PIMFA Fortnightly Bulletin 22nd August 2018

PIMFA - Building personal financial futures

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PIMFA Fortnightly Bulletin - 22nd August 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?

Financial Conduct Authority: Contingent Charging Ban The Financial Conduct Authority is currently looking into whether contingent charging should be banned after MPs recommended it should be, saying its use by defined benefit advisers was an "inherent conflict of interest" in the wake of the British Steel Pension Scheme debacle.

Explaining PIMFA's attitude to this, Senior Policy Adviser Simon Harrington recently gave a video interview to FT Adviser's Damian Fantato, citing the issues upon which our decision to question a ban were based.

To view the whole video interview, please click here.

PIMFA Digital Strategy Survey Digital strategy and innovation plays a pivotal role in the development plans of today’s wealth managers and financial planners.

Firms are now asking PIMFA to explore digital technology change in our sector, so we have launched a technology questionnaire, which will help us build a clear picture of where firms are on their digital journey and where they are headed.

The questionnaire is anonymous and we will not share your responses with anyone.

The survey output will be a benchmark report showing the results and enabling firms to gain a greater understanding of what is happening across the sector and where they are positioned.

Owing to so many people being away on holiday, we have extended the deadline for completion of the questionnaire to the end of August 2018.

To access the survey, please click here.

If you have any queries, please feel free to contact Kevin Sloane.

UK Government releases Brexit blueprints for financial services and competition The UK government has now released its vision for an UK-EU partnership in financial services. In this framework, the Government proposes a bilateral approach that provides more clarity on how the UK and the EU would work together and highlights the gaps in the existing third country regimes. For example, it mentions that currently there is no third country equivalence regime to support the rights of around 7,000 EEA domiciled funds to market to UK retail customers, who operate under the passporting regime.

PIMFA has been leading the debate in making the interests of retail clients heard as part of the Brexit negotiations and is actively engaging with FCA and HMT in this regard.

If you have any queries on this topic please contact Ana I. Gallego.

To view the Government framework document, please click here.

FCA Call for Input on the PRIIPs regime PIMFA is drafting its response to the FCA's Call for Input and would welcome feedback from members regarding particular areas of concern/practical difficulty with the PRIIPs regime.

The FCA's Call for Input focuses on PRIIPs scope, funds reporting negative transaction

costs, the adequacy of the risk indicators and performance scenarios presented in KIDs and consumer reaction to KIDs so far.

Specific examples of problems encountered in relation to any of the above would be particularly helpful - please email sarahm@pimfa.co.uk ahead of the 28 September response deadline.

FCA's Investment Platform Market Study (IPMS) PIMFA is drafting its response to the FCA's IPMS Interim Report and would welcome input from members on the FCA's findings and proposed remedies across a range of issues including platform switching, the presentation of model portfolios, high cash balances, the treatment of "orphan clients" and the application of COBS inducements rules to platform facilities used by advisers.

If you have any comments of feedback ahead of the 21st September deadline, please email Sarah McGuffick.

PIMFA Membership Portal PIMFA is pleased to have launched our online Membership Portal. This is a new benefit that allows your firm direct access to update the information we hold on your firm and the services you offer - as is then shown in the online PIMFA member’s directory visited by over 75 000 individuals a year - thus also ensuring our records are correct when we contact you.

This new portal will enable you to directly update the following at any time: • Your firm name • • • • •

Your firm’s description Your firm’s contact information Your firm’s online directory listing of services and contact details Your branches Your individual staff data etc.…

Once your membership subscription has been completed, a link to the portal will be sent to your firm’s PIMFA administrator, who is the only person who has permission to access this new benefit.

PIMFA will also be launching an online associate member web-directory for use by individuals and the industry later this year so do please ensure you update your details as soon as possible..

If you have any questions regarding the portal please contact the PIMFA Communications Team.

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 warns on the consequences of a no deal Brexit PIMFA announces Fintech Competition Winners PIMFA & industry representatives come together to tackle pension & investment transfers challenge New draft template aims to help distributors meet their MiFID II responsibilities PIMFA Launches Members Manifesto

PIMFA Blog For interesting thought-leadership and analysis on the current hot topics in our industry, PIMFA will be creating a regular blog which can found here.

The latest addition, PIMFA & The Wisdom Council research highlights the urgent need for consumer pension & savings education, discusses research by PIMFA and The Wisdom Council into the urgent need for financial education in schools.

This can be read by clicking here.

What is coming up in PIMFA? Annual Financial Adviser Dinner 2018 Tuesday 4th September, 18:30 – 22:30 Middle Temple, London Join leading industry figures, senior politicians and regulators as they gather for the high point in the financial adviser social calendar at the PIMFA Annual Financial Adviser Dinner 2018.

A continuation of the APFA Annual Dinner, this event provides a chance for like-minded professionals to discuss and share views as well as entertain guests, welcoming both former APFA and WMA members.

The event starts with a drinks reception, followed by dinner and speeches.

Keynote Speaker: Sir Steve Webb, Director of Policy and External Communications, Royal London Single Ticket: £250 + VAT Table hosting opportunity: £2,500 + VAT If you’re a firm with less than 10 CF30s, individual tickets are discounts, costing £150 each. Please email events@pimfa.co.uk to book this ticket.

