PIMFA Fortnightly News Bulletin 25th January 2019

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 25th January 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 delighted to welcome the first two new members of 2019: Mitratech – Governance risk and compliance provider Saunderson House – Discretionary fund manager We look forward to working with them.

Brexit Business readiness survey – Data Protection The Department for Digital, Culture, Media and Sport (DCMS) has commissioned KPMG to review data protection issues faced by organisations in the event of a ‘no deal’ EU exit.

The survey is anonymous and should take no longer than 5 minutes. Your input is highly valued and will help support the Government’s EU exit contingency plans.

To access the survey, please click here.

(User name: dcms@survey.com Password: Kpmg1234, if needed)

Senior Managers & Certification Regime (SM&CR) We recently met with FCA to discuss with policy and supervisory staff our response to the Guidance consultation and the current state of play. FCA are keen to engage with our sector to gauge progress and see where they can assist.

We have arranged for FCA to attend a meeting of our SM&CR working groups and Regulatory Committee next month.

For any queries, please contact Ian Cornwall.

Product Governance We met with the policy team at the Financial Conduct Authority (FCA) to discuss the current state of play and, amongst other things, we updated them as to the development of the European Working Groups templates for manufacturers and distributors and highlighted the issue of data availability in respect of certain products.

If you have any queries regarding this, please contact Ian Cornwall.

Unilever We are meeting with the Financial Conduct Authority (FCA) team responsible for listed companies to discuss the voting arrangements that Unilever put in place in respect of their proposed move to Rotterdam.

Whilst the proposal was dropped by Unilever we are seeking to understand the role of the FCA, particularly having regard to the principles in the listing requirements and Part 9 of the Companies Act 2006.

For more information, please contact Ian Cornwall.

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.

PIMFA Comments on Government’s heavy defeat on Brexit Withdrawal Motion PIMFA responds to the launch of a further inquiry into contingent charging PIMFA comments on FCA’s proposed changes to FOS award limit PIMFA calls for suspension of the PRIIPs regime in the interests of investor understanding PIMFA responds to Government publication of Pension Dashboard consultation

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 papersissued 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 investment management and financial advice community and their clients.

Read PIMFA's Consultation Papers Here

What's coming up in PIMFA? PIMFA Wealth of Diversity Conference 2019 Tuesday 5th February 2019, 08:30 – 15:00 EY Offices, 25 Churchill Pl, Canary Wharf, London, E14 5EY CPD: 4.5hrs

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Keynote Speakers Announced: Andrew Bailey, CEO of the FCA will be sharing insights into best practice for promoting culture and diversity.

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John Glen MP, Economic Secretary to the Treasury and City Minister for UK

Government, will be discussing the Government’s key initiatives to promote diversity and inclusion.

This conference will highlight the different approaches taken by firms to break out of the mould and to implement new ideas to enhance the diversity in their organisations and is a must for senior managers in the sector.

Topics to be discussed: • Women Returners • Culture and Diversity • The Case for Flexibility •

• Flexibility in Practice Looking for Someone Different: Social Mobility and Young People • Looking for Girls • What’s the Offer – Diverse Clients #PIMFADiversityConf Sign Up

PIMFA/Bovill CPD Seminar: CSDR – The Forgotten Regulation Wednesday 13th February 2019, 17:00 – 18:30 Bovill Offices, 82 Blackfriars Road, London, SE1 8HA CPD:1hr The torrent of regulatory change continues unabated, but one set of regulations is slipping past largely unnoticed – the Central Securities Depositories Regulation.

This joint PIMFA and Bovill event will help firms to understand CSDR, why it is important and where it impacts upon their business.

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Topics covered will include: • An overview of CSDR Segregated / Omnibus Accounts • Settlement Discipline

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Internalised Settlement Reporting Sign Up

PIMFA Women in Wealth Networking Reception 2019 Wednesday 13th March 2019, 18:00 - 21:00 Central London Venue – TBC The PIMFA Women in Wealth event series is back for 2019, continuing to provide a platform for candid discussion amongst 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. #WomenInWealth Sign Up

Financial Crime Conference 2019 Tuesday 19th March 2019, 09:00 – 17:00 Central London Venue – TBC CPD: 5 hrs Join us at the PIMFA Financial Crime Conference and access leading industry debate from professionals across the regulatory, law enforcement and cyber security space.

Sessions will include: • FCA Update • GDPR • Bitcon/DLT

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• Regulatory Update • Networking Lunch Risk Assessment Good Practice

Offence of Failure to Prevent Economic Crime & Legal Privilege • Vulnerable Customers • Cyber Cecurity #PIMFAFinCrime19 Book now

PIMFA Associate Members Briefing and Drinks Reception Tuesday 26th March 2019, 17:30 – 21:00 London Attendees will benefit from networking opportunities with other industry professionals over a drinks reception.

