Fortnightly bulletin 20 september 2016

WMA Bulletin 20th September 2016 Dear WMA member WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA. Download the PDF version here.

What's going on in our industry?

Lifetime ISA On 5th September 2016 the Government published the Savings (Government Contributions) Bill (http://www.publications.parliament.uk/pa/bills/cbill/2016-2017/0059/17059.pdf) with some accompanying explanatory notes (http://www.publications.parliament.uk/pa/bills/cbill/20162017/0059/en/17059en.pdf) about the Lifetime ISA which the Government is still intending to launch from April 2017. On 16th September HM Treasury published a document which confirms the detailed policy design of the Lifetime ISA. It can be found here: https://www.gov.uk/government/publications/design-of-the-lifetime-isa-technical-note.

Pensions Dashboard On 12th September 2016 Aviva hosted a launch at which the Economic Secretary to the Treasury, Simon Kirby MP set out the Government’s vision for a pensions dashboard by 2019. Other speakers included the FCA, the Pensions Regulator and a number of entities involved in the project. This will aim to bring information about an individual's pension into one place, ultimately in real time, to help individuals and their advisors plan for their future. More information is available on the ABI’s website.

Bank of England Settlement Discipline Regime Working Group On 16th September 2016 the 3rd meeting of the Settlement Discipline Regime Working Group took place. This seeks to ensure the most practical and workable implementation of the settlement discipline regime under the CSD Regulation in 2018. Currently the Working Group is seeking to identify practical problems and issues with three separate sub-groups focusing on trading, settlement and clearing. Meetings are planned every 6 weeks for the foreseeable future.

Prospectus Regulation The WMA recently visited Brussels to advocate again the Qualified Intermediary (QI) route to developing the retail corporate bond market in the EU. The trilogues will begin in October and we had timely and useful discussions with a number of Council representatives, including the UK.

What is WMA up to?

WMA Committees For those members on WMA Committees, Forums or Working Parties please note the meeting dates for 2017 have now been organised and can be found on the dedicated committee area on the WMA website.

Brexit The WMA has completed our first full paper setting out what members want the Government to achieve in the negotiations with the EU under Article 50 (when it is triggered), and how they would like the situation to develop early in the post-Brexit world.

There will be discussions to follow up our work and we will communicate this to member firms as matters evolve.

In the meantime we will continue to meet with the treasury and will also discuss mutual collaboration with other trade associations.

What's coming up in our industry?

HMRC’s VAT Finance Liaison Group meeting On 20th September 2016 WMA will attend HMRC’s VAT Finance Liaison Group meeting, a bi-annual meeting between HMRC officials and financial services trade associations and some advisory firms.

PRIIPs The European Parliament recently rejected the Level 2 Regulatory Technical Standards for PRIIPs in three areas: performance assessment, multi-products, and insurance wrapped PRIIPs. This means there is no chance of the complete PRIIPs legislation being ready for implementation in January 2017. We await the next signals from the European Commission.

What's coming up in WMA?

WMA Briefing Events - September to December 2016 WMA Briefings provide member firms with information on current and upcoming UK and EU Regulatory, Business and Operational issues that the WMA are currently working on for the community. They are also a great opportunity for firms to discuss with WMA any issues affecting them.

These events are free to members and entitle attendees to 1.5 CPD hours. To book your place on any WMA Briefing, click on the relevant city below or click here for a list of all WMA events.

Belfast – Birmingham - Bristol – Dublin – Glasgow – Isle of Man – Jersey – Leeds - Liverpool – Manchester – Newcastle - Norwich

WMA Women in Wealth Forum 6th October 2016 (9:00 to 14:00) RBS, 250 Bishopsgate, London EC2M 4AA

The final WMA ‘Women in Wealth’ event for 2016 will bring together women from across the industry for peer-to-peer networking and inspiration.

The event will provide practical hints and tips for delegates to take away. It also provides a platform for candid discussion and access to the UK's top wealth management professionals. Speakers will include women from within the industry, including a CEO panel, and those external to it - including Lady Barbara Judge, CBE, Chairwoman of the IoD. View the agenda here.

Book now to ensure that you don’t miss out.

Annual Summit 2016 - Wednesday 9th November The WMA Annual Summit 2016 is a unique opportunity to investigate and gain a comprehensive understanding of the key issues impacting the wealth management sector; economic, political, Brexit and technology to name a few.

With over 450 delegates from across the community and high calibre speakers such as Sir Ranulph Fiennes Bt OBE (who will be closing the event) - the annual summit is not to be missed.

Book your place today for over 4 hours of dedicated networking time and 6 hours of CPD. For more information on many of the articles above visit the WMA Members Area of our website.

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

If you have forgotten, or do not have your WMA log in

Website: www.thewma.co.uk

details, please contact us at enquiries@thewma.co.uk.

Tel. (+ 44) 20 7448 7100