PIMFA Fortnightly News Bulletin - 4th September 2019

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 4th September 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 PIMFA are pleased to welcome our latest new member : 

Mitratech - Content Management, Governance, Risk and Compliance software

We look forward to working with you.

PIMFA Brexit Update The UK is less than nine weeks away from leaving the EU. Parliament returns this week after the Summer Recess for what is shaping up to be one of the most important weeks in its post Second World War history. The Government is adamant that the UK will leave the EU with or without a deal on 31st October. Parliament will be prorogued from 12th September until 14th October 2019 - the longest

suspension of the British legislature since 1945. Unless the government’s opponents pass legislation this week stopping the country from leaving the EU without a deal, the UK is heading towards a ‘hard’ Brexit.

If they have not done so already, PIMFA firms are reminded to step up preparations for a ‘no deal’ scenario and ensure there is minimum possible disruption to their businesses. They should ensure they understand what this means for their businesses' operations and contracts and that their clients are aware that a ‘no deal’ scenario is not just a possibility but, in the current political environment, the most likely outcome.

Without the Withdrawal Agreement in place, firms cannot rely on a transition period under which everything would remain the same until December 2020 and possibly longer. The absence of a deal on 31st October means that the transition does not apply and the UK becomes a ‘third country’ on 1st November. Passporting will cease to exist and firms wishing to access clients in the EU Member States will need to consider options including: -

Setting up an entity in each Member State where there are clients

-

Setting up a passporting subsidiary in one EU Member State for all EU clients

-

Merging or affiliating with an existing EU based firm

-

Seeking an alternative provider to the EU clients and withdrawing from the EU

private client market -

Only using mitigating factors such as a reverse solicitation in situations where

they have checked that it will work.

Operational Resilience Working Group meeting – Friday 20 September 14:00 – 15:30 As you know, Operational Resilience is very much on the FCA’s agenda for 2019 – 20 and PIMFA has been asked to convene a working group to explore the requirements.

We have invited Simon Chard, a Financial Services Partner at PwC, whose focus is on supporting clients in technology, risk and resilience to present his views on Operational Resilience at this first session.

If you or a colleague are interested in attending, please contact Kevin Sloane.

MiFID II Transaction Reporting Working Group meeting – ‘The impact of Brexit on MiFID transaction reporting’ – Monday 9 September 10:30 – 12:00 The next Transaction Reporting Working Group meeting takes place on Monday 9 September 10:30 – 12:00 at PIMFA’s office, 22 City Road, EC1Y 2AJ and there will be a conference call facility.

With a 31 October Brexit now looking like a real possibility, David Nowell from Kaizen Reporting will be giving a presentation on the impact of Brexit on MiFID II Transaction Reporting and answering questions from the working group.

If you or a colleague are interested in attending, please contact Kevin Sloane.

CSDR Working Group meeting – Monday 23 September 14:00 – 15:30 The next CSDR Working Group meeting takes place on Monday 23 September 14:00 – 15:30 at PIMFA’s office 22, City Road, EC1Y 2AJ and there will be a conference call facility.

Charlie Pugh from Euroclear will be giving an update on their CSD application and the CSDR Settlement Discipline project, and we will review the first round of CSDR Internalised Settlement Reports and answering questions from the working group.

If you or a colleague are interested in attending, please contact Kevin Sloane.

Cyber Security Working Group meeting – Tuesday 24 September 10:30 – 12:30 The next Cyber Security Working Group meeting takes place on Tuesday 24 September 10:30 – 12:30 at PIMFA’s office 22, City Road, EC1Y 2AJ. On the agenda this time we have a guest speaker, Teana Baker-Taylor from Global Digital Finance, a digital assets expert who will talk about protecting digital

assets. Our working group will also be exploring the latest trends and issues in the ongoing battle against cyber crime.

If you or a colleague would like to attend, please contact Giulia Lupato or Kevin Sloane.

PIMFA Financial Adviser Survey 2019 If you are a Financial Advice firm, PIMFA are very keen to hear from you. We’d like to gather your input for our Financial Adviser Survey 2019, which can be accessed here. We are looking to gain some insight in to what the main concerns are for Financial Advisers this year, in terms of time and cost. This will provide us with greater clarity concerning both the constraints and the growth opportunities within the industry, now & in the future.

The survey can be completed in under five minutes and your participation is greatly appreciated. All data provided will remain anonymous and we will be distributing the resulting Financial Advice Market Report (FAMR) later this year. If you have any queries or comments please email PIMFA’s Head of Research, Gary Sunderland.

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:

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.

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.

