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PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 14th June 2018 Dear Members PIMFA Bulletin is a fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within the industry and PIMFA.

What is PIMFA working on? PIMFA & Brexit PIMFA continue to be closely involved with representative bodies seeking to add clarity to the negotiation, and eventual outcomes, of Brexit, such as the City’s International Regulatory Strategy Group (ISRG). We attended the last ISRG Council meeting on 6th June, which notably featured a discussion on continuity of contracts, an issue which the EU 27 do not appear to be taking seriously. To visit PIMFA's dedicated Brexit section, please click here.

PIMFA Millennial Forum 2018 Update The Millennial Workshops have now been completed. The final undertaking was the meeting between the Subject Matter Experts (SMEs) and the Research Groups in order to help the groups fully understand their data. There were some highly productive discussions on subjects including Millennials' needs and how they perceive their futures .


All in all, a superb start for the groups in this third instalment of the Millennial Forum series. Next, they will complete their reports and presentations ready for the launch of the 2018 Millennial Forum Report in November. For more information on the Millennial Forum and to read last year's Millennial Report, please click here

PIMFA Millennial Forum Podcast Following on from the Forum Update above, Will Beeson from “Rebank: Bankingthefuture” kindly recorded a Podcast during the Millennials' Third Workshop sessions. These sessions are now being edited to produce a 35min recording on the current issues related to Millennials and Financial Services. This will be available within the next ten days to the considerable number of global followers of “Bankingthefuture”. It will also be uploaded to iTunes and will of course be available on the PIMFA website. Designed to give context to where the Millennial Forum started and what its purpose is, it also asks where the Millennials' Research Groups currently are with their work and what they hope to achieve by their presentation in November of this year. Contributors include Liz Field, Chief Executive and Gary Sunderland, Head of Research from PIMFA; Eleanor Duncan, FT Deputy Content Plus Editor; Sally Allan, Chief Marketing Officer from Wealthify and Karan Shanmugarajah, CEO Weath Kernel and Wealthsmart, who were the Subject Matter Experts interviewed, along with many of the Millennial group members. If you have any questions on the Podcast or other Millennial issues, please contact Gary Sunderland.

The Financial Conduct Authority On 7th June, the FCA published a data-bulletin based on information it has gathered from advisers through the Retail Mediation Activities Return. PIMFA believes that it’s important, when the FCA publishes these figures, to provide more clarification by breaking down the data into client and business-relevant units. This will present a more accurate reflection of the cost of advice within the context of the added value that advice achieves.


It will also reduce the distortion of data being affected by input from smaller numbers of larger players. If you have any questions, please contact Ian Cornwall.

Ministry of Justice: Claims Management Regulatory Consultative Group This group met on 4th June, prior to the release of FCA consultation paper CP18/15, which sets out the draft rules and guidance the FCA proposes to make in relation to claims management activities and the standards it thinks CMC’s regulated by the FCA should have to meet. This aims to put in place the changes due from the recent passing of the Financial Guidance and Claims Bill. PIMFA will be contributing where possible to the shaping of the new single financial guidance and claims body this legislation provides for. T will be chaired by Sir Hector Sants. If you require more information, please contact Des FitzGerald.

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 through our committees, working parties and industry forums. 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 all the time and one of PIMFA’s key objectives is to ensure this regulation is proportionate and fair, bringing real benefits to the investment management and financial advice community and their clients. Read the latest PIMFA Consultation Papers Here


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, you can see our recent Press Releases Here. Our latest releases include; • • • • •

PIMFA urges regulator to consider the unintended consequences of Contingent Charging ban PIMFA responds to new ONS data on automatic enrolment PIMFA comments on FCA CP18/11: Reviewing the funding of the Financial Services Compensation Service PIMFA comments on The Work and Pensions Select Committee Report on Pension Freedoms PIMFA Statement on the Cancellation of Preference Shares at Par

PIMFA Blog For interesting thought-leadership and analysis on the current hot topics in our industry read our latest blogs here.

