PIMFA Fortnightly News Bulletin - 18th September 2019

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 18th September 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 PIMFA are pleased to welcome our latest new member : 

MirrorWeb – Website and Social Media archiving

We look forward to working with you.

PIMFA Brexit Update The Latest The UK is now six weeks away from leaving the EU. Parliament has been prorogued until 14th October 2019. The Bill to force the Prime Minister to request an extension to Article 50, unless the Commons approves either an agreed deal or no deal Brexit before 19th October, has received Royal Assent. MPs voted twice

against the Prime Minister’s call for holding a General Election in October insisting that the law blocking a no deal Brexit must be implemented first. The Government continues to insist it is possible to leave the EU without a deal on 31st October 2019 as well as obey the law. It is not clear how this can be done but in view of such a position, ‘no deal, no transition’ Brexit is still the most likely outcome.

It is important that firms continue with preparations for leaving the EU and ensure there is minimum possible disruption to their businesses. They should ensure they understand what ‘no deal, no transition’ Brexit means for their business operations and contracts and that their clients are aware of the situation.

If the UK leaves the EU without a deal and without transition, it will become a ‘third country’ on 1st November. Passporting will cease to exist and firms wishing to access clients in the EU Member States will need to consider the following options: 

Setting up an entity in each Member State where there are clients

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Setting up a passporting subsidiary in one EU Member State for all EU clients

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Merging or affiliating with an existing EU based firm

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Seeking an alternative provider to the EU clients and withdrawing from the EU private client market

Only using mitigating factors such as a reverse solicitation in situations where they have checked that it will work.

FCA Preparations In a speech at Bloomberg on 16th September 2019 Andrew Bailey, FCA's Chief Executive, highlighted the financial sector preparations for no-deal Brexit. Bailey confirmed that the FCA has stepped up preparations for a full range of possible outcomes and scenarios, as the country approaches 31st October 2019. The largest part of the overall Brexit preparation work has been for the no deal, no transition scenario, as it would involve the largest change in short order.

Bailey confirmed that wherever the UK ends up after Brexit, the UK and EU markets

will remain strongly linked and will continue to cooperate closely. Despite all the work that has been done in preparation for leaving without a deal, some issues still remain unresolved and require action both in the UK and EU. Bailey has emphasised that the UK and EU need to work together in order to find solutions which will not create barriers and distortions on either side. The full speech is available here

Green Finance 'Green finance' is one of a number of terms used to label the broad area of finance aiming to protect or enhance the environment. There is an important difference between the various terms we are familiar with for example, ‘sustainable finance’ considers not just environmental but also social, economic and governance issues. Advocates for a sustainable finance approach argue that it is not possible to separate the environment from society.

Green finance can also be a whole-organisation approach, driving strategy, culture and business processes throughout a financial services firm. This is often tied to an environmentally focused corporate mission and an understanding of the financial sector as embedded in the economy, society and the environment. At the moment, the financial sector has a lot of work to do to become green and the current financial system has three key characteristics that tend to contribute to environmental problems: 

A bias towards short-termism in decision-making

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A narrow focus on profit and shareholders

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A failure to address ‘externalities’.

Supporting the transition to a sustainable, low-carbon world will require substantial capital. The scale of investment required means that public funds alone will not be sufficient and the financial services sector will be key to mobilising and directing private capital to support the transition to a de-carbonised and sustainable economy.

PIMFA’s new Sustainable Finance Working Group is now active, so come join us as

we dig down into how the wider issue of sustainable finance will impact on our sector and the way we advise our clients. For more information please email Desmond FitzGerald.

Financial and Mental Well-being Campaign This aim of PIMFA's promotional campaign is to use real-life, relatable stories/case studies to showcase how our industry helps individuals build personal financial futures and can be a force for good for both their financial and mental well-being.

Highlighting its importance as people face decisions around key life events, such as saving for a home, family, retirement to dealing with illness, divorce, bereavement etc.

The campaign continues to gather momentum as we create and amass collateral from numerous partner firms across the membership, working party firms and external organisations such as the Money Advice Service, the Money and Pension Service (MAPS), FSCS etc. If you are interested in accessing this free material and being a partner please contact us at press@pimfa.co.uk.

