PIMFA Fortnightly Bulletin 31st May, 2018

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 31st May 2018 Dear Members

PIMFA Bulletin is a fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within the industry and PIMFA.

What is PIMFA working on?

PIMFA Board Meeting notes The PIMFA Board met recently. The main topics for discussion included producing guidance for MIFIDII, prudential regulation for investment firms, PRIIPS, and the Transfer and Re-Registration project and where the main blockages are arising to smooth transfer. The budget for PIMFA has been set and agreed for 2018/19 including fee levels, which will be communicated to all members shortly.

General Data Protection Regulation comes into force!

PIMFA support available to members The long-anticipated GDPR is finally here and, for members, there is an entire area on the PIMFA website devoted to the effects GDPR will have on your business, explaining key changes, pointing you to useful sources and resources, event presentations and downloadable guides such as; •

Record Keeping under GDPR

•

Useful Guide on Marketing, and

•

GDPR Action Plan and Checklist

To access all of this information, please click here. *Please note, this is for PIMFA members only and will require you to log in to the website. If you have forgotten your password or do not have a PIMFA account, please contact us at enquiries@pimfa.co.uk*

PIMFA publish new Markets in Financial Instruments Directive II Best Execution Bible MiFID II makes considerable changes to the best execution regime.

In this new Bible, the execution policy requirements are amended, there is an updated ESMA Q&A, some additional considerations on RTS 28 reporting outside of order book systems and there is also a new set of publication requirements regarding execution data on the top five execution venues and an analysis of execution quality on all venues used.

To view this new Bible, click here.

PIMFA Digital Strategy Survey Digital strategy and innovation plays a pivotal role in the development plans of today’s wealth managers and financial planners.

Firms are now asking PIMFA to explore digital technology change in our sector, so we are launching a technology questionnaire, which will help us build a clear picture of where firms are on their digital journey.

The questionnaire is anonymous and we will not share your responses with anyone. The survey output will be a benchmark report showing the results and enabling firms to gain a greater understanding of what is happening across the sector and where they are positioned.

Would you please complete the questionnaire by 6 June 2018.

The link to the survey can be found here

PIMFA Millennial Forum 2018 Update – The Final Workshops 6th and 7th June The Millennial researchers will now meet Subject Matter Experts to help with their understanding of the collected Survey Data and the conclusions they are deriving from it, making sure that their interpretation is good and clear and tallies with expert views from the industry. Some of this expert help will be on such topics as “digital platforms”, “talent” and “psychology and behavioural traits”, amongst others.

During these sessions we will be recording a Podcast - services provided by Will Beeson from Bankingthefuture, to whom we extend our grateful thanks - asking the millennials about the research process and their thoughts so far, as well as talking to PIMFA about its role. Then it will take the views of the Subject Matter Experts to get a flavour of their impressions and conclusions at this stage. The Podcast will appear on the PIMFA website and be uploaded to iTunes where it will be available to the 70,000 followers of “Bankingthefuture”, thereby considerably extending the engagement of Millennials in what we’re doing.

For more information on the Millennial Forum and to read last year's Millennial Report, please click 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 through our committees, working parties and industry forums.

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 all the time 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 the latest PIMFA Consultation Papers Here

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 recent Press Releases Here.

Our latest releases include; •

PIMFA urges regulator to consider the unintended consequences of Contingent Charging ban

•

PIMFA responds to new ONS data on automatic enrolment

•

PIMFA comments on FCA CP18/11: Reviewing thwe funding of the Financial Services Compensation Service

•

PIMFA comments on The Work and Pensions Select Committee Report on Pension Freedoms

•

PIMFA Statement on the Cancellation of Preference Shares at Par

PIMFA Blog For interesting thought-leadership and analysis on the current hot topics in our industry - read our latest blogs here.

The two recent additions are; •

8 days until the PIMFA Fintech Competition closes

•

PIMFA's Millennial Forum Returns

What is coming up in PIMFA?

Last chance to enter!

PIMFA FinTech Conference Competition 2018 Closing Date: Today, 17:00 The deadline to apply for the PIMFA FinTech Conference Competition is today at 5pm. If your firm has an innovative

‘FinTech Solution’ which you would like to showcase at the PIMFA FinTech Conference 2018 on 12th September 2018, please click here to view the full details and to enter.