Sign Up

PIMFA FinTech Conference 2018 Wednesday 12th September 2018, 09:00 – 17:00 BlackRock, Drapers Gardens, 12 Throgmorton Avenue, London 5 CPD Hrs Join us, on Wednesday 12th September 2018, as the Investment Management and Advice community comes together for the PIMFA FinTech Conference 2018. This a oneday event, giving attendees the 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 FinTech startups, winners of our international FinTech competition 2018, which took place earlier this year. The day will highlight emerging revolutionary ways of thinking and working to provide solutions for corporate and enterprise customers.

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Key topics covered: • The Digital Customer Experience Creating Customer Engagement Through Digital Channels • Digital Transformation of Back Office Processes • Regtech • Cybersecurity • KYC & Onboarding

Speakers include: • Nick Cook - Head of RegTech & Advanced Analytics - Financial Conduct Authority • Liz Field - Chief Executive - PIMFA • Dr Manuela Rabener - Chief Marketing Officer & Co-Founder UK - Scalable Capital • Lawrence Wintermeyer – Principal – Capstone Sign Up

PIMFA & EISA Growing Financial Futures Seminar Series 2018 18th September – 15th November 2018 CPD:2 Hrs Free for Members and Non-members This free regional seminar series, organised with the Enterprise Investment Scheme Association (EISA), 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” Click on the regions below to view the full agenda: •

Liverpool – 18th September 2018 • Belfast – 25th September 2018 • Edinburgh - 4th October 2018

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Birmingham – 9th October 2018 • Bristol – 16th October 2018 • Leeds – 7th November 2018 • London – 8th November 2018 • Manchester – 15th November 2018 Other Speakers: Simon Harrington, Senior Adviser on Public Policy, will be speaking on “The new retirement – what is the role of financial advice in light of freedom & choice” Desmond FitzGerald – Senior Policy Adviser on Financial Planning & Advice, will explore “defined benefit pensions and suitability” Sign Up

PIMFA CPD Seminar: Governance / SMCR with Case Studies from AML And Suitability Thursday 27th September 2018, 17.00 - 18.15 Bovill, 82 Blackfriars Road London, SE1 8HA CPD:1 hr Whilst SM&CR 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.

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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 Tuesday 2nd October 2018, 17:30 – 19:30 Farrer & Co, 20 - 23 Lincoln's Inn Fields, London, WC2A 3ED Free for Members We will explore topics such as regulation, operations, taxation etc. There will be 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.

Sign Up

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 will be a unique 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 on key topics facing our industry.

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 Announced* Sir Trevor McDonald OBE, Veteran ITN Presenter Book Now

What's happening in our industry?

Monte Titoli Italian Financial Transaction Tax Service Firms will be aware that Monte Titoli will cease providing the Italian Financial Transaction Tax Service as of 1 January 2019.

We are attempting to identify alternative suppliers.

If you have identified another provider, or if your own firm offers this service, we would greatly appreciate it if you could advise Kevin Sloane.

New ScamSmart pension scams awareness campaign from the Financial Conduct Authority and The Pensions Regulator Pension scams cause significant harm. They can cost people their life savings, leaving people facing retirement with limited income and little or no opportunity to build their pension savings back up.

Generally, consumer understanding of, and engagement with, pensions is low and there is a lack of awareness of pension scams and what a scam actually entails. Indeed, most consumers are likely to turn to informal forms of advice, such as friends, family and online searches, when further support is required.

The television-advertised FCA and TPR campaign is designed to help consumers, employers, providers, trustees and business and financial advisers with the information and the tools to combat this insidious form of crime, not least by providing a valuable channel through which to disseminate scams messaging, along with tips as to how to identify a scam initially.

A consistent message accross the board will ensure it is heard by the widest audience and engagement with intermediaries and employers is critical in order to increase awareness and protect clients.

To learn more about this initiative, please read the FCA/TPR Press Release here.

To read the full Launch Briefing on the PIMFA Pensions ScamSmart Campaign page, please click here.

Latest Industry Events The 2nd UK Robo Advice and Digital Wealth Summit Thursday 20th September 2018 London

The digital transformation of the financial services industry is continuing apace, and roboadvice and digital wealth management are a fast-growing part of this digital

transformation. Originally conceived as a means of extending financial advice to the mass market, the technology’s real potential lies in its use being extended to insurance, pensions and other sectors.

Attendance at the second edition of The UK Robo Advice and Digital Wealth Summit will therefore be invaluable for both incumbents and start-ups that want to know how to adjust their business models to take full advantage of the significant opportunities presented by robo-advice and digital wealth management. This year’s conference will offer attendees the opportunity to listen to talks by a variety of high level speakers including the FCA’s Anna Wallace, who will be giving a keynote earlier on in the day.

Discussion topics include: Robo-advice: progress so far and opportunities ahead; Meeting the developing expectations of regulators; Robo-advice in the UK: a country specific perspective; Customer acquisition and engagement; Increasing the granularity and quality of advice ; Outlook for robo-advice in the pension and insurance sectors; Robo-advice from two different angles: established financial institutions and fintech start-ups.

Delegate Fee: £595 + VAT* Small Company and Fintech Rate: £199 +VAT* *Get 20% off these rates by quoting the following discount code at registration: ROBO2PIMFA. Sign Up

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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