PIMFA Fortnightly News Bulletin - 29th January 2020

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PIMFA Fortnightly News Bulletin - 29th January 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?

BREXIT Update The UK will formally leave the EU at 11pm GMT on 31 January 2020. The Withdrawal Agreement Bill passed into UK law on 23 January 2020. On 1 February the UK will enter the transition period which will last until 31 December 2020. During this time the EU law will continue to apply in the UK, while the two sides negotiate the terms of the new UK-EU relationship.

The Presidents of the European Commission and the European Council, Ursula von der Leyen and Charles Michel, signed the Withdrawal Agreement in Brussels on 24 January 2020, opening the way for its ratification in the European Parliament. The vote in the Parliament on 29 January is seen as a formality.

The PIMFA Brexit Working Group

PIMFA has regularly distributed advice on how firms should consider managing the change to 3rd country operations in respect of retail client business in the EU. We will be happy to do so again if that is needed. However, while the situation until 31st December 2020 looks certain and clarified, it remains unclear what will happen beyond that and whether any kind of deal will emerge that is satisfactory, either from the broad perspective of financial services as a whole, or specifically from the viewpoint of private client investment management and advice.

In order to influence this fluid situation to the best advantage of our member firms, PIMFA will this year begin to prepare views on our interests in the final agreement and how we want these expressed. If successful, this could lead to the inclusion of proposals making it easier for our members to undertake 3rd country EU business than is currently the case. We will be preparing papers setting out our thoughts and recommendations, and will want to build consensus with the membership on these. In order to achieve this outcome, we propose reconvening the Brexit working group early this year. Later on, we should begin to receive more indications from government about what is being considered and where industry inputs will be welcome. This will help us to target our recommendations more accurately. We will distribute further details shortly but any questions in the interim should be directed towards John Barrass or Maja Erceg or call 020 7448 7100 and ask for one of them.

International Regulatory Strategy Group (IRSG) report: ‘Architecture for Regulating Finance after Brexit’ The Report of the International Regulatory Strategy Group (IRSG) on the ‘Architecture for Regulating Finance after Brexit’ in the UK was published on Thursday 23 January. PIMFA played a material part in the preparation of this work and it contains many of our views and ideas.

It will be valuable to Treasury in their forthcoming review of UK financial regulation postBrexit, and provides us with a base from which to advise them bilaterally in an ongoing dialogue on how the retail investment, savings, and advice sector should be handled in their work. We commend the Report to our members.

The full report can be downloaded here, while the associated PIMFA press release can be read here.

HM Treasury (HMT) response to 5th Money Laundering Directive (5MLD) consultation On the 23rd January, HMT published its response to the feedback it had received to its consultation on 5MLD implementation. The document sets out in some detail the various responses to the consultation and gives some insight into the Government’s approach.

You can read the full response here.

PIMFA CSDR Working Group – next meeting Wednesday 5 February 11:00 – 12:30 at PIMFA or via conference call The PIMFA CSDR Working Group is holding its next meeting on 5 February 11:00 – 12:30, when Charlie Pugh and Peter Checkley from Euroclear will be giving an update and answering your questions.

If you are interested in attending the meeting and joining the group, or in receiving the notes and presentation slides from these meetings, please contact Kevins@pimfa.co.uk.

PIMFA Operational Resilience Working Group – Discussion on FCA CP 19/32: Building operational resilience: impact tolerances for important business services and feedback to DP18/04 24 February 2020 10:00 – 12:00 at PIMFA or via conference call.

Please note: this consultation paper, and therefore this meeting, is aimed at ‘Enhanced scope Senior Managers & Certification Regime (SM&CR) firms’, but other firms would be welcome to attend.

We will be looking at FCA CP 19/32 – the deadline for a response is 3 April 2020, and we want to share some thoughts and ideas we are considering for inclusion in the response, and canvass your views.

If you would like to attend the meeting, either in person or via the conference call, please contact giulial@pimfa.co.uk.

Latest PIMFA Press Releases

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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



New MSCI PIMFA Equity Risk Index Series Launched



PIMFA Responds to Financial Transaction Tax

Read all of PIMFA's Press Releases

Latest PIMFA Consultation Responses

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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



PIMFA response to Pension transfer advice: contingent charging and other proposed changes



PIMFA’s response to Guidance Consultation 19/3: Guidance for firms on the fair treatment of vulnerable customers

Read all of PIMFA's Consultation Papers

What's coming up in PIMFA? 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

PIMFA Learning We continue 2020’s Learning and Events programme on Tuesday, 3rd March with What does good training and competence look like in your firm under SM&CR and MifiD II. Under SM&CR it’s more important than ever that your firm reviews its approach employee training and competence (T&C). 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

Financial Crime Conference 4 February 2020, 08:30 – 17:00

Herbert Smith Freehills, London Join us at the PIMFA Financial Crime Conference 2020 and access leading industry debate from professionals across the regulatory, law enforcement and cyber security space.

As the financial crime landscape evolves with new techniques and technologies, the growing threat to firms and their clients is undeniable.

Confirmed speakers include: • Commissioner Ian Dyson – City of London Police • Alison Barker, Director of Specialist Supervision – FCA • Catherine Kernaghan, Head of Counter-Illicit Finance & Economic Crime Reform, HM Treasury • Damon Batten, Managing Consultant – Bovill • Susannah Cogman, Financial Crime Expert and Partner – Herbert Smith Freehills

Sign Up

Wealth of Diversity Conference & Women in Wealth Drinks 17 March 2020, 08.30 - 19.00 Fidelity International, 4 Cannon St London, EC4M 5TA Today we face many challenges in recruiting and engaging with our workforce and, with a diverse client base and shifting wealth patterns, the need for diversity and inclusion in our workforce is ever increasing to meet the needs of clients, both existing and potential.

Join us to discuss topics including: •

Culture and Inclusion • •

•

Metrics

Unconscious Bias Why Diversity Matters

Early Bird tickets available for a limited time, click on the box below to book your place.

Sign Up

Cyber Resilience Conference 29 April 2020, 08:30 – 17:3 Venue: TBC | London Join us in London at the Cyber Resilience Conference for an opportunity to discuss topics such as: • • •

Latest regulatory updates

Emerging technology and implementation

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

What's happening in our industry Latest news from the Financial Conduct Authority Firms Required to Update or confirm their Firm Details annually

The FCA would like to remind firms that, with effect from 31 January 2020, they are required to review and confirm their Firm Details annually, within 60 days of their Accounting Reference Date (ARD). Even if details have not changed, they will still need to log on to Connect, the FCA’s online platform, to attest that they are up to date.

Firms are required to comply with these rules. If they don’t, FCA will consider using their

full regulatory tools, including enforcement. All firms must also meet the principles for businesses. This includes principle 11, which states a firm must deal with its regulators in an open and cooperative way, and provide them with relevant information.

If you need support registering, you should visit the FCA website, watch their video guide, or call 0300 500 0597.

HM Treasury, following advice of the Board of the Financial Conduct Authority (FCA), has appointed Christopher Woolard as Interim Chief Executive.

Chris will take on the Chief Executive role following Andrew Bailey’s departure to become Governor of the Bank of England. Chris is currently the FCA’s Executive Director of Strategy and Competition and an Executive member of the FCA’s Board.

To view the full FCA press release, please click here.

Latest Industry Events

Apprenticeship Levy Breakfast Briefing 13 February 2020, 8:30am – 10:00am 3rd Floor, PIMFA offices, 22 City Road, London, EC1Y 2AJ The briefing will be given by Financial Services Training Partners (FSTP), an accredited apprenticeship provider.

Whether or not your firm is an Apprenticeship Levy payer, 2020 is the time to start thinking about how the use of Apprenticeships can support your business strategy and growth ambitions.

Most firms will, from time to time, struggle with succession planning, inclusion and retention issues. Equally, using Apprenticeships just because you feel you have to is not a solution. It can feel very resource-heavy to select the right standards, source the right provider and manage the requirements of the apprentices as they move through their programmes. All

of these issues, as well as a clear walk through the Apprenticeship Levy and use of Apprenticeship in Financial Services and the options available to you, will be covered in our breakfast meeting.

We hope you or a relevant colleague may wish to attend.

Please can you confirm your attendance to Alice Carson, including any dietary requirements. Alternatively, please click below.

Sign Up

Diversity and Inclusion Workshop by Braxton Group 27 February 2020, 14:00 – 17:00 MBAR, Unit 2-3, 60 Threadneedle St, London, EC2 R8HP At this workshop, you will learn how to nurture a culture to attract and retain the best staff and customers. You will also contribute to building sound business principles that develop Diversity and Inclusion in the workplace.

Sign Up

The Money Marketing Awards 2020 June 2020 London The premier financial services awards that recognise, reward and bring together the industry's leading advisers and providers for an unforgettable night of networking and celebration.

Recognise and celebrate your success of 2019. Entry is free, all you have to do is complete

our online entry form. Make sure you view the relevant categories and further details on the entry process.

Closing date for entries is Friday 17 January 2020.

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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