them.

PIMFA discusses the European MiFID Template (EMT) PIMFA recently attended the first meeting in Brussels of the newly-formed FinDatEx MiFID working group, which is in charge of producing standardised data templates. The meeting focused on the EMT, which is a standardised template for product data. The group aims to publish an updated and improved version of the EMT at the end of the summer.

Other works that will be considered are distributors’ data template (the European

Feedback Template or EFT) and additional data fields with ESG information. A schedule of meetings and calls for the coming months has been agreed and PIMFA will continue to be actively involved in the process.

If you have any questions on this, please contact Giulia Lupato.

PIMFA and the Implementation Taskforce on Growing a Culture of Social Impact Investing in the UK In December 2016, the UK government set up an independent Advisory Group chaired by Elizabeth Corley (Vice Chair of Allianz Global Investors) to answer an important question: “How can the providers of savings, pensions and investments engage with individuals to enable them to support more easily the things they care about through their savings and investment choices?”

The Advisory Group published their report ‘Growing a Culture of Social Impact Investing in the UK’ in November 2017. In March 2018 the Prime Minister commissioned an industry taskforce – of which PIMFA is a member - to progress the recommendations in the report. The UK National Advisory Board on Impact Investing (UK NAB) and the Taskforce have now announced the establishment of the Impact Investing Institute, which will formally launch in Autumn 2019.

The Institute will be independent, open and diverse, involving stakeholders from different fields and perspectives with a commitment to its purpose. It has broad backing across the financial services and social sector, and is supported by private firms and foundations alongside the Department for Digital, Culture, Media and Sport, the Department for International Development and the City of London Corporation.

The new initiative will be driven by the enthusiasm of their members and supporters to provide a focal point for social impact investing in the UK. The two groups are working closely together and consulting stakeholders on the design of the new organisation and PIMFA is pleased to continue its involvement.

If you have any queries on this, please contact Des FitzGerald.

PIMFA respond to HM Treasury Consultation Paper on the 5th Money Laundering Directive PIMFA have submitted a response to HM Treasury’s Consultation Paper on the Transposition of the 5th Money Laundering Directive. The main changes relate to the regulation of crypto-currencies, the introduction of the bank account register and beneficial ownership register, some amendments to customer due diligence requirements and some additional provisions for high risk third countries.

You can read the response in full here.

If you have any queries relating to this, please contact Alexandra Roberts.

PIMFA Under 40 Forum – June Workshop, hosted by InvestCloud Last week, we held the second workshop for the PIMFA Under 40 Forum participants (previously known as the Millennial Forum), to discuss the results of their primary research as they get closer to presenting their recommendations to government for helping build a UK culture of savings and investments at our event in November.

The findings of their research will also be presented in our annual report, which will be available after this event in the member’s area of our website.

Our thanks to InvestCloud for hosting us.

If you have any questions regarding the Under 40 Forum, please contact Gary Sunderland.

PIMFA Women in Wealth Networking Breakfast – sponsored by Fidelity We had a fantastic turnout at our second Women in Wealth event, which saw panellists Jackie Boylan, Fidelity International, Rose St Louis, Zurich Insurance Company Ltd and Jane Portas, PwC, come together to discuss key issues such as engaging female clients, career progression and diversity in the workplace.

Click here to secure your place at our final PIMFA Women in Wealth event of the 2019 series, taking place on 8th October.

Thank you to our sponsor, Fidelity

Training courses launched as part of new PIMFA Learning offering - Bring along a colleague for free As you may have seen, PIMFA have launched a new initiative - called PIMFA Learning bringing you a series of training courses and free webinars on issues of note in our industry.

Continuing this, we are pleased to announce further additions to the offering in the form of Training Courses. This will begin with two courses on the Senior Managers and Certification Regime (SM&CR), which now has less than six months before coming into effect.

Effective implementation of SM&CR in your firm requires internal collaboration between your leadership team, compliance, HR and others. Training together enables these stakeholders to positively collaborate and learn in a peer to peer environment. This is why we've introduced for member firms our bring a colleague for free option for two, 3½ half hour SM&CR training workshops for both core and enhanced firms. These practical interactive workshops (based on the latest PIMFA SM&CR guidance to member firms) include case studies, scenarios and examples that will give you and your colleagues the knowledge and the confidence to successfully implement SM&CR in your firm. For further details click on the links below….

Register here: SM&CR – What You Should Know and What You Should be Doing Right Now (Core Firms) 3rd July 2019, 09.30-13.00 SM&CR – What You Should Know and What You Should be Doing Right Now (Enhanced Firms) 4rd July 2019,09.30-1300

Tips on getting the most out of your membership We thought that it may be useful to remind members of some top tips to ensure they are getting the maximum benefits from their PIMFA membership: 

Membership is on a firm level and as such an unlimited number of your staff can sign up for access to the PIMFA members only web area, register for events and free webinars and receive our research and publications free of charge



We create numerous useful guides for member only use on important technical and compliance issues such as the Senior Managers and Certification Regime (SM&CR) CyberCrime, Defined Benefit Pension Transfers , The Insurance Distribution Directive, Vulnerable Customers, FOS, Inter-broker client transfers, etc.

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Remember you can use the PIMFA membership portal to update your details. If you have a large number of staff contacts registered with us, contact us at enquiries@pimfa.co.uk and we will help you keep them up to date.

If you have any questions, please email us at enquiries@pimfa.co.uk and we will be happy to help.

PIMFA Press Releases In order to keep you up to speed with what PIMFA is saying to the media and key stakeholders about important issues that affect our members, our Press Releases are available to read online.

In the last few weeks, we have been talking about the importance of inclusivity in financial services, the Financial Services Compensation Scheme (FSCS) Levy, the retirement outcomes review from the FCA, PII insurance and more.

Read PIMFA press releases here

PIMFA Consultation Responses

PIMFA responds on behalf of our membership to numerous key issues within our industry.

We do this via vital feedback and discussion with member firms. From this member feedback PIMFA create responses to consultation documents and discussion papers issued by bodies such as the UK’s regulator, the Financial Conduct Authority (FCA), Government departments and many European and International bodies.

The scope of regulation is increasing and one of PIMFA’s key objectives is to ensure this regulation is proportionate and fair, bringing real benefits to the personal investment management and financial advice community and their clients.

Read PIMFA's Consultation Papers here

PIMFA to move to credit card payments only for events bookings as of 1st June 2019 With effect from 1st June 2019, PIMFA events will need to be paid for at the time of booking. There will be no option available to select to pay later on invoice. A receipt/paid invoice will be available to download for your records.

Paying by credit card at the time of booking will ensure our booking is complete and your place reserved immediately. The change in process will also significantly reduce the time spent on debt collection which will enable better use of PIMFA resources.

What's coming up in PIMFA? PIMFA Compliance Conference 2019 Last few places remaining Tuesday 18th June 2019, 09:00 - 17:00 Herbert Smith Freehills Offices, Exchange House, Primrose St, London EC2A 2EG

CPD: 5hrs KEYNOTE ADDRESS: ‘Key Messages from the FCA for PIMFA Members’, given by Debbie Gupta, Director of Supervision at the FCA.

Other topics will include: • •

A Review of the Past Year & Issues on the Horizon •

• • •

BREXIT - Now What?

Personal Behaviour - A Major Focus of SMCR

Issues that Firms are Raising with Regulatory Lawyers

SMCR – With Six Months to go, what are Firms Worrying About?

Incorporating Consideration of ESG Factors into the Suitability Process View the full agenda here.

#PIMFAComplianceConf

Book now

PIMFA Summer Networking Reception 2019 Wednesday 19th June 2019, 18.00-22.00 Natural History Museum, Cromwell Rd, Kensington, London SW7 5BD

SOLD OUT

#PIMFASummerNetworking

SOLD OUT

CPD Training Course: SM&CR – What You Should Know And What You Should Be Doing Right Now (Core Firms)

Wednesday 3rd July 2019, 09.30-13.00 PIMFA Offices, 22 City Road, Finsbury Square London, EC1Y 2AJ CPD: 3.5 hours Bring a colleague along for free

With less than 6 months to go before SM&CR comes into effect, time is running out for senior managers and members of core firms to bring themselves up to date with what this means for the governance and culture within the firm, along with their own individual responsibilities and accountabilities.

This practical 3½ hour workshop, underpinned by PIMFA latest guidance on SM&CR for firms, steers clear of offering you a ‘do’s and don’ts’ lists of the new regime, rather it tackles, through practical scenarios and case studies, a simple, clear and proportionate approach to SM&CR that will help your firm achieve a smooth transition into the new regime.

What you will cover……. 

What the regime means for senior managers, and how best to engage them

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The key elements of the regime that affect your firm and its governance

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Where the banks hit problems implementing SM&CR and how they resolved them

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The ten top questions firms are asking about SM&CR….and solutions!

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How to structure your SM&CR project, and what to prioritise

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How firms are leveraging SM&CR to reduce operational risk and improve conduct Who should attend? This workshop is crucial for:

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Senior managers who have responsibility in HR, compliance, risk and compliance functions

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Managers who are involved in the governance of the firm

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Managers those who provide either direct support or report to senior managers

Do you have 5 or more staff interested in attending this workshop? If so, it may be more cost effective to run a tailored version of this workshop in your offices. For further details and costs please contact phila@pimfa.co.uk

Sign Up

CPD Training Course: SM&CR – What You Should Know And What You Should Be Doing Right Now (Enhanced Firms) Thursday 4th July 2019, 09.30-13.00 PIMFA Offices, 22 City Road, Finsbury Square, London EC1Y 2AJ CPD: 3.5 hours The content for this course is as above, but as applied to Enhanced Firms.

