PIMFA Fortnightly News Bulletin 24th July 2019

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 24th July 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 Johnston Carmichael Wealth Ltd – Financial adviser, chartered accountants and business adviser as a new member to the association. We look forward to working with you

October's PIMFA Learning Training Workshops - book early It’s essential that you keep yourself and your team up to date with the latest thinking and regulation. To aid this, from September onwards PIMFA will be running a number of CPD accredited, face to face training workshops tackling some of the most important issues facing you, our members.

The schedule for October is: •

14th October: MiFIR Transaction Reporting Core Training

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16th October: Everything you Need to Deliver SM&CR Conduct Rules Training in Your Firm – Workshop and Toolkit

•

17th October: The Fundamentals of Complaint Handling

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22nd October: Clear, Fair and Not Misleading Financial Promotions

For more information on these workshops, please contact learning@pimfa.co.uk

Financial Conduct Authority (FCA) Brexit Preparedness one-pager At last week's FCA Brexit Briefing - which PIMFA attended - it was announced that the FCA has published a one-page summary to remind firms what they need to do to prepare for Brexit. This can be viewed by clicking here.

PIMFA's Sustainable Finance Working Group PIMFA is setting up a Sustainable Finance Working Group in September.

It will focus upon monitoring the wide ranging initiatives currently taking place to address Sustainable Finance issues and identifying the potential impact on firms and clients. But also, we will focus on compliance and regulatory obligations arising from the work on sustainable finance, such as the obligation to consider clients’ ESG preferences in the context of assessing suitability.

If you’d like to join or get more information, please contact Des FitzGerald.

European Securities and Markets Authority (ESMA): Shorttermism Survey There is still some time left for PIMFA member firms to respond to the ESMA survey on short-termism, which concludes on 29 July 2019. For more detail and to view the questionnaire, please click here.

Financial Conduct Authority (FCA) - New platform to replace Gabriel PIMFA firms asked to respond

The FCA have started work to improve the way they collect data from firms and plan to

move to a new platform for their data collection systems, which will include replacing their current system, known as Gabriel. They would like your views to help with this.

Work is at an early stage. FCA want to implement an easy-to-use system so that firms can submit data to them in a way that is efficient for firms and through a system and approach that can be adapted to their changing needs. Early changes to their platform will be technology focused, so initially there will be no change to the way firms currently provide data to them. They will make more significant improvements in the future, having considered the feedback they receive from users.

All responses should be in by the end of August. If you are a Gabriel user, please complete the survey here.

Directive on Administrative Cooperation (DAC 6) Draft Regulations and Consultation Document PIMFA has just received details from HMRC of the draft regulations and open consultation on DAC 6 – new rules that will require the disclosure to HMRC of certain cross-border arrangements that could be used to avoid or evade tax.

The consultation will run until Friday 11 October 2019. To view the draft regulation, please click here.

MiFID II Transaction Reporting Webinar A recording of the recent PIMFA / Kaizen Reporting webinar “MiFID II Transaction Reporting – practical steps to reduce regulatory risk” is now available to PIMFA Members and Associates.

With the FCA taking an increasingly aggressive stance on transaction reporting breaches and initiating investigations into data quality issues, many firms are wondering about the steps they need t take to escape the regulator’s attention.

In this webinar, David Nowell, Senior Regulatory Reporting Specialist at Kaizen Reporting explores:

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the reasons behind the FCA’s drive for complete and accurate transaction reporting;

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the regulator’s expectations of firms and their reporting;

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the importance of quality assurance testing;

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what ‘reconciliation’ in this context really means, and;

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how to avoid common pitfalls.

You can access the webinar by clicking here. ** PIMFA members can sign in to their PIMFA account to access this directly. Anyone that does not have a user account with us can add their details in this area to sign up and then access these resources **

'PIMFA Insights' podcasts This month PIMFA have launched ‘PIMFA Insights’, a series of podcasts that take a deep dive look into issues impacting and effecting member firms.

