Bulletin 3rd May 2018

PIMFA - Building personal financial futures

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3rd 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?

FCA's CP18/11 - Reviewing the funding of the Financial Services Compensation Service (FSCS) Read our latest press release about developments and wins following long term work from PIMFA (WMA/APFA) on the funding of FSCS which welcomes the fact that product providers will contribute to the FSCS.

However, we are disappointed that Financial Conduct Authority has failed to recognise that there are firms within the investment provision class who are not product providers. Consequently, a firm providing discretionary investment services to retail clients, who is not a product provider, is deemed to be a product provider for the purposes of funding FSCS.

The Consultation Paper itself can be read here

PIMFA wins Brand Award We are proud to announce that the work we have done, in conjunction with Cicero Group, to create our PIMFA brand has won the prestigious In2 Sabre Award for ‘Best in Identity Branding’ - beating the likes of Burger King and Cisco.

To view the full list of winners, please click here

New Prudential Requirements for Investment Firms (excluding Personal Investment Firms) We recently met with the Treasury to brief them on our position paper. We, and a number of member firms, will be meeting the European Banking Authority in May to brief them on our paper and explore further a number of issues primarily relating to larger firms who are within the ‘kfactor’ regime.

Alex Merriman has also undertaken a recent extensive round of discussions with the EU institutions, and will be reporting more fully to Prudential Capital Working Group Members on progress.

To read the Position Paper in full, please click here

Call for Input: Using Technology to achieve Smarter Regulatory Reporting Following the publication of the above document and an initial round-table at the FCA, we sought a further to meeting on the above topic. The purpose of the meeting was to seek clarification from FCA as to how they envisaged the concepts in the call for input applying to firms within our sector as the material appears to be focused on major financial institutions such as large banks. It is clear that FCA does

see the concept extending to all firms and as result we will shortly be arranging a round-table with FCA and our member firms to discuss this issue further.

Long Term Savings Committee PIMFA is committed to building a culture of savings and investment within the UK. Core to this is a desire to both promote the benefits of advice as well as pull on broader public policy levers to ensure UK consumers save more, and make good decisions at retirement.

To support this vision, we are seeking to recruit new Committee members for our newly created Long Term Savings Committee. You will provide strategic insight and provide oversight over the direction of PIMFA’s thinking in this area.

Sound like you? Then please get in contact with Simon Harrington.

Brexit Meetings PIMFA Chief Executive Liz Field attended a meeting with Lord Hill and Barney Reynolds with the APPG to discuss the impact of Brexit on firms and clients.

Liz and PIMFA Deputy CEO John Barrass attended a meeting with the Treasury Deputy Director of Financial Services, John Owens, to discuss the key issues concerning our firms as well as discussing the implications of Brexit for wealth management and advisers as distinct from fund management or banking

PIMFA Brexit Working Group PIMFA will be setting up a Brexit Working Group on 17 May. This group will be oriented at supporting our firms in planning for the UK’s withdrawal and will initially have two main purposes: to share collective intelligence on items that may cause difficulty when transposed from EU to UK law in the Withdrawal Bill and to discuss amendments to rectify this, and to consider the longer term issues of managed

divergence. Further concerns will no doubt arise and we will agree on how to deal with those at the time.

Please let Ana Gallego know if you are interested in joining.

PIMFA & General Data Protection Regulation (GDPR) In line with General Data Protection Regulation requirements, PIMFA members will be required to opt in to receive our marketing communications before 25th May if they wish to continue receiving this from us. You can do this by ticking the 'opt in GDPR box' found in your preference centre of the members area of the website (you need to be logged in to do this). You can also click the preference centre link at the bottom of any of our emails.

Please note: To ensure your details are protected PIMFA website password protection requires an eight digit password using a mix of capitalisation, numbers and punctuation. If you don’t have a profile set up with us or your log in details please contact us.

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 comments on FCA CP18/11: Reviewing the 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 comments on Brexit Transition Deal

•

PIMFA comment on DWP white paper on Defined Benefit Pensions

PIMFA Blog For interesting thought-leadership and analysis on the current hot topics in our industry, PIMFA will be creating a regular blog which can found here.