PIMFA CSDR Working Group meeting – 23rd September The next CSDR Working Group meeting takes place on Monday 23 September 14:00 – 15:30 at PIMFA’s office at 22 City Road, London EC1Y 2AJ and there will be a conference call facility.

Charlie Pugh from Euroclear will be giving an update on their CSD application and the CSDR Settlement Discipline project, and we will review the first round of CSDR Internalised Settlement Reports and answering questions from the working group. If you or a colleague are interested in attending, please contact Kevin Sloane.

PIMFA Cyber Security Working Group meeting - 24th September

The next Cyber Security Working Group meeting takes place on Tuesday 24 September 10:30 – 12:30 at PIMFA’s office 22, City Road, EC1Y 2AJ.

On the agenda this time, we have a guest speaker, Teana Baker-Taylor from Global Digital Finance, a digital assets expert who will talk about protecting digital assets.

Our working group will also be exploring the latest trends and issues in the ongoing battle against cybercrime. If you or a colleague would like to attend, please contact Giulia Lupato or Kevin Sloane.

PIMFA Financial Adviser Survey 2019 If you are a Financial Advice firm, PIMFA would like to hear from you to gather your input for our Financial Adviser Survey 2019, which can be accessed here.

We are looking to gain some insight into what the main concerns are for Financial Advisers this year, in terms of time and cost. This will provide us with greater clarity concerning both the constraints and the growth opportunities within the industry, now & in the future.

The survey can be completed in under five minutes and your participation is greatly appreciated. All data provided will remain anonymous and we will be distributing the resulting report later this year. If you have any queries or comments please email PIMFA’s Head of Research, Gary Sunderland.

White-listing the PIMFA domains to ensure all our emails reach you Please ask your IT teams to white-list our domains - pimfa.co.uk and pimfa.uk – this will ensure that PIMFA communications are not blocked and that you don’t miss out on your free member benefits such as CEO letters, Update, newsletters, useful guides, webinars event invitations, and more. If you have any questions, please email us at enquiries@pimfa.co.uk and we will be happy to help.

Latest PIMFA Press Releases 

PIMFA responds to “Confusing” FCA Financial Resources Consultation Paper

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CEO’s State Regulatory Matters as their Biggest Concern

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PIMFA Condemns New 50:50 Funding Proposal in Consultation Response to FOS Funding

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PIMFA letter to new Prime Minister Boris Johnson

Read all of PIMFA's Press Releases

Latest PIMFA Consultation Responses 

FCA CP19/20 - Our Framework – Assessing Adequate Financial Resources

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BSI draft technical advice (PAS 7340) - Framework for embedding sustainable finance principles in financial services organisations

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FOS - Our future funding - A consultation

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Draft technical advice on minimum requirements for the EU climatetransition benchmarks and the EU Paris-aligned benchmarks and benchmarks’ ESG disclosures

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De-carbonisation of the UK Economy and Green Finance inquiry

Read all of PIMFA's Consultation Papers

What's coming up in PIMFA? PIMFA LEARNING

PIMFA's Autumn Webinars

We are currently running a number of FREE webinars supporting members in making their final preparations for Effective Handling of Complaints, and SM&CR.

For a full list of upcoming webinars, please click here.

*If you are registering for a PIMFA account the first time, please allow 48 hours to authenticate your details, process bookings and receive your webinar link*

PIMFA's Training Courses In addition, we have engaged some of the leading experts in the field to design and deliver a number of training workshops for PIMFA member firms including; 

MiFIR Transaction Reporting Core Training 14th Oct

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Everything you need to deliver SM&CR Conduct Rules Training in your firm: Train the Trainer workshop and toolkit 16th Oct

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The Fundamentals of Complaint Handling 17th Oct

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Clear, Fair and not misleading: Financial promotions, what your firm needs to know 22nd Oct

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Let’s talk about Product Governance and PROD Rulebook 19th Nov

For more details on these webinars and training courses please click below or email learning@pimfa.co.uk.

*Please note that as of 1st June, PIMFA events & learning can only be booked using a credit card* Sign Up

Women in Wealth Forum 8th October 2019

Fidelity International CPD: 3 hrs Our final PIMFA ‘Women in Wealth’ event for 2019 brings together colleagues from across the industry for peer-to-peer debate, networking and inspiration.

