Fortnightly Bulletin 17th november 2017

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17th November 2017 Dear PIMFA member PIMFA Bulletin is a fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within the industry and PIMFA*. Download the PDF version here. *APFA and WMA merged to become PIMFA (the Personal Investment Management & Financial Advice Association) on 1st June.

WHAT IS PIMFA WORKING ON? PIMFA Annual Summit 2017 Round Up We were delighted to welcome over 350 delegates at our Annual Summit on Wednesday 8th November 2017 which saw delegates from across the industry come together to hear from some of the leading figures across the world of business, finance and politics.

PIMFA hosted over 30 high level industry speakers whom we are thankful for dedicating their time. We would also like to thank our sponsors who contributed to the success of the event.

Our Annual Summit was one of our most successful events for 2017 and we look forward to welcoming more delegates at our 2018 events. To find out more about the events we have coming up, please click here.

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PIMFA signs HM Treasury's Women in Finance Charter PIMFA is one of the latest organisations to sign HM Treasury’s Women in Finance Charter.

The Charter’s aim is to work together to build a fairer, more balanced industry, highlighting that a balanced workforce is good for ‘business, customers, profitability and workplace culture, and is increasingly attractive for investors’.

PIMFA CEO, Liz Field, commented: “We need to ‘up’ the conversation on diversity in the sector. Diversity has proven benefits and we intend to lead the way in emphasising this through our signing of the Charter.

We are committed to developing a culture of diversity and sophistication of approach in the business area we represent, and will continue to provide practical assistance to firms in developing the equality conversation with information sharing and our Forum events. We will also continue to work with both our membership and the legislative, executive and regulatory authorities on this basis.”

Members can read the press release here.

New Members We are delighted to welcome a new member firm to the association: -

Brown Shipley & Co Ltd

Millennial Forum Report 2017 Following on from the highly successful debut Millennial Forum last year, PIMFA launched their 2017 Millennial Forum Report this week.

The Report is written by Millennials about Millennials - consisting of work from 22 Millennial staff from PIMFA member firms . The initiative, supported by HM Treasury, divided the forum members into 4 groups to look into themes relevant to the overall question of how we attract, engage and retain millennial clients.

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Each group conducted primary research and gathered expert opinion from within the industry on a subject area: intergenerational wealth, costs and barriers to investment, promotion of the industry and the impacts of technology.

Following questions raised by the 2016 WMA Millennial Report together with further ideas, the overall aim of this year's initiative was to provide recommendations for the industry, regulators and government that would contribute to their future strategy.

The report provides insights into Millennials’ perspectives on the challenges they perceive related to planning their financial futures.

Particularly, the Report found that while Millennials are digitally competent and expect that functionality as a norm, they greatly value face-to-face advice above purely technological investment solutions, leading to recommendations for bionic/hybrid advice solutions.

The Report also illustrates Millennials' openness to the sharing and use of their personal data and ideas around financial education.

Following the WMA/APFA merger in June, PIMFA will launch a forum in Q1 of 2018 to look at issues arising from the resulting wider membership covering both wealth management and financial advice issues.

Members can read the Report here and accompanying press release here.

Recent PIMFA Consultation Responses View the PIMFA Public Affairs responses for October and November 2017 below:

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PIMFA response - EBA consultation on Fintech

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PIMFA response - MAC call for evidence EEA workers

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PIMFA response HoL EU select committee deal or no deal inquiry

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PIMFA response to CP 17 25 - extending the SM&CR to all FCA firms

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PIMFA Response to Work and Pensions Select Committee Inquiry on Pension Freedoms

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PIMFA response to CP17 23 - Insurance Distribution Directive Implementation part 2

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PIMFA consultation to CP 17 29 client money and unbreakable deposits

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PIMFA response HoL Constitution Committee - EU Bill inquiry

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PIMFA Response to ICO Consultation - Controller Processor Contracts Guidance

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PIMFA response to ESMA consultation suitability guidelines

If members would like to give their feedback or input to any consultation papers please email us at enquiries@pimfa.co.uk.

WHAT'S COMING UP IN PIMFA? PIMFA Financial Crime Conference When: 25th January 2018, 09:00 to 18:00 Where: TBC CPD hrs: 4.5 Tickets: £225 + VAT (Members), £450 + VAT (Non Members) With financial criminals gaining new techniques and technologies, the large and growing threat of financial crime has become ever more undeniable as its landscape evolves. In response, regulators

Book Now

are pushing back by implementing stricter controls. Even with these implemented barriers, the threat of financial crime remains strong.

