PIMFA Fortnightly News Bulletin - 15th May 2019

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 15th May 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 very pleased to welcome another new member firm to PIMFA: 

Netwealth Investments – Wealth Manager

We look forward to working with them.

PIMFA LAUNCHES NEW LEARNING OFFERING PIMFA are pleased to announce the launch of our new Learning offering.

As part of our ongoing drive to build an optimal operating environment for investment and financial adviser firms, and as an additional benefit to member services, PIMFA will be offering FREE CPD accredited webinars and podcasts.

Both webinars and podcasts will cover key topics and themes affecting the industry and firms, and will be accessible to members and non-members alike. Our first two will be dealing with the Senior Managers & Certification Regime (SM&CR).

With the FCA issuing a reminder to authorised firms that they need to start preparing for the new regime, launching on 9th December 2019, PIMFA has responded by debuting our new, FREE webinar programme with two essential webinars on SM&CR, led by our Policy and Technical experts, bringing you the latest industry developments and direction on regulatory change direct to your desk, wherever you are in the world.

Webinar 1: Conduct Essentials: Getting Comfortable With The New SM&CR Regime Webinar 2: SM&CR – The Fundamentals

Please see the Events section below for more detail and registration.

PIMFA Brexit Update On the 14th May it was confirmed that Prime Minister May intends to bring forward the Withdrawal Agreement Bill (WAB) for a fourth time during the week commencing 3rd June.

The EU have made it clear that there will be no renegotiation of the Withdrawal Agreement, although they may be willing to accept changes to the Political Declaration.

If the Bill passes, this will go some way towards providing comfort for UK firms in respect of the UK’s departure from the EU in that, under the current agreement, there will be a transition period until December 2020, with an option on extension to December 2021, during which negotiations on the future trade agreement(s) will take place.

However, at this stage, we don’t know what amendments, if any, will be considered.

For members, to access PIMFA's Brexit area, please click here.

Senior Managers and Certification Regime (SM&CR)

PIMFA continues to engage directly with the FCA on SM&CR and to raise Member Firm queries as the implementation date for SM&CR (December 2019) gets closer.

We have asked the FCA for clarity on the position with regard to Partners and Appointed Representatives given that some firm structures might give rise to some business contexts that could require further clarification as the SM&CR implementation process steps up a gear for those firms affected.

As and when we receive feedback from the FCA on the issues raised, we will share this and will continue to raise concerns brought to our attention and answer queries. If you do have any queries or issues as you embark on the implementation process, please contact desf@pimfa.co.uk.

Our updated guide on SM&CR, for members only, can be found here.

Wealth of Opportunities Report - Your input is STILL needed!

In partnership with UK Finance, we are in the process of creating the new Wealth of Opportunities Report.

This report is influential in showcasing the Private Banking and Wealth Management sector to Governments, regulators and other key stakeholders. This year we are also focusing on the sector’s role as a force for good and its philanthropy and other activities.

This provides policy makers and the Government with a more complete picture which goes beyond the statistics and any examples you can give describing your Corporate Social Responsibility (CSR) or other philanthropic activity will be enormously helpful.

The survey - available here - only has nine main questions and, if you haven't completed it already, we would be grateful for your input.

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 Women in Wealth Networking Breakfast 2019 Tuesday 4th June 2019, 08:00 – 10:00 Fidelity International, 25 Cannon St, London EC4M STA CPD:1 hr Join us on Tuesday 4th June for the second event in the PIMFA Women in Wealth 2019 series for a candid panel discussion and networking opportunities with other professionals within the world of wealth.

This event will provide access to the UK’s top professionals in the investment management and financial advice industry, to meet people who can contribute to your success and be inspired and motivated to drive your career forward.

Hear from our expert speakers: • • •

John Barrass, Deputy Chief Executive, PIMFA

Jackie Boylan, Head of UK - Adviser Platform, Fidelity International

Stuart Cummins, Managing Director and Executive Head, Nedbank Private Wealth International • •

Liz Field, Chief Executive, PIMFA

Rose St Louis, Head of Strategic Partnerships, Zurich UK •

Jane Portas, Partner, PWC

#WomenInWealth

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PIMFA Compliance Conference 2019 Tuesday 18th June 2019, 09:00 - 17:00

Herbert Smith Freehills Offices, Exchange House, Primro se St, London EC2A 2EG

CPD: 5hrs Keynote Speaker: Debbie Gupta, Director - Life Insurance & Financial Advice, Financial Conduct Authority (FCA)

The PIMFA Compliance Conference will be taking place on Tuesday 18th June 2019.

Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world Topics will include: • •

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

• • •

BREXIT - Now What?

Personal Behaviour - A Major Focus of SM&CR

Issues that Firms are Raising with Regulatory Lawyers

SM&CR – 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 Join us on Wednesday 19th June to celebrate the start of summer at one of London’s most exclusive venues, the Natural History Museum in London.

Enjoy an evening of networking with industry peers and exclusive entry to the Museum of the Moon.

This annual event is always extremely popular with limited spaces so RSVP today and secure your place.

Click here to view our landing page.

We look forward to seeing you on the 19th June.

#PIMFASummerNetworking

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PIMFA Learning - Webinar 1: Conduct Essentials: Getting Comfortable With The New SM&CR Regime Tuesday 21st May 2019, 12:00 - 13:00 CPD:1hrs

The aim of SM&CR, the regulator says, is to 'establish healthy cultures and effective governance in firms by encouraging greater individual accountability and establishing a new standard of personal conduct'. This means the regulator is increasingly looking beyond accountability focusing now on leadership skills as a way of assessing Senior Manager performance.

In this FREE 60 minute webinar we discuss what ‘good’ culture and conduct look like from a regulator's perspective, the critical role of leadership in improving conduct and changing culture and how your firm can measure culture.

Speakers: •

Dr. Roger Miles, Co-Founder and Faculty Lead, Conduct Risk & Culture Academy - UK Finance •

Patrick Butler, Co-Founder, Conduct Risk & Culture Academy, UK Finance and

Founder, Calitor Limited Click below to register for your free place.

Sign Up

PIMFA Learning: Webinar 2: SM&CR – The Fundamentals Tuesday 4th June 2019, 11:00 - 12:00 CPD:1hrs

With only seven months before SM&CR goes live, PIMFA members should refresh their understanding of their responsibilities as well as familiarise themselves with PIMFA's latest guidance to firms on SM&CR.

In partnership with associate member firm Worksmart, this FREE interactive webinar will provide you with a:

- reminder of why the regime has been introduced, - an overview of your senior managers responsibilities, - the expectations of the regulator, - the common challenges that firms are facing, and - how to avoid common pitfalls.

Speakers: • •

Ian Cornwall, Director of Regulation, PIMFA

Julie Pardy, Director of Regulation and Market Engagement, Worksmart

Can’t make the webinar date and time? No worries, register and you will be able to listen to these webinars on demand after they have happened.

Spread the word: Share this email with your colleagues who may also benefit from these alerts. They can sign up to future alerts here.

To register for your free place, please click below.

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What's happening in our industry Financial Conduct Authority (FCA) opens debate on intergenerational finance The FCA recently published a discussion paper on Intergenerational Differences which members may find of interest. The paper explores the changing financial needs of consumers from different age groups and how the industry and regulators should respond to demographic change.

The way people build and use wealth is evolving – having an impact on their financial needs. With one of the FCA’s statutory objectives being to protect consumers, it is important that the FCA approach adapts to the changing needs of the different groups within and between generations.

The FCA is posing a series of questions to start a conversation on what it and the financial services industry could do better to meet changing consumer needs.

To view the press release in full, please click here.

To read the full Discussion Paper, please click here.

Dormant Assets Scheme As part of the Dormant Assets initiative, the Investment Association and Dormant Assets Technical Group have published a guide ‘Principles for tracing gone away customers’.

Copies of this guide are available from the IA’s website - if you are a member - or from Kevins@pimfa.co.uk.

Firms are encouraged to benchmark their current tracing procedures against these

principles and to feedback any suggestions, improvements, queries or comments to the technical group via KevinS@pimfa.co.uk.

Latest Industry Events Philanthropy Impact's 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 Click here to find out more information about this training course 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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