PIMFA Fortnightly News Bulletin - 17th April 2019

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 17th April 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 We are very pleased to welcome another new member firm to PIMFA: Actimize UK Ltd – Financial crime resilience specialist

We look forward to working with them.

HM Treasury publish consultation on the 5th Anti Money Laundering Directive (5AMLD) On the 15th April, the Treasury published a consultation paper inviting views and evidence on the steps that the government proposes to take to meet the UK’s expected obligation to transpose the Fifth Money Laundering Directive into national law.

The consultation closes on the 10th June. You can read the consultation in full, here.

PIMFA will be responding to this consultation and welcomes views and comments to be sent to Alexandra Roberts.

Defined Benefit Pension Transfer Draft Template The Financial Conduct Authority (FCA) and The Pension Regulator (TPR) facilitated meetings between sector stakeholders, including PIMFA, to design a pension transfer draft template. It is now being finalised and will shortly be issued on a trial basis after a launch programme has been agreed, perhaps under a trade association banner (most likely PIMFA and the Chartered Insurance Institute (CII)/Personal Finance Society (PFS).

Added to the work undertaken by PIMFA on creating a long term savings culture and the issues addressed in our DB Guide, the template can help provide greater consistency for advisers undertaking defined benefit transfers and the regulatory expectations of them when conducting the transfer advice processes.

When a suitable trial period has elapsed and when more ‘real-time’ feedback is received from advisers who have used the template, it can be formalised and shared more widely and updated as required. It should be a helpful first step on increasing consistency of information requested from DB schemes and help both advisers and trustees address data bottle necks that can sometimes delay completing the transfer process. In some cases the delay can result in the original data on which the suitability of a transfer was based is out of date and needs to be recalculated leading to more delays.

Ultimately the information needed to assess the suitability of a transfer should be available within reasonable timescales and the template is a combined effort to address the issues that can lead to delays in getting that information and to build consistency about what information is request from pension scheme trustees.

Any queries, please contact Des FitzGerald

Wealth of Opportunities Report - Your input is still needed!

Some of you will know of and have been involved in previous joint research conducted with the British Bankers Association (BBA), called the Wealth of Opportunities Report.

We are now in the process of creating the new, third version of the report, in cooperation with UK Finance (formerly the BBA). This report is influential in showcasing the Private Banking and Wealth Management sector to Governments, regulators and other key stakeholders. This year we are also focusing on the sector’s role as a force for good and its philanthropy and other activities. This provides policy makers and the Government with a more complete picture which goes beyond the statistics and any examples you can give describing your Corporate Social Responsibility (CSR) or other philanthropic activity will be enormously helpful.

The survey - available here - only has nine main questions and we would be grateful for your input.

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, our Press Releases are available to read online.

In the last few weeks, we have been talking about the importance of inclusivity in financial services, the Financial Services Compensation Scheme (FSCS) Levy, the retirement outcomