PIMFA News Bulletin - September 20th 2018

PIMFA - Building personal financial futures

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PIMFA News Bulletin - 20th September 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 FinTech Conference 2018 The recent PIMFA FinTech Conference was a resounding success featuring a diverse range of established influencers in the financial technology space describing current trends and discussing where we are headed in the future.

Throughout the day, kindly hosted by BlackRock, many different and stimulating ideas were addressed, including RegTech, digital tools for all generations, social media and virtual reality for customer engagement, digital transformation, holistic data strategies, behavioural economics and cyber security & data privacy. The winners of the PIMFA Innovative Solutions Competition also presented their new ideas to the audience.

These sessions also illustrated a common thread, namely that ‘Hybrid’, a mixture of human and Robo-Advice, is an important evolutionary step forward for the advice industry, prompting the Conference Chair, Lawrence Wintermeyer (Principal, Capstone) to comment; “how much human do you want with your financial advice?”

Our thanks go to our title sponsor SEI and our co-sponsors of the day EY and iShares.

To read more on this event, you can view the PIMFA Press Release here.

New members for PIMFA PIMFA is delighted to welcome three new members to the association. They are; •

Appway - Digital technology provider specialising in app development

•

Philanthropy Impact - Promotional organisation/consultancy for philanthropy in financial services

•

Yoti - Digital identity provider

We look forward to working with you.

UK Government: Proposed Pensions Cold Calling Ban Following on from our data gathering exercise regarding the Government’s proposed pensions cold calling ban, HM Treasury have asked us to reach out directly to firms with under 49 staff to discuss their proposals on a one to one basis (over the phone).

If you would be willing to give up some of your time, we and HM Treasury would be extremely grateful.

Please get in contact with Simon Harrington.

Migration Advisory Committee (MAC) report: EEA migration PIMFA member firms have made clear that, following the Brexit process, they wish to retain the most straightforward access to the widest possible pool of skilled labour, and that the hiring processes should be subject to minimum interruption.

In this context, PIMFA welcomes the publication of the MAC Report with its emphasis on retaining as much freedom as possible for highly skilled labour movement, and the

abolition of the Resident Labour Market Test, to permit the continued inward flow of economic benefits to the UK.

As we have previously made clear, the UK as a global financial hub requires such staff and should remain a natural destination for them. This remains of the greatest importance to our sector and its future international competitiveness.

As part of this report, PIMFA would like to have seen the MAC Report reflect the fact that we advocated in our response to the Call for Evidence a degree of preferential treatment for EEA citizens and would hope that the policy formulations resulting from the MAC Report will take this into account.

To read the full MAC report, please click here.

PIMFA on Social Media Our Bulletin publication is available fortnightly so, in order to keep up to date with PIMFA's extensive range of events, conferences, seminars and dinners, as well as timely updates on our regulatory, public policy and Brexit output, please follow us on Twitter (@PIMFA_UK) and LinkedIn. (https://www.linkedin.com/company/pimfa/)

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 latest Press Releases here.

•

Hybrid wins at PIMFA FinTech Conference 2018

•

PIMFA Welcomes Three New Board Members

•

PIMFA & FCI launch the PIMFA-AECIS intelligence sharing platform to help identify & prevent financial crime

•

PIMFA comments on HM Government preparations for a “No Deal” Brexit

•

PIMFA warns on the consequences of a no deal Brexit

What is coming up in PIMFA? PIMFA & EISA Growing Financial Futures Regional Seminar Series 2018 18th September – 15th November 2018 CPD:2 Hrs Free for Members and Non-members

This regional seminar series aims to bring together all parts of the financial adviser, small business/entrepreneur communities for expert opinions, networking and advice. Keynote Address by John Barrass, Deputy Chief Executive, PIMFA: Brexit: “The Implications of the Outcome of the Final Withdrawal Agreement on Small Businesses, Entrepreneurs and Advisers”

And also...

• Simon Harrington, Senior Adviser on Public Policy, talking about “The new retirement –

what is the role of financial advice in light of freedom & choice” and •

Desmond FitzGerald – Senior Adviser on Financial Planning & Advice, on “defined benefit pensions and suitability”.

Click on the regions below to view the full agenda: •

Edinburgh - 4th October 2018

•

Birmingham – 9th October 2018

•

Bristol – 16th October 2018

•

Leeds – 7th November 2018

•

London – 8th November 2018

•

Manchester – 15th November 2018

Sign Up

PIMFA CPD Seminar: Governance / SMCR with Case Studies from AML And Suitability 27th September 2018, 17.00 - 18.15 Bovill, 82 Blackfriars Road, London, SE1 8HA Free for members CPD:1 hr Whilst Senior Managers Certification Regime is not due to take effect until the fourth quarter of 2019, understanding and preparation are key to successful implementation.To this end, join us to hear expert opinion on: •

The upcoming SMCR implementation for investment firms.

•

A model for implementing an SMCR compliant governance model within wealth firms.

•

Previous implementation pitfalls/lessons learned in other sectors.

•

How SMCR applies to the 3 lines of defence in a worked suitability and / or AML case study.

Sign Up

Associate Members Briefing and Reception 2nd October 2018, 17.30 - 19.30 Farrer & Co, 20 - 23 Lincolns Inn Fields, London WC2A 3ED Free for Members This briefly explores topics such as regulation, operations, taxation etc. and provides an opportunity to discuss with PIMFA staff specific issues important to the membership.

This event also showcases our ongoing events and publications programme, providing examples of how Associates can engage with Members and maximise the value they receive from their membership.

Attendees will also benefit from networking opportunities with other industry professionals over a drinks reception.

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Women in Wealth Networking Reception 2018 – Edinburgh Wednesday 3rd October 2018 Royal London, 1 Thistle Street, Edinburgh, EH2 1DG Free for Members, limited places available

The Women in Wealth event series is designed to provide a platform for candid discussion amongst industry professionals. Keynote speaker Isobel Langton, CEO Intermediary Division, Royal London will share her career journey and provide guests with practical hints and tips to drive their own careers forward, followed by a networking reception.

Sign Up

PIMFA CPD Seminar: Culture And Conduct – Practical Insights and Challenges when Assessing And Documenting your Culture Wednesday 10 th October 2018 Crowe Global Risk Consulting, 1 Carey Lane, London, EC2V 8AE CPD:1.5 hrs With an increased regulatory focus on the corporate culture of businesses, the speakers will be discussing the relationship between behaviours and the company culture.

This seminar is a must attend for members looking for guidance on expectations of the regulators including new regulations that are expected to impact the culture.

Speakers will also discuss behaviours influencing the culture and culture influencing behaviours with case studies on how to assess and improve the culture.

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PIMFA Brexit Conference 2018 Thursday 11th October 2018, 09:00 – 16:00 Central London Venue CPD: 3.5 hrs As we approach Britain’s planned exit from the EU on 29th March 2019, there still appears to be much uncertainty over the outcomes of the final agreements. Expert speakers will help shed light on the current situation and what to expect going forward as we leave the EU:

• •

The State of Play and Future Prospects

The Future Relation: The UK as a 3rd Country •

HMT: No Deal and Financial Services •

•

Role of Financial Regulators

Advice, Access, Permissions, and Reverse Solicitation: the Private Client Situation in

Other EU Member States •

The Position of PIMFA Firms and Clients

Sign Up

CPD Seminar: Getting the Best from Data In Today’s World

CPD Seminar: DB to DC Pension Transfers Edinburgh

18th October 2018 Thursday 25th October 2018 The Ivy Garden City, Dashwood House, 69 Old Broad St., London, EC2M 1QS Free to members CPD:2 hrs Marc Michaels, Director of Strategy at Paragon Customer Communication will discuss practical solutions to help attendees get the best from their data.

Key discussion points include reengineering the customer journey based on design thinking, cobined with deep analytics to provide insight and machine learning applications for communications.

Royal London, 1 Thistle Street, Edinburgh, EH2 1DG Free for Members CPD:1 hr Designed specifically for advisers, this seminar will help identify the relevant risk factors associated with pension transfers.

Attendees will also learn to recognise how market forces and pensions freedoms have impacted consumer interest in pension transfers as well as learning how to document their advice process in line with requirements of the regulator.

Sign Up Sign Up

PIMFA Annual Summit 2018 31st October 2018, 08:30 – 19:30

ETC Venues Bishopsgate, 155 Bishopsgate London 6 CPD Hrs The PIMFA Summit 2018 is an opportunity to gain a comprehensive understanding of the key issues impacting the investment management and financial advice sector.

Hear from the leading figures across the world of business, finance and politics such as advisers to HM Government, FCA and the Vice Chairman of Economic and Monetary Affairs Committee in European Parliament.

*Keynote Speaker* Sir Trevor McDonald OBE, Veteran ITN Presenter

Book Now

Leading in a regulated environment: new training course launched by Ashridge Executive Education in partnership with PIMFA Leading regulated businesses is difficult and requires a special kind of leader with the personal, organisational and commercial expertise to cope with operating under the regulatory spotlight. This spotlight has intensified with the introduction of a personal accountability regime for Senior Managers by the FCA and PRA and their increased focus on the capability and performance of senior management and leaders.

In response to this, Ashridge Executive Education, specialists in international leadership development, in partnership with PIMFA, are launching a unique leadership masterclass.

This is the first of its kind in the UK and stems from research into what differentiates successful leaders in regulated businesses. The course uses a blend of face-to-face and virtual learning using case studies, visiting speakers and simulations to help develop the insights, skills and mind-sets needed to lead in in a regulated environment.

PIMFA members are offered an exclusive rate when booking this course - please quote PIMFA 1010.

Find out more at: http://www.hult.edu/en/executive-education/ To book: +44 (0) 203 318 6437 / info@ashridge.hult.edu Date: Two day course - 28th to 29th January 2019

Fee: £2,990 (PIMFA members) / £3,350 (non PIMFA members) not inclusive of VAT Quote code PIMFA 1010 to get the exclusive PIMFA members price.

Venue: Ashridge Executive Education, Ashridge, Berkhamsted HP4 1NS

Tutor: Gary Storer MA (Cantab), MBA, MSc, Programme Director & Faculty Ashridge Executive Education.

What's happening in our industry?

Euroclear potential Brexit impacts – consultation paper Euroclear has issued a consultation paper which explores potential Brexit impacts on Euroclear UK & Ireland’s ability to offer Irish securities settlement and Euro settlement.

Euroclear welcomes the views of its stakeholders but please note that the consultation closes on 27 September.

You can access the consultation document here:

Sale of US Over The Counter Stocks PIMFA has been approached by a UK private investor who holds some US OTC stocks and is looking for a firm to sell these investments.

If your firm may be able to help, or you would like more details, would you please contact Kevin Sloane.

Latest Industry Events

View all the latest Industry Events on our website here.

If your firm has an event that you would like to post on this area, please click here to submit it.

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