What is coming up in PIMFA? Annual Financial Adviser Dinner 2018 Tuesday 4th September, 18:30 – 22:30 Middle Temple, London The PIMFA Annual Financial Adviser Dinner brings together over 180 leading industry figures, senior politicians, journalists and regulators. This exclusive event provides an excellent opportunity for industry professionals to network with colleagues, make important contacts and discuss with peers the future of the profession with the industry today. Keynote Speaker: Sir Steve Webb, Director of Policy and External Communications, Royal London


For a limited time only, we are offering an Early Bird Single Ticket discount of ‘Buy One Get One Half Price' when entering discount code: earlybird-bogohp For more information and ticket prices, please click here. Sign Up

PIMFA FinTech Conference 2018 Wednesday 12th September 2018, 09:00 – 17:00 Our FinTech Conference: "Utilising Digital in Investment Management" is a one-day event, providing attendees with a platform to explore the advantages and potential risks of bringing together technology and the investment management and financial advice industry. Industry experts will discuss the latest trends alongside demonstrations by the winners of the PIMFA Fintech Competition, drawn from a truly global entry list, who will be highlighting emerging & revolutionary ways of thinking and working.

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PIMFA Annual Summit 2018 Wednesday 31st October 2018, 08:30 – 19:30 ETC Venues Bishopsgate, 155 Bishopsgate London 6 CPD Hrs The PIMFA Summit 2018 is an excellent opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the investment management


and financial advice sector and provides access to debate on the key topics facing our industry. Book now to hear from some of the leading figures across the world of business, finance and politics such as advisers to HM Government, FCA and the former British Official to the European Commission. *Keynote Speaker Announced* Sir Trevor McDonald OBE, Veteran ITN Presenter Book Now

What's happening in our industry? The Financial Ombudsman Service The Financial Ombudsman Service has published its annual review for its 2017/18 year just ended. It notes how PPI is still a major part of its business but the they are now starting to look toward their post-PPI future. The overall uphold rate had reduced from 43% to 34% year on year, compared to 2016/17. Complaints against Independant Financial Advisers reduced from 2,197 to 1,678 and the uphold rate for pooled ‘investment & pension’ cases fell to 28%. More specifically, the uphold rate for pension cases was 44% and for portfolio & fund management cases was 41%. The FCA has indicated it will review the case for a Long Stop as part of the wider review of FAMR in 2019. However, FOS data suggests a Long Stop would only have been relevant to 362 cases and out of those only 137 were progressed with a decline rate of 73% so it would be reasonable to expect this figure to reduce further in the coming years. For further information on this, please email Des FitzGerald.

MiFID II – Final European Securities and Markets Authority Guidelines regarding Suitability Requirements


ESMA has now published its final Guidelines. These Guidelines build on existing 2012 Guidelines and take into account MiFID II, the results of national competent authorities’ supervisory activities on the application of the suitability requirements, as well as the technological evolution of the advisory markets (e.g. robo-advice) and recent studies on behavioural finance. ESMA also announced that it has taken into account the recently published European Commission’s Action Plan on Sustainable Finance by including in the Guidelines a good practice for firms addressing this issue. To read or download the full ESMA document, please click here.

Latest Industry Events GDPR Conference Aberdeen 28th June 2018. 09:00 – 15:30 The Conference will feature a series of seminars focusing on key areas of the General Data Protection Regulation (GDPR). The seminars will include practical exercises, tips and suggestions to help your organisation to understand and implement the GDPR. To book your place please email richarda@pimfa.co.uk Sign Up

The Protection Review Conference 2018 Thursday 12th July 2018, The London Landmark Hotel CPD:up to 5 hours “Young at Heart: is the protection industry ready to come of age?” This year our conference will consider how to make protection more relevant and engaging. We will start by considering how we do this for younger people looking at what


millennials want and need from the protection industry and also contemplate opportunities for younger people to work within the sector. Our hot topics session will consider ways in which the industry can prepare itself in the face of legislative changes, how we can protect ourselves from making mistakes that others have made and how we can promote the good that we do. Finally, our Simplexity session will compare and contrast simple and complex products and processes in the protection market and examine how technology can make it easy for customers. 10 complimentary places for PIMFA members allocated on a first come first served basis. For more information, the conference agenda is available here To register for the event please email jo@lebeauvisage.co.uk and quote 'PIMFA'

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The UK Digital Finance Leadership Programme 30th October - 3rd November 2018 Find your own leadership vision in today’s digital economy by getting inspired by disruptive thinkers and founders of London’s unicorn companies. The Asian Banker has designed an amazing five-day UK Digital Finance Leadership Programme for senior managers, board members and chief executives from around the world to interact directly with key players defining the industry today, and to use the interaction to answer some of the most difficult questions facing you today. Please click here to see full agenda Sign Up


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