Speakers will include top professionals from our industry and its key stakeholders to share insights and experience, as well as a practical element of takeaways suitable for both men and women on individuality within your organisation.

Speakers Liz Field, Chief Executive, PIMFA Mark Freed, Chief Executive, E2W Sarah Kaiser, Global Head of Diversity & Inclusion, Fidelity International Tracey Reddings, Managing Director, Reddings Wealth Management Anita Rolls, Consultant *Please note that as of 1st June, PIMFA events & learning can only be booked using a credit card*

Sign Up

PIMFA Annual Summit 2019 16th October 2019 etc. venues County Hall Riverside Building, Belvedere Rd, Lambeth London SE1 7PB CPD: 6 hrs Our flagship conference provides delegates with the opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the investment management and financial advice sector, providing an exceptional opportunity to debate, learn and network.

Keynote Speaker

Chris Packham CBE, TV Wildlife Presenter Topics include FCA Update – The Priorities for the Sector The UK Economy: A Business Outlook Wealth: A Future Focus What Next For Politics ESG and Impact Investing Embedding Innovation for the Customer Leadership and Well-being Expert Speakers On The Day Includes: 

Katy Balls, Political Correspondent, The Spectator

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Paul Feeney, Chief Executive Officer, Quilter

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Sarah Gordon, CEO, Impact Investing Institute

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Debbie Gupta, Director - Life Insurance & Financial Advice, Financial Conduct Authority

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Dr. Rebecca Harding, Chief Executive, Coriolis Technologies

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Michael Heyworth, Executive Director, Coutts

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Holly Mackay, Founder & CEO, Boring Money

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Daisy McAndrew, Former Economics Editor and Chief Political Correspondent, ITV News

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Rt Hon. Jim Murphy, Managing Director, Arden Strategies

*Please note that as of 1st June, PIMFA events & learning can only be booked using a credit card*

Sign Up

What's happening in our industry

CSDR Settlement Discipline regime – new live date set This is still subject to confirmation from the EU Commission, but Euroclear have indicated that the new Settlement Discipline regime will not be going live as planned on 14 September 2020. The live date has been moved back to 23 November 2020, to coincide with a SWIFT messaging update. If you have any queries, please email Kevin Sloane.

Latest news from the Financial Conduct Authority From January 2020, firms will be required to review and confirm the accuracy of their firm details annually, in line with their Accounting Reference Date (ARD). They will have to do this using Connect. Even if their firm details have not changed from the previous year, they will still need to log on and confirm that they are up to date.

FCA consulted on these changes to the firm details rules in December 2018. If firms do not submit their firm information annually, they will be failing to comply with both the enhanced firm details rules and the principles for businesses. Connect also be used by firms to submit applications and notifications, such as approved persons, appointed representatives and MiFID II notifications. They can also track the progress of their applications.

FCA have published the following resources published on their website, which firm's may find helpful: 

Information about how to register

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Helpful tips for registering

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Video about how to register for Connect

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Firms can also call FCA for help registering on 0300 500 0597

Latest Industry Events 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.

Philanthropy Impact 'Changing Times - How to Meet Emerging Client Demand For Philanthropy and Social Investment Advice' Date: Thursday 17th October 2019 Time: Registration from 8:30; training starts at 09:00; ending at 12:00 Venue: Maurice Turnor Gardner LLP, Milton House, 1 Milton St, London EC2Y 9BH CPD: 3 hours (self-certified) CPD points Trainers: Heiko Specking, Founder at Specking+Partners and John Pepin, CEO at Philanthropy Impact Register before 14th October 2019 (limited to 12 advisers) Register by sending an email to registration@philanthropy-impact.org or cecilia.hersler@philanthropy-impact.org Discounted price for PIMFA members: £405 (normally £450) Includes access to the handbook “Getting Ready For Changing Times – Philanthropy Impact Handbook for Professional Advisers”

SRI Services and Partners’ Showcase Event 9th October 2019, 11:30 - 20:00, Barbican Centre, London BOOK NOW

Compeer Outsourcing Conference 2019 2nd October 2019, 15:30 – 22:00, W edlake Bell LLP, London BOOK NOW

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