PIMFA Fortnightly News Bulletin - 30th May 2019

PIMFA - Building personal financial futures

View this email in your browser.

PIMFA Fortnightly News Bulletin - 30th May 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 a new member to the association:

-

Church House Investment Management – Wealth Manager

We look forward to working with them.

Training Courses launched as part of new PIMFA Learning offering In addition to our recently launched free webinars, we are pleased to announce further additions to the offering in the form of Training Courses. This will begin with two courses on the Senior Managers and Certification Regime (SM&CR), which now has less than six months before coming into effect.

This practical 3½ hour workshop, underpinned by PIMFA latest guidance on SM&CR for firms, steers clear of offering you a ‘do’s and don’ts’ lists of the new regime. Instead, it tackles, through practical scenarios and case studies, a simple, clear and proportionate approach to SM&CR that will help your firm achieve a smooth transition into the new regime.

What you will cover: •

What the regime means for senior managers, and how best to engage them

•

The key elements of the regime that affect your firm and its governance

•

Where the banks hit problems implementing SM&CR and how they resolved them

•

The ten top questions firms are asking about SM&CR….and solutions!

•

How to structure your SM&CR project, and what to prioritise

•

How firms are leveraging SM&CR to reduce operational risk and improve conduct

Register here: SM&CR – What You Should Know and What You Should be Doing Right Now (Core Firms) 3rd July 2019, 09.30-13.00 SM&CR – What You Should Know and What You Should be Doing Right Now (Enhanced Firms) 4rd July 2019,09.30-1300

PIMFA Under 40 Forum Surveys Now Live The more we understand about the next generation, the more the financial advice and investment management industry can work to help meet their needs and support them in building their personal financial futures. To this end, PIMFA are now in our fourth year of running the Under 40 forum (formerly known as the Millennial Forum). This year the focus is around the five topic areas listed below, and the following surveys have been constructed to help generate ideas and thought leadership that could influence government policy to support individual's financial wellbeing.

Please can we request that you take a few minutes to support the Forum members by completing these surveys and sharing them across your contacts to ensure they achieve

as robust a response rate as possible.

Saving today for a better tomorrow (Short Term Savings & Investment) https://www.surveymonkey.com/r/Y2KQZWQ

Financial Education https://www.surveymonkey.com/r/YCD2LHF Closing the UK’s inter-generational wealth inequality gap https://www.surveymonkey.com/r/Y2RKLHB

Can Govt policy better protect the vulnerable and how can social impact investing help https://www.surveymonkey.com/r/Y2PDCWZ

Long-term savings and investing (with a focus on Pensions) https://www.surveymonkey.com/r/SJWFKHG If you would like further details about the Forum or copies of previous year’s reports, please contact Johnson Afilaka at JohnsonA@pimfa.co.uk

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.



Regularly check your directory listing on our website – its free advertising and over 85 000 people a year access our ‘find a firm’ facility each year



Please make sure your IT team have whitelisted our domains - pimfa.co.uk and pimfa.uk – to ensure our communications are not blocked and you don’t miss out on your free member benefits such as CEO letters, Update, newsletters, useful guides, webinar and event invitations etc.



If you use the WMA MSCI Private Investor Indices as a PIMFA member you are entitled to a 50% discount. Contact MSCI at WMA@msci.com to find out more



Check out our PIMFA Plus web area for the latest members discount on essential services – more are being added all the time

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

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, our Press Releases are available to read online.

In the last few weeks, we have been talking about the importance of inclusivity in financial services, the Financial Services Compensation Scheme (FSCS) Levy, the retirement outcomes review from the FCA, PII insurance and more.

Read PIMFA press releases here

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 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 and one of PIMFA’s 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.

Read PIMFA's Consultation Papers here

PIMFA to move to credit card payments only for events bookings as of 1st June 2019 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? PIMFA Women in Wealth Networking Breakfast 2019 Tuesday 4th June 2019, 08:00 – 10:00 Fidelity International, 25 Cannon St, London EC4M STA CPD:1 hr Join us on Tuesday 4th June for the second event in the PIMFA Women in Wealth 2019 series for a candid panel discussion and networking opportunities with other 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.