Don't forget that you can bring along a colleague for free. For more information, please click here.

Sign Up

What's happening in our industry Citywire launch new Diversity platform Last week Citywire launched their new Diversity initiative and online platform – headed by editor Natasha Turner – to give a voice to those underrepresented in the financial advice industry, and lift the lid on diversity and inclusion in financial services.

As the lack of diversity and inclusion in financial services continues to be cause for concern, this new platform will highlight the great work people and firms are doing to help change the industry, such as flexible working, community rooms, mentoring programmes, events and more.

Watch the video to find out a bit more about why Citywire have created this community, and what you can expect from the platform.

Sign up to the weekly Diversity newsletter here for New Model Adviser readers and here

for Wealth Manager readers.

For additional information, if you have any questions, or would like to submit story ideas to highlight the work your organisation is doing please contact Natasha Turner at Citywire.

Latest news from the Financial Conduct Authority (FCA) FCA appoints new Chair at the Financial Ombudsman Service

Baroness Zahida Manzoor CBE has been appointed Chair of the Financial Ombudsman Service. The appointment was made by the FCA Board with the approval of HM Treasury.

Baroness Manzoor will take up the role on 2 August 2019, succeeding Sir Nicholas Montagu who is stepping down after more than seven years in post.

To read the full FCA Press Release, please click here.

The Financial Conduct Authority and the Dutch Authority for the Financial Markets (AFM) agree on closer partnership

During a meeting on 3 June 2019 in London, the Financial Conduct Authority (FCA) and the Dutch Authority for the Financial Markets (AFM) signed a joint agreement to formalise this partnership.

Since the UK announced its intention to withdraw from the EU, several financial institutions currently operating in the UK and the Netherlands have applied for a licence to operate in the respective countries. Close cooperation and information sharing between the FCA and AFM is vital to developing global markets, ensuring effective oversight of firms and capital markets, and allowing both to more effectively fulfil their roles as regulators.

The agreement builds on the tight bond the UK and Dutch authorities already have and it also develops the relationship in areas such as FinTech, a pro-active and data-led approach to supervision and encouraging proper behaviour within firms.

The full FCA Press Release can be found here.

FCA Smaller Firms Survey enters next stage

The FCA and Practitioner Panel Survey provides an opportunity for regulated firms to speak directly to the FCA and share their views and concerns. It provides the FCA Board and Executive with important feedback about the FCA’s performance and enables the FCA to adjust their approach to become a better regulator.

12,000 firms are being invited to take part in the 2019 survey, including a random sample of smaller firms. The survey is being conducted by the independent firm Kantar Public. If you are one of the firms selected to take part, please consider taking the time to complete it.

Your views will be valuable in helping to shape the FCA’s approach. The results are presented to the Practitioner Panel and the FCA Board and will be published in the third quarter of 2019.

Latest Industry Events Philanthropy Impact CPD Training Course: How to Meet Emerging Client Demand for Philanthropy and Social Investment Advice Tuesday 25th June 2019 Cazenove Capital, 1 London Wall PLACE, London EC2Y 5AU A course designed specifically for professional advisers to (U)HNWI (Private Client, Wealth Management, IFA’s, Tax, And Legal Advisers).

By attending this half-day intensive workshop, advisers will gain an understanding of the commercial proposition for providing this service to their clients, develop their philanthropy and social impact investment knowledge, plus learn practical skills to better support clients’ expectations and needs.

Discount for PIMFA members: £405

Please click here to find out more information about this training course

Sign Up

SRI Services & Partners ‘Good Money Week’ Event 2019 9th October 2019, 10:30 - 19:00 Barbican Centre,Silk Street, London, EC2Y 8DS The unmissable ‘SRI Services and Partners’ showcase event for financial services intermediaries during ‘Good Money Week’ 2019.

Enjoy presentations, panel discussions and round table meetings with a range of fund managers and experts from across the ESG, SRI, sustainable, responsible and ethical investment market… with plenty of time to mingle over a sandwich lunch and drinks reception in the Barbican’s beautiful conservatory (when formal proceedings have ended).

See the www.FundEcoMarket.co.uk ‘Events Page’ for further information – or contact events@sriServices.co.uk or Julia@sriServices.co.uk if you have any questions.

Please be aware this event is strictly for financial advisers and related retail financial services professionals only. #SRI #SustainableInvestment #ESG #IFA

Sign Up

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

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