If you would like to access our latest podcasts on Vulnerability, Conduct & Culture and SM&CR, please click here.

** PIMFA members can sign in to their PIMFA account to access this directly. Anyone that does not have a user account with us can add their details in this area to sign up and then access these resources **

Tips on getting the most out of your membership We thought that it may be useful to remind members of some top tips to ensure they are getting the maximum benefits from their PIMFA membership: •

Membership is on a firm level and as such an unlimited number of your staff can

sign up for access to the PIMFA members only web area, register for events and free webinars and receive our research and publications free of charge •

We create numerous useful guides for member only use on important technical and

compliance issues such as the Senior Managers and Certification Regime (SM&CR)

CyberCrime, Defined Benefit Pension Transfers , The Insurance Distribution Directive, Vulnerable Customers, FOS, Inter-broker client transfers, etc.

•

Remember you can use the PIMFA membership portal to update your details. If you

have a large number of staff contacts registered with us, contact us at enquiries@pimfa.co.uk and we will help you keep them up to date.

If you have any questions, please email us at enquiries@pimfa.co.uk and we will be happy to help.

PIMFA Press Releases The latest PIMFA Press Releases: •

Leading Cash Savings Platform Insignis Cash Solutions and PIMFA Announce Strategic Partnership

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PIMFA: Industry must Safeguard Public Trust in Sector

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PIMFA responds to FCA’s Action on Benefit Transfers

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PIMFA comments on Woodford Suspension and the Implications on the Financial Services Sector

Read all of the PIMFA press releases here

PIMFA Consultation Responses PIMFA lobbies on behalf of our membership by utilising our members vital feedback across numerous key industry stakeholders from government to regulators and beyond.

The scope and volume of regulation is a key concern and one of our 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.

Our latest consultation papers have been:

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PIMFA’s response to DCMS’s National Data Strategy open call for evidence

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PIMFA's response to CP19/12: Consultation on Investment Platforms Market Study remedies

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PIMFA’s response to HM Treasury’s consultation on the Transposition of the Fifth Money Laundering Directive

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PIMFA’s response to DP19/1 Building a regulatory framework for effective stewardship

Read all of PIMFA's Consultation Papers here

Credit Card Payment for PIMFA Events & Training 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? 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 female 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: •

Stuart Cummins, Managing Director and Executive Head, Needbank Private Wealth •

Liz Field, Chief Executive, PIMFA

•

Mark Freed, Chief Executive, E2W •

Anita Rolls, Consultant

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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, gain insight and network.

Speakers: Katy Balls, Political Correspondent, The Spectator • • • •

Torsten Bell, CEO, Resolution Foundation Stephen Bush, Political Editor, New Statesman

Julia Dreblow, Founding Director, Fund EcoMarket

Debbie Gupta, Director - Life Insurance & Financial Advice, Financial Conduct Authority (FCA) •

Dr. Rebecca Harding, Chief Executive, Coriolis Technologies •

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Holly Mackay, Founder & CEO, Boring Money

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

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Rt Hon. Jim Murphy, Managing Director, Arden Strategies

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What's happening in our industry Latest news from the Financial Conduct Authority (FCA) FCA Annual Report On the 9th July, the FCA published its Annual Report setting out its achievements against its Business Plan priorities over the course of 2018-19. Highlights include the FCA’s continued work on EU withdrawal; implementation of SM&CR regime; continued work on scams, fraud and anti-money laundering; data security, operational resilience and outsourcing; innovation and technology; long-term savings, pensions and high-risk investments. The report also outlines progress on sector-specific work undertaken by the FCA in its seven sectors. You can read the report in full here.

FCA Annual Report: Anti-money laundering Along-side the Annual Report, the FCA has also published a specific report in relation to the work it has done on anti-money laundering over the last year. Highlights include the setting up of the National Economic Crime Centre; work with FATF and other international bodies; collection of data from the financial crime return; the thematic review of AML risks in capital markets and a new campaign against pension scams. You can read the report in full here.