This competition is in conjunction with our third PIMFA FinTech Conference which is typically attended by over 200 delegates, whose firms manage in excess of £825 billion of the country’s wealth. Our conference is an excellent opportunity to showcase the latest in FinTech innovation.

Apply Here

PIMFA Compliance Conference 2018 Thursday 14th June 2018, 09:00 – 16:00 Herbert Smith Freehills, Exchange House, Primrose St, London Tickets: £249 (Members) £499 (Nonmembers) CPD: 5 Only 10% tickets remaining!

This year’s full day conference will bring together a high-level audience who can engage with the leading industry experts and discuss the key issues facing compliance professionals in the personal investment management and financial advice world.

There will be plenty of opportunity for questions, discussion and networking with other professionals and advisers in the area of Compliance For more information and the detailed agenda, please click below.

Book your place here

Annual Financial Adviser Dinner 2018 Tuesday 4th September, 18:30 – 22:30 Middle Temple, London On Tuesday 4th September, PIMFA will host the 2018 Annual Financial Adviser Dinner at Middle Temple, London.

The PIMFA Annual Financial Adviser Dinner brings together over 180 leading industry figures, senior politicians, journalists and regulators. This exclusive event provides an excellent opportunity for industry professionals to network with colleagues, make important contacts and discuss with peers the future of the profession with the industry today.

Keynote Speaker: Sir Steve Webb, Director of Policy and External Communications, Royal London For a limited time only, we are offering an Early Bird Single Ticket discount of ‘Buy One Get One Half Price' when entering discount code: earlybird-bogohp

For more information and ticket prices, please click here.

Sign Up

PIMFA Annual Summit 2018 Wednesday 31st October 2018, 08:30 – 19:30 ETC Venues Bishopsgate, 155 Bishopsgate London 6 CPD Hrs The PIMFA Summit 2018 will be a unique 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 on key topics facing our industry.

Book now to hear from some of the leading figures across the world of business, finance and politics such as advisers to HM Government, FCA and the former British Official to the European Commission. *Keynote Speaker Announced* Sir Trevor McDonald OBE, Veteran ITN Presenter

Book Now

What's happening in our industry?

European Commission proposals on Financing Sustainable Growth The European Commission adopted a package of measures as part of its sustainable finance agenda at the end of May – the proposals can be found here.

One of the proposals is seeking to amend MiFID II and IDD delegated acts to include the integration of ESG considerations in suitability tests, for which the European Commission has now opened a consultation.

The draft delegated regulations can be found here for Insurance Insurance Distribution Directive (IDD) requirements and here for MiFID II.

If you have any comments on these proposals please get in touch with Ana I. Gallego.

Financial Guidance and Claims Act 2018 On the 10th May 2018, the Financial Guidance and Claims Act received the Royal Assent and became law.

The main points of interest relate to the establishment of a single financial guidance body, the transfer of Claims Management Companies (CMC) regulation to the FCA and a ban on cold-calling in relation to CMC matters without the express consent of the claimant. It also opens the way for further regulation on the ban of cold calling in relation to pensions.

For the full text of the Act, please click here

Latest Industry Events AFME’S MIFID Symposium 2018, London June 11th 2018, 08:30 - 17:30 AFME is pleased to announce that registration is now open for AFME’s MiFID Symposium.

This symposium will bring together leading experts in both European and global financial markets to assess MiFIDII/MiFIR and discuss the potential next steps in the evolution of this key European legislation.

This full day symposium will take place on Monday 11 June 2018 in the Auditorium at Linklaters London Office.

Keynote speakers include: • Tilman Lüder, Head of the Securities Markets Unit, European Commission • Stephen Hanks, Manager, Financial Conduct Authority For event enquiries, please contact Jade, Senior Event Manager at jade.cannon@afme.eu

Sign Up

FinTech North Liverpool 12th June 2018, 08:30 – 16:20 We are proud to announce the debut of FinTech North Liverpool 2018 – a full day conference as part of the Liverpool International Festival of Business.

Sign Up

GDPR Conference Aberdeen 28th June 2018. 09:00 – 15:30 The Conference will feature a series of seminars focusing on key areas of the General Data Protection Regulation (GDPR). The seminars will include practical exercises, tips and suggestions to help your organisation to understand and implement the GDPR.

To book your place please email richarda@pimfa.co.uk

Sign Up

View all the latest Industry Events on our website here.

If your firm has an event that you would like to post on this area, please click here to submit it.

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