Latest PIMFA Press Releases 

CEO’s State Regulatory Matters as their Biggest Concern



PIMFA Condemns New 50:50 Funding Proposal in Consultation Response to FOS Funding



PIMFA letter to new Prime Minister Boris Johnson



Leading Cash Savings Platform Insignis Cash Solutions and PIMFA Announce Strategic Partnership

Read all of the PIMFA press releases here

Latest PIMFA Consultation Responses 

PIMFA’s response to the BSI draft technical advice (PAS 7340) framework for embedding sustainable finance principles in financial services organizations



PIMFA’s response to FOS Our future funding - A consultation



PIMFA’s response to the feedback on the draft technical advice on minimum requirements for the EU climate-transition benchmarks and the EU Paris-aligned benchmarks and benchmarks’ ESG disclosures



PIMFA’s response to the Decarbonisation of the UK Economy and Green Finance inquiry

Read all of PIMFA's Consultation Papers here

What's coming up in PIMFA? PIMFA's Autumn Webinar Schedule We are currently running a number of FREE webinars supporting members in making their final preparations for SM&CR, the Effective Handling of Complaints and Developing a Robust CASS Framework. For a full list of upcoming webinars, please click here.

In addition, we have engaged some of the leading experts in the field to design and deliver a number of training workshops for PIMFA member firms including; 

MiFIR Transaction Reporting Core Training 14th Oct.



Everything you need to deliver SM&CR Conduct Rules Training in your firm: Train the Trainer workshop and toolkit 16th Oct.



The Fundamentals of Complaint Handling 17th Oct.



Clear, Fair and not misleading: Financial promotions, what your firm needs to know 22nd Oct.



Let’s talk about Product Governance and PROD Rulebook 19th Nov.

For more details on these webinars, and for registration, please email learning@pimfa.co.uk.

Women in Wealth Forum 8th October 2019 Fidelity International CPD: 3 hrs Join us on the 8th October for our final PIMFA ‘Women in Wealth’ event for 2019!

This free event focuses on strategies to drive business, master leadership skills and support healthy change in the industry for future generations, as well as a practical element of takeaways suitable for both men and women within your organisation.

Topics covered include:

•

Male Allies

•

Nurturing a Diverse Workforce

•

Careers - A practical workshop

*Please note that, as of 1st June, PIMFA events can only be booked using a credit card*

Sign Up

PIMFA Annual Summit 2019 16th October 2019 etc. venues County Hall Riverside Building, Belvedere Rd, Lambeth London SE1 7PB CPD: 6 hrs With less than two months remaining until the PIMFA Annual Summit on 16th October, reserve your seat now to hear from some of the leading figures across the world of business, finance and politics discuss ‘The Next Generation’.

As the most significant one-day wealth management and financial advice conference in Europe, this event provides delegates with the opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the sector, providing an exceptional opportunity to debate and network with peers.

This full-day conference is a must attend for senior industry professionals looking to improve their business strategy, develop their leadership skills and is an excellent springboard for strategic thinking for your teams.

Key topics include: •

The Priorities for the Sector – FCA •

•

What Next For Politics?

The UK Economy: A Business Outlook •

Leadership & Mental Wellbeing

•

ESG and Impact Investing: Implications for Investors & Financial Institutions Keynote speaker: Chris Packham

Chris is one of the UKs leading naturalists and wildlife TV presenters inspiring audiences young and old to take notice of, get involved with and care for our natural environment. He has a passionate love of nature and the courage, determination and ability to campaign for and protect our wildlife. He is also a prolific writer and respected wildlife photographer.

*Please note that, as of 1st June, PIMFA events can only be booked using a credit card*

Sign Up

What's happening in our industry CSDR Settlement Discipline regime – new live date set This is still subject to confirmation from the EU Commission, but Euroclear have indicated that the new Settlement Discipline regime will not be going live as planned on 14 September 2020. The live date has been moved back to 23 November 2020, to coincide with a SWIFT messaging update. If you have any queries, please email Kevin Sloane.

Latest news from the Financial Conduct Authority FCA publishes video to help consumers understand pension transfer advice The video outlines the process which financial advisers should follow when providing clients with advice on whether to transfer their pension. It highlights the key information advisers should provide clients with and the questions they should ask. This includes disclosing the cost of financial advice, asking questions about clients' personal situation, carrying out research, and explaining any ongoing

services which advisers recommend.

To view the video, please click here.

FCA Brexit Briefing, 27 September 2019 As with their previous roundtables, this event will provide an opportunity for you to hear about the FCA's latest Brexit work from senior management in the FCA International team. They welcome feedback and questions during the event and, if there is anything particular that you wish to discuss, the FCA would be happy to hear from you.

As with previous events, attendance is limited to one person per organisation owing to space constraints.

For more information and to request your place please email EUW Communications.

FCA Claims Management Companies (CMCs) must raise advertising standards, says FCA Claims management companies (CMCs) must do more to ensure their promotions do not mislead potential customers according to the Financial Conduct Authority (FCA). Since the FCA took over regulation of CMCs on 1 April 2019 it has reviewed over 200 CMC adverts in various media and found widespread poorpractice in CMCs. To view FCA's rules and guidance on financial promotions and communications with customers that relate to regulated claims management activity, please click here.

Latest Industry Events 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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