FCA: Global AML and Financial Crime Tech Sprint From the 29th July to the 2nd August, the FCA will be holding a follow-up to the 2018 Tech Sprint with international colleagues from the US, Europe, Africa, Asia and the Pacific working together at the FCA offices in London to develop solutions and explore the potential for new technologies to positvely impact the detection and prevention of financial crime. The aim is for the outcomes to be tested in the real world through the Sandbox and GFIN network.

Financial Ombudsman Service (FOS) Annual Review FOS has released its accounts for the 2018/2019 financial year. This shows 74% of general casework, which includes the cases relating to our firms, are not resolved within 45 days and 22% of cases over one year remain unresolved. The Service does not provide information on how many cases are awaiting a final decision after more than one year: To view the Annual Review, please click here.

UK Government's Economic Crime Plan On the 12th July, the Government published its Economic Crime Plan, its 3 year strategy for fighting economic crime with an ambitious list of objectives. The emphais is on a holistic approach and the need for a public-private partnership to combat all forms of economic crime. You can read the document in full here.

HM Treasury Anti-Money Laundering (AML)/CounterTerrorist Financing (CTF) supervision report (2017-18) On the 8th July, HM Treasury published its anti-money laundering and counter terrorist financing supervision report for 2017-18. The report sets out the activities undertaken by the supervisors over this period and highlights key findings and recommended actions.

While the statutory supervisors (FCA, HMRC and the Gambling Commission) have a strong understanding of money laundering and terrorist financing risks, the UK needs to sustain its efforts in addressing the significant deficiencies in supervision of its other professional bodies.

Recommendations specific to the FCA included ensuring appropriate intensity of supervision for all the different categories of its supervisory population from low to high risk and considering the wider use of criminal background checks. You can read the report in full here.

Government Response to Consumers’ Access to Financial Services On the 11th July, the Government published its response to the Treasury Select Committee’s report on ‘Consumers’ access to financial services’.

The Government emphasised its commitment to financial inclusion and set out the steps it will take in relation to an array of issues such as basic bank accounts, financial education, etc. In relation to the question around a legal duty of care, the government indicated that it will continue to work with the FCA as it progresses with this work. You can read the Government’s response here.

CSDR Settlement Internalisation Reporting Following discussion with the EU Commission, ESMA have confirmed that stamp duty should not be included in the CSDR settlement internalisation reporting figures.

The Bank of England is encouraging firms to submit their settlement internalisation reports as soon as possible after the 12 July deadline, but they would accept first reports until the start of the next reporting period – 1 October 2019. If any firms believe they might struggle to deliver the first report by 1/10/19, they should contact the Bank of England.

CSDR Settlement Discipline regime – new live date 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 will be moved back to 23 November 2020, to coincide with a SWIFT messaging update. For further information, please contact Kevin Sloane.

Latest Industry Events Compeer Outsourcing Conference 2019 2nd October 2019, 15:30 – 22:00 W edlake Bell LLP, London For this year’s Outsourcing event, Compeer will be focusing on technology spend in the wealth management industry and evaluating the role technology outsourcing has in driving efficiency and innovation.

Through peer-group interviews and analysis of our extensive database on the UK wealth

management industry, we will look to identify where the best value is in technology outsourcing and outline the impact it has on reducing costs, improving business processes and enhancing client engagement.

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SRI Services and Partners’ Showcase Event 9th October 2019, 10.30 - 20.00 Barbican Centre, Silk Street, London, EC2Y 8DS The unmissable 'SRI Services and Partners' showcase event for financial services intermediaries during 'Good Money Week' 2019.

Enjoy presentations, panel discussions and round table meetings with a range of fund managers and experts from across the ESG, SRI, sustainable, responsible and ethical investment market ... with plenty of time to mingle over a sandwich lunch and drinks reception in the Barbican's beautiful conservatory (when formal proceedings have ended).

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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.

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