PIMFA Fortnightly News Bulletin - 27th February 2020

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 27th February 2020 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 Firm We are pleased to welcome our latest new member firm to the association:

Ellis Wilson Ltd - Regulatory Consultancy Practice

We look forward to working with you.

BREXIT Update 1 - EU Mandate On 25 February the EU approved its negotiating mandate for talks with the UK on the future trade relationship. Level playing field still remains priority for the EU. The mandate calls for the EU and UK to maintain ‘corresponding’ high standards using EU standards as a benchmark, reflecting Member States’ concerns regarding longer-term divergence between EU and UK rules. This will not require EU and UK rules to be exactly the same – so-called ‘dynamic alignment’ – but makes clear that

the EU expects UK rules to evolve in parallel in future. The EU will base financial services cooperation with the UK on the equivalence framework. The wording on equivalence has been softened to mention that decisions will be taken with ‘appropriate consultation between the EU and UK’, however the Commission remains autonomous in taking and withdrawing these decisions. The talks will comprise several parallel workstreams and will begin on 2 March. The UK will unveil its negotiating position on 26 February 2020.

For further information, please contact Maja Erceg.

Brexit Update 2 - UK Mandate Today the Government has published the UK’s mandate for the forthcoming talks on the future UK – EU relationship - UK’s Approach to Negotiations. The Government is seeking a free trade deal with the EU based on a Canada-style agreement. The Government ‘will not agree to any obligations for the UK laws to be aligned with the EU’s and for the EU institutions, including the European Court of Justice, to have any jurisdiction in the UK’. The document also confirms that the Government will not extend the transition period. It is also prepared to move its attention from the negotiations, if sufficient progress is not made by June this year, and ‘focus on domestic preparations to exit the transition period in an orderly fashion’. The document is aligned with the EU on placing the trade in financial services within the equivalence framework. The Government considers the fact that the UK leaves the EU with the same rules as a strong basis for equivalence assessments to be made by June this year. The UK would also like the trade talks to include ‘appropriate consultation and structured processes for the withdrawal of equivalence findings.’

For further information, please contact Maja Erceg.

Consultation on expanding the dormant assets scheme HM Treasury has issued a consultation, for response by 16 April 2020, on expanding the dormant assets scheme that currently enables funds from dormant

cash accounts to be channelled into various good causes via an Authorised Reclaims Fund. The consultation proposes to widen the scope of the scheme (which will continue to be voluntary) to include dormant share and unit proceeds as well as various asset distributions and dividends. PIMFA will be seeking members' views on the paper prior to responding.

To view the Consultation, please click here.

If you require more information, please contact Sarah McGuffick.

Fire It Up and National Apprenticeship Week 2020 There are so many reasons why firms should be looking at utilising either their Apprenticeship Levy pots or drawing on funding from government to support their development plans for staff. Financial Services Training Partners (FSTP) are bringing firms with smaller numbers of apprentices together to form cohorts, to take advantage of funding that is available.

Take a look at some of the reasons why you should take the time to consider apprenticeship HERE and, if you have any further questions or want to find out more, please email apprenticeships@fstp.co.uk.

Latest PIMFA Press Releases •

PIMFA Welcomes IRSG Report on ‘Architecture for Regulating Finance after Brexit’

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PIMFA reacts to General Election result: Let's Work Together to Build a Culture of Saving and Investment

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PIMFA Under 40 Forum: Consistent theme is the Need for Financial Education in the UK

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New MSCI PIMFA Equity Risk Index Series Launched

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PIMFA Responds to Financial Transaction Tax

Read all of PIMFA's Press Releases

Latest PIMFA Consultation Responses •

PIMFA Response to HMRC: Technical Consultation Document on the Fifth Money Laundering Directive and Trust Registration Service

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PIMFA response to the ICO consultation on their draft right of access guidance

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PIMFA response to ESAs’ Joint Consultation Paper: Amendments to the PRIIPs KID