Hear from our expert speakers: • •

John Barrass, Deputy Chief Executive, PIMFA

Jackie Boylan, Head of UK - Adviser Platform, Fidelity International • •

Liz Field, Chief Executive, PIMFA

Rose St Louis, Head of Strategic Partnerships, Zurich UK •

Jane Portas, Partner, PWC

#PIMFAWomenInWealth

Sign Up

PIMFA Learning: Webinar 2: SM&CR – The Fundamentals Tuesday 4th June 2019, 11:00 - 12:00 CPD:1hrs

With only seven months before SM&CR goes live, PIMFA members should refresh their understanding of their responsibilities as well as familiarise themselves with PIMFA's latest guidance to firms on SM&CR. In partnership with associate member firm Worksmart, this FREE interactive webinar will provide you with a:

- reminder of why the regime has been introduced, - an overview of your senior managers responsibilities, - the expectations of the regulator, - the common challenges that firms are facing, and - how to avoid common pitfalls.

Speakers: •

Ian Cornwall, Director of Regulation, PIMFA

•

Julie Pardy, Director of Regulation and Market Engagement, Worksmart

Can’t make the webinar date and time? No worries, register and you will be able to listen to these webinars on demand after they have happened.

Spread the word: Share this email with your colleagues who may also benefit from these alerts. They can sign up to future alerts here.

To register for your free place, please click below.

Sign Up

PIMFA Compliance Conference 2019 Last few places remaining Tuesday 18th June 2019, 09:00 - 17:00 Herbert Smith Freehills Off ices, Exchange House, Primrose St, London EC2A 2EG

CPD: 5hrs Keynote Speaker: Debbie Gupta, Director - Life Insurance & Financial Advice, Financial Conduct Authority (FCA)

Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world

Topics will include: • •

A Review of the Past Year & Issues on the Horizon •

• • •

BREXIT - Now What?

Personal Behaviour - A Major Focus of SM&CR

Issues that Firms are Raising with Regulatory Lawyers

SM&CR – With Six Months to go, what are Firms Worrying About?

Incorporating Consideration of ESG Factors into the Suitability Process

View the full agenda here. #PIMFAComplianceConf

Book now

PIMFA Summer Networking Reception 2019 Wednesday 19th June 2019, 18.00-22.00 Natural History Museum, Cromwell Rd, Kensington, London SW7 5BD Join us on Wednesday 19th June to celebrate the start of summer at one of London’s most exclusive venues, the Natural History Museum in London.

Enjoy an evening of networking with industry peers and exclusive entry to the Museum of the Moon.

This annual event is always extremely popular with limited spaces so RSVP now and secure your place.

Click here to view our landing page.

We look forward to seeing you on the 19th June.

#PIMFASummerNetworking

Sign Up

CPD Training Course: SM&CR – What You Should Know And What You Should Be Doing Right Now (Core Firms) Wednesday 3rd July 2019, 09.30-13.00

PIMFA Offices, 22 City Road, Finsbury Square London, EC1Y 2AJ CPD: 3.5 hours Bring a colleague along for free

With less than 6 months to go before SM&CR comes into effect, time is running out for senior managers and members of core firms to bring themselves up to date with what this means for the governance and culture within the firm, along with their own individual responsibilities and accountabilities.

This practical 3½ hour workshop, underpinned by PIMFA latest guidance on SM&CR for firms, steers clear of offering you a ‘do’s and don’ts’ lists of the new regime, rather it tackles, through practical scenarios and case studies, a simple, clear and proportionate approach to SM&CR that will help your firm achieve a smooth transition into the new regime.

What you will cover……. 

What the regime means for senior managers, and how best to engage them



The key elements of the regime that affect your firm and its governance



Where the banks hit problems implementing SM&CR and how they resolved them



The ten top questions firms are asking about SM&CR….and solutions!



How to structure your SM&CR project, and what to prioritise



How firms are leveraging SM&CR to reduce operational risk and improve conduct

Who should attend? This workshop is crucial for: 

Senior managers who have responsibility in HR, compliance, risk and compliance functions



Managers who are involved in the governance of the firm



Managers those who provide either direct support or report to senior managers

Do you have 5 or more staff interested in attending this workshop? If so, it may be more cost effective to run a tailored version of this workshop in your offices. For further details

and costs please contact phila@pimfa.co.uk

Sign Up

CPD Training Course: SM&CR – What You Should Know And What You Should Be Doing Right Now (Enhanced Firms) Thursday 4th July 2019, 09.30-13.00 PIMFA Offices, 22 City Road, Finsbury Square, London EC1Y 2AJ CPD: 3.5 hours The content for this course is as above, but as applied to Enhanced Firms.

Don't forget that you can bring along a colleague for free. For more information, please click here.

Sign Up

What's happening in our industry Treasury Committee’s Report on Consumer access to financial services The House of Commons Treasury Committee has published its report on Consumers’ access to financial services.