We will explore topics such as regulation, operations, taxation etc and provide 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.

Sign Up

PIMFA Compliance Conference 2019 Tuesday 18th June 2019 Herbert Smith Freehills Offices, Exchange House, Primrose St, London, EC2A 2EG

CPD:5hrs

Hear from leading industry experts at our annual Compliance Conference on the key issues facing compliance professionals in the investment management and financial advice world. #PIMFAComplianceConf Sign Up

TELL US WHAT EVENTS YOU WANT IN 2019 As we craft our 2019 event programme we are asking members to share their thoughts on these five key questions 1. Which type of events/content would you like organised/covered in the 2019 PIMFA events programme?

2. Which events would you like us to continue for 2019?

3. Are you interested in attending a PIMFA seminar in your region? If so, please state below the region you are in and content you’d like covered: 4. If you have recently attended a PIMFA event, please select the most valuable aspects of attending a PIMFA event: • • • •

5.

CPD Hours Content Networking Other (please state)

If you would like to submit general events feedback, please email us

We look forward to an exciting year ahead, exploring new initiatives in support of our members and the investment management and financial advice community.

THANK YOU FOR YOUR SUPPORT!

What's happening in our industry

STAR - industry event on transfer and re-registration standards Over the last couple of years, PIMFA has been participating in the work of the Transfers and Re-registration Industry Group (TRIG). STAR - a collaboration between Criterion and TeX - has been formed to deliver the cross-industry framework of good practice developed by the TRIG. On Thursday 7 February 2019, STAR is holding an event at the ABI's offices to outline its role and how it intends to deliver the TRIG standards. If you would like to attend this free event, please RSVP to ABIDirectorateSupport@abi.org.uk by 31 January 2019.

Joint Money Laundering Steering Group (JMLSG) revision of guidance On the 10th January 2019, the JMLSG published a webpage indicating that certain amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 came into force on the 10th January 2019.

Therefore there have been minor changes to the guidance in paragraphs 5.3.17 and 5.3.67 to include anonymous safe deposit boxes.

Steve Webb looks back at pensions in 2018 Steve Webb, Director of Policy and External Communications at Royal London takes a look back at 2018 in pensions. From DB transfers to Brexit he considers the big stories in pensions from the last 12 months.

To read his article, please click here.

Latest Industry Events Bovill briefing: Getting DB pension transfer advice right Wednesday 23 January 2019, 17.00-18.15 Bovill London, 82 Blackfriars Road, London SE1 8HA Bovill Consultants are running a briefing on DB pension transfer advice, looking at what is going wrong with DB pension advice and how firms can get it right.

Bovill have reviewed the suitability of DB pension transfers in a variety of situations and will explain the failings they have noted and how firms can ensure their DB pension

transfer advice is always suitable.

Sign Up

Structured Retail Products (SRP) Europe Conference 2019 Tuesday 5th February, 2019, 0800 - Wednesday 6th February, 2019, 13.30 Radisson Blu Portman Hotel, 22 Portman Square, London W1H 7BG The 16th SRP Europe Conference 2019 is set to bring together more than 300 seniorlevel delegates from 114+ companies from over 23 countries worldwide. As the longestrunning Structured Products & Derivatives Conference in the world, SRP Europe is a must–attend annual conference senior representatives from local and international investment banks, insurance companies, retail & private banks, asset managers, hedge funds, IFAs, law firms, regulators, index providers, exchanges and the wider derivatives market to debate the most relevant and important topics facing the Structured Products & Derivatives industry.

The two-day Conference is preceded by a day-long Derivatives Masterclass, which provided delegates with an introduction to structured products, what is involved in designing them as well as exclusive market overviews.

To view the latest brochure, please click here.

Sign Up

Implementing Senior Managers & Certification Regime (SM&CR) as an LLP Tuesday 26th February, 2019, 08.30-10.30 Grocer's Hall, Princes Street, London EC2R 8AD

You’re invited to join Duff & Phelps for a breakfast seminar where we will address the specific issues confronting LLPs when implementing the Senior Managers and Certification Regime (SM&CR) which will apply to solo regulated firms from 9 December 2019.

We are delighted to be joined by keynote speaker, Peter Ewing of the Financial Conduct Authority, and guest speaker, Nick Colston, Partner, Simmons and Simmons.

Topics include: • The Financial Conduct Authority’s expectations on how SM&CR will apply to LLPs • The legal challenges presented by SM&CR facing LLPs and their members • How SM&CR impacts the tax status of the LLP’s members • Practical application of SM&CR relating to Corporate Members To view the agenda, please click here Sign Up

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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