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PIMFA Consultation Response on ESMA's Market Abuse Regulation Review

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PIMFA’s response to Law Commission Intermediated Securities - Call for Evidence

Read all of PIMFA's Consultation Papers

What's coming up in PIMFA? PIMFA Workshop: Training and Competence under SM&CR and MiFID II 3 March 2020, 09:00 – 16:30 PIMFA, 22 City Road, London EC1Y 2AJ

Under SM&CR it’s more important than ever that your firm reviews its approach employee training and competence. In this one day interactive training workshop we help you demonstrate to the regulator that you have an effective governance processes in place for the measurement and management of individual competence and capability.

For further information or to book your place click here

Wealth of Diversity Conference and Women in Wealth Drinks 17 March 2020, 08.30 - 17.30 Fidelity International, 4 Cannon St, London EC4M 5TA

Keynote speakers confirmed – we are pleased to announce that Mandu Reid, Party Leader of the Women’s Equality Party, will be delivering an Opening Keynote speech at the Conference. This conference will highlight the different approaches taken by firms to break out of the mould and to implement new ideas to enhance D&I in their organisations.

Sign Up

PIMFA Workshop: Let’s Talk about Product Governance and PROD Rulebook 24 March 2020, 09:00 – 16:30 PIMFA, 22 City Road, London EC1Y 2AJ

This practical one day workshop prepares you to meet your obligations under PROD helping you make any changes to products and services that you offer, so that by the end of this workshop you will be able to; •

Grasp what the FCA expects you to know about Product Governance & The PROD rules

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Know how to find PROD and its updates

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Know how PROD interacts with the FCA Principles, the COBS rulebook and RPPD

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Build effective product governance arrangements

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Identify target markets

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Obtain, apply and review stress test results

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Know how to learn how products work

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Limit sales to target markets and tell providers of issues in that area

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Exclude inappropriate products for your distribution method

Sign Up

PIMFA Workshop: Evidencing Suitability for Wealth Managers – Why are Many Firms Still not Meeting the Regulator’s Expectations?

22 April 2020, 09:30-12:30 PIMFA, 22 City Road, Finsbury Square, London, EC1Y 2AJ In this session, we’ll give you an insight into the most common suitability-related problems we come across, and some ideas about how you can evidence high quality advice and portfolio management in your firm.

Sign Up

Cyber Resilience Conference 29 April 2020, 08:30 – 17:30 Venue: TBC | London

Join us in London at the Cyber Resilience Conference for an opportunity to discuss topics such as:

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Latest regulatory updates

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Emerging technology and implementation

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Governance, Risk Management & Capability – The Human Element

This conference will highlight the different approaches taken by firms to safeguard their operations and what trends the industry needs to be aware of to prepare for

future threats. This event is a must for senior managers in the sector.

Sign Up

2020 Events and Learning Call for Speakers Do you or someone you know have an amazing story to share, a great innovation to showcase or do you just love being on stage? Complete our Call for Speakers Submission form and let us know about it so we can get you involved in 2020!

Please click here to complete your submission

What's happening in our industry Latest news from the Financial Conduct Authority (FCA) FCA highlights its areas of concern in financial services markets

The FCA has recently published its annual 'Sector Views', an assessment of the risks and potential harm to consumers across financial services markets.

The 'Sector Views' look at the impact of macroeconomic developments and common drivers of change emerging across financial markets. They also outline areas where there may be a negative impact on consumers or the integrity of the financial system in that sector. The report sets out what factors are driving harm, as well as considering how the harm may develop over time.

To read the full document, please click here.

Latest Industry Events

The Money Marketing Awards 2020 June 2020 London

The Money Marketing Awards recognise, reward and bring together the industry's leading advisers and providers for an unforgettable night of networking and celebration.

The shortlist of nominations will be announced in March 2020.

Find out more about the awards here.

Sign Up

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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