The latest addition, "PIMFA's Millennial Forum returns", discusses PIMFA's current research into the Millennial generation and how best for the financial advice sector to engage with them.

This can be read by clicking here

What is coming up in PIMFA?

PIMFA FinTech Competition 2018 Closing Date: Thursday 31st May, 17:00 After two years of success, the PIMFA FinTech Solutions Competition, held by the Personal Investment Management and Financial Advice Association (PIMFA), is holding its third open competition for companies to present their ‘FinTech Solution’ at the PIMFA Fintech Conference 2018 on 12th September 2018.

PIMFA is searching for the most innovative start-ups that can provide FinTech solutions for corporate and enterprise customers. This year’s competition is now open, click here to enter. Please click here to read the full competition brief and terms and conditions before entering. The competition will close on Thursday 31st May at 5pm, the finalists will be selected on Friday 1st June. If your firm is shortlisted, you will need to present in front of a committee of PIMFA IT Directors on either the 5th or 6th June 2018.

If you are successful, your firm will be able to demonstrate your FinTech solution at the PIMFA Fintech Conference on Wednesday 12th September 2018, a oneday event which provides attendees with a platform to explore the advantages and

potential risks of bringing together technology and the investment management and financial advice industry.

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.

Sign Up

PIMFA Compliance Conference 2018 Thursday 14th June 2018 Herbert Smith Freehills, Exchange House, Primrose St, London EC2A 2EG Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world at the PIMFA Compliance Conference 2018. Bringing together a high-level audience who can engage with the experts, this conference will facilitate fruitful discussions with opportunity for questions and networking.

Please see agenda for more details.

Book your place here

What's happening in our industry?

Data Protection Bill The latest version of the Data Protection Bill contains an amendment which allows processing of vulnerable customers’ health data for the purpose of safeguarding their economic well-being.

The rule kicks in where the processing is necessary to protect the person’s economic well-being, the person cannot give consent and the firm cannot reasonably be expected to obtain consent. This should cover for those situations where a customer falls ill and the firm needs to take action to protect the customer and perform their duty to act in their best interest.

The new rule is contained in Schedule 1, Part 2, Para 19 of the Data Protection Bill. Text of the current draft is available here.

FCA Update on the Basic Advice Regime under MiFID II and the IDD On the 19th April, the FCA published an update setting out the impact of MiFID II and IDD implementation on firms selling stakeholder products using basic advice.

In essence, the rule changes mean that firms can no longer sell MiFID or IDD stakeholder products under the basic advice regime.

To read the FCA update in full, please click here

Draft Implementing Regulation: Public Consultation on Minimum Requirements in the Transmission of Information for the Exercise of Shareholders Rights Your attention is drawn to the EU Commission implementing regulation, laying down minimum requirements implementing the provisions of Directive 2007/36/EC of the European Parliament and of the Council as regards shareholder identification, the transmission of

information and the facilitation of the exercise of shareholders rights.

The draft implementing regulation and annex can be downloaded here:

Latest Industry Events FinTech North Manchester 2018 22nd May 2018, 08:30 – 18:00 Whitworth Art Gallery, Oxford Road, Manchester M15 6ER We are proud to announce the debut of FinTech North Manchester 2018.

Hosted in partnership with University of Manchester, this full day conference will aim to attract 200 delegates from the Manchester region for a full day conference with networking, keynote speeches, pitching sessions and interactive Q&As.

Please click below to book tickets.

Sign Up

AFME’s 11th Annual European Post-Trade Conference 23rd May 2018, 08:00 – 17:00 etc. venues, St Paul’s, London Registration is now open for AFME’s 11th Annual European Post-Trade Conference taking place on Wednesday 23 May 2018 at etc. venues St Paul’s, London.

Click the Sign Up button below to register today to join over 200 senior professionals from Europe’s major regulators, investors, law firms, dealers/brokers and rating agencies.

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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