PIMFA Fortnightly News Bulletin - 2nd May 2019

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 2nd 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: 

Six Group - Securities transactions, financial information, banking services and innovation

We look forward to working with them.

PIMFA Brexit update A special meeting of the European Council held on 10th April 2019 agreed to an extension of the Article 50 process until 31st October 2019 to allow for the ratification of the Withdrawal Agreement in the UK Parliament. This latest extension

is intended to be ‘flexible’, meaning that the UK could leave the EU before 31st October if the Prime Minister can get Parliament to agree on her Brexit deal sooner.

Under the terms of the latest extension, the UK will have to hold European Parliament elections if it is still an EU member between 23rd and 26th May 2019. If the UK fails to live up to this obligation, the UK withdrawal will take place on 1st June 2019 under a no deal arrangement.

In its conclusions, the European Council reiterated that there can be no re-opening of the Withdrawal Agreement, and that any unilateral commitment, statement or other act should be compatible with the letter and the spirit of the Withdrawal Agreement. Also, the European Council stressed that the new extension cannot be used to start negotiations on the future relationship between the UK and EU. During the extension, the UK will remain a Member State with full rights and obligations, including a right to revoke its notification to leave the EU at any time.

The agreement to extend the Article 50 period until the end of October was a compromise between those EU Member States, including Germany, that were eager for the UK to be granted a much longer period of time to find a solution and France’s demand for the shortest possible extension. A six month extension to 31st October was deemed to give the UK enough time to find a domestic resolution, while also reducing the ability of the UK to impede EU business by ensuring it does not participate in the new EU Commission, which is expected to take office on 1 November.

Financial Conduct Authority (FCA) launches Financial Advice Market Review (FAMR) The FCA has launched a Call for Input asking for feedback on its proposed approach to reviewing the Financial Advice Market Review (FAMR) and the Retail Distribution Review (RDR), to which PIMFA will be responding.

The review will consider whether these initiatives have been successful in achieving their objectives. The review will look at what consumers want from the market and how the market works to deliver this. It will also consider how new market trends and developments might affect the future development of advice and guidance

services.

In a statement Christopher Woolard, Executive Director of Strategy and Development said; “We will also seek to use this review to assess the future of the market. We will consider market developments, and whether advice and guidance services meet current consumer needs and will do so in the future.”

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

To view the full Call for Input, please click 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 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

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, Lon don 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: •

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

Liz Field, Chief Executive, PIMFA

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

Jane Portas, Partner, PWC

#WomenInWealth

Sign Up

PIMFA Compliance Conference 2019 Tuesday 18th June 2019, 09:00 - 17:00 Herbert Smith Freehills Offices, Exchange House, Primrose 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 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 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 in to the Moon Museum.

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

Click here to view our landing page.

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

#PIMFASummerNetworking

Sign Up

What's happening in our industry The Financial Conduct Authority (FCA) release their Approach to Supervision and Enforcement feedback statements Last year, the FCA published their Approach to Enforcement and Approach to Supervision consultations, setting out the purpose of, and their approach to, supervision and enforcement for firms and individuals, and the public value that both deliver.

They have now published a revised edition of the Approach to Supervision and Approach to Enforcement ducuments and feedback statements.

To view the Approach to Supervision documents, please click here.

To view the Approach to Enforcement documents, please click here.

Investment & Wealth Management Sector – Dormant Assets Event - 14:00 Friday 10 May at the Investment Association The Dormant Assets Scheme has recently published its ‘Blueprint for expansion’ document.

The Investment Association is hosting a joint event for members of PIMFA, the IA, UK Platform Group, DATA and TA Forum to discuss the conclusions and proposals

in the Dormant Assets Report and next steps for our sector.

The IA’s office is at Camomile Court, 23 Camomile Street, London EC3A 7LL.

There will be presentations by William Nott, President of EFAMA and the Investment and Wealth Management Champion for the Dormant Assets initiative, who will speak about the journey from the 2008 Dormant Bank & Building Society Accounts Act to the latest proposals and from Steve Doyle, Executive Director at J P Morgan and Chair of The IA’s Dormant Assets Technical Group, who will talk about the IA’s Principles for tracing gone away customers.

To read the full 'Blueprint for Expansion' document, please click here.

If you would be interested in attending this event, please email Felicity.Lawson@theia.org by 7 May.

Latest Industry Events 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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