What can be done to lessen the likelihood and mitigate the risks of financial crime? Join us at the PIMFA 2018 Financial Crime Conference and hear and network with leading industry professionals from the regulatory, law enforcement and cyber security space.

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PIMFA Roadshows When: 13th November to 12th December 2017 Where:

View the Agenda

Book Now

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London

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Manchester

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Liverpool

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Belfast

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Glasgow

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Edinburgh

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Newcastle

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Leeds

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Birmingham

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Bristol

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Norwich

CPD hrs: 3.5 Tickets: Free (Members and Non-Members)

WHAT'S HAPPENING IN OUR INDUSTRY? Latest Industry Events View the latest Industry Events on our website here.

If your firm has an event that you would like to post on this area please let us know here.

Brexit – Article 50 Negotiations The EU and UK negotiating teams met for a sixth round of Article 50 negotiations on 9th and 10th November, in their first meeting since the 19th-20th October Council Summit. Expectations for progress were not high and significant differences remain between the two sides with regard to the exit bill, the rights of EU citizens in the UK, and the Irish border.

The European Commission has begun work on draft negotiating guidelines for the second phase of talks and produced a first internal paper for an initial “orientation debate” on 8th November. The

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guidelines will be developed in dialogue with the EU27 member states and are currently expected to be published towards the end of the month. They will enable the EU to begin discussions on the postBrexit EU-UK relationship and transition arrangements at the start of next year, provided that “sufficient progress” is achieved in time for the December Council Summit. There has since been talk of a leaked Council paper suggesting that the UK should not receive a quality bespoke post-Brexit agreement but something akin to the EU/Canada arrangement which helps goods traffic but not services. This would assist mainland EU countries, including German manufactures, at the expense of the powerful UK services sector, especially financial services. Watch this space.

European Commission consultation on crowd and peer-to-peer finance The European Commission has published an impact assessment for consultation regarding its upcoming legislative proposal for an EU framework on crowd and peer-to-peer finance. As the industry largely exists within national markets in the EU, the Commission suggests introducing a licensing regime that will help tackle market fragmentation by allowing platforms to operate across the EU without requiring further authorisation in each country.

The Commission further believes that there is a perceived lack of reliability associated with crowdfunding, which it links to weak governance practices. According to stakeholder feedback, the most significant perceived risks were loan defaults, business failures, fraudulent activities and the collapse of platforms due to malpractice. The Commission will therefore develop a proportionate risk management framework for platforms that will focus on conduct of business, fit and proper risk management, due diligence and information disclosures rules.

Further, measures will be proposed to address key risks such as data protection, illicit use and cybersecurity. Stakeholders are invited to provide feedback to the consultation by 27th November.

Due to the number of consultations on FinTech over the last two years, the Commission will not conduct any further consultations before publishing the proposal.

Invitation to Fund Trading and Settlement Project Update The Fund Trading and Settlement project (“FTS”) was established in 2016 to review the operations of how £1 trillion of mutual funds are traded and settled, plus how the processing of associated activities such as fund prices and standing data is handled, with the aim of increasing efficiency, removing costs and reducing risk.

It is an industry-led initiative that has over twenty five of the leading providers including fund managers, platforms, transfer agents plus representatives from the Association of British Insurers (ABI), the Investment Association (IA), PIMFA, TISA and the UK Platform Group.

The project is focusing on the following five areas; order routing, settlement, fund standing data,

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service level agreements and providing governance for the development, maintenance and adoption of industry standards.

The FTS project would now like to provide an update to the industry covering the progress that has been made and a proposed way forward. This will be held on 7th December 2017 at 2.30pm at Hogan Lovells offices in Holborn, London. The update will include:·

Feedback on the key findings from the FTS surveys

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An update on each of the five working groups’ progress

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How the industry can get involved

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Proposed direction for 2018

If you are interested in attending this event, please contact: linda.lee@tisa.uk.com You are receiving this email because your firm is a member of the Personal Investment Management & Financial Advice Association (PIMFA) , or you have individually requested to join the PIMFA mailing list.

For more information on many of the articles above visit the PIMFA website.

If you have queries you can also contact the relevant PIMFA Staff Member.

If you are unsure of your PIMFA log in details, please contact us at enquiries@pimfa.co.uk.

PIMFA, 22 City Road, Finsbury Square, London ECIY 2AJ www.pimfa.co.uk (+ 44) 20 7448 7100 Preferences | Unsubscribe

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