Nicky Morgan, the Chair of the Committee, emphasised that financial inclusion was of paramount importance and remained a priority for financial service providers, government and regulators. The report makes a series of recommendations and sets out the steps the FCA will take in relation to providing additional guidance to firms on vulnerable customers.

You can read the report in full here.

Euroclear Central Securities Depositories Regulation (CSDR) Roadshows Euroclear members are invited to attend the following CSDR roadshows, where Euroclear will give an update on the progress of their CSD application to the Bank of England and their work on the new settlement discipline regime, which goes live in September 2020:

10 June - Leeds - 14:30 @ Interactive Investor 11 June - Glasgow - 10:00 @ Morgan Stanley

If you would like to attend either of these briefings, please contact your Euroclear Relationship Manager or email kevins@pimfa.co.uk.

Powers of Attorney Guide The Office of the Public Guardian and the UK Regulators Network (UKRN) have published a Power of Attorney Guide to help organisations understand what the law requires of them when dealing with powers of attorney.

Firms should read this guide as it provides clarity and useful information on powers of attorney and court appointed deputies and will help them develop more uniform and straightforward processes in supporting customers who are unable to make their own decisions.

You can read the Guide in full here.

Latest news from the Financial Conduct Author ity (FCA) Update on share trading obligations (STOs) ESMA recently published a statement on the revised scope of the EU’s share trading obligation (STO) under a no deal scenario, following their initial announcement on 19 March 2019.

Whilst they are encouraged that ESMA has taken steps to reduce the disruption that would be caused by the previously announced scope of the EU STO, they feel that applying the EU STO to all shares issued by firms incorporated in the EU (EU

International Securities Identification Number, or ISINs) would still cause disruption to investors, some issuers and other market participants, leading to fragmentation of markets and liquidity in both the EU and UK.

The full ESMA statement can be read here.

To read the full FCA Press Release, please click here.

Update on the Independent Investigation into London Capital & Finance

On March 28, the FCA Board decided that there should be an investigation by an independent person into the issues raised by the failure of LC&F. FCA Chair Charles Randell wrote to the Economic Secretary to the Treasury, John Glen MP, to inform him of this decision.

On 24th May, HM Treasury (HMT) announced details of the independent investigation into London Capital & Finance (LC&F) to be commissioned by the Financial Conduct Authority (FCA). HMT has agreed to the appointment of Dame Elizabeth Gloster by the FCA to conduct the investigation.

The full FCA Press Release can be found here.

FCA confirms extension of the Temporary Permission Regime (TPR) deadline

The FCA has today confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. TPR would allow EEAbased firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation to accommodate the post-Brexit situation.

Please click here for the full FCA Press Release.

FCA SM&CR webinar 3 June We are holding a webinar on 3 June about the Senior Managers & Certification Regime (SM&CR), which comes into effect on 9 December 2019. Solo-regulated firms which are

authorised under FSMA, should be preparing for the SM&CR.

At the webinar we will explain why the SM&CR is important and how firms should plan for and implement the regime. A Q&A session will follow with the speaker panel answering your questions.

For more information and to sign up, go to our events booking website

Latest Industry Events Philanthropy Impact CPD Training Course: How to Meet Emerging Client Demand for Philanthropy and Social Investment Advice Tuesday 25th June 2019 Cazenove Capital, 1 London Wall PLACE, London EC2Y 5AU A course designed specifically for professional advisers to (U)HNWI (Private Client, Wealth Management, IFA’s, Tax, And Legal Advisers).

By attending this half-day intensive workshop, advisers will gain an understanding of the commercial proposition for providing this service to their clients, develop their philanthropy and social impact investment knowledge, plus learn practical skills to better support clients’ expectations and needs.

Discount for PIMFA members: £405

Please click here to find out more information about this training course

Sign Up

SRI Services & Partners ‘Good Money Week’ Event 2019 9th October 2019, 10:30 - 19:00

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).

See the www.FundEcoMarket.co.uk ‘Events Page’ for further information – or contact events@sriServices.co.uk or Julia@sriServices.co.uk if you have any questions.

Please be aware this event is strictly for financial advisers and related retail financial services professionals only.

#SRI #SustainableInvestment #ESG #IFA

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.

pimfa.co.uk

Follow Us

PIMFA Unsubscribe | Manage Profile | Terms and 22 City Road, Finsbury Square, London Conditions ECIY 2AJ

www.pimfa.co.uk +44 (0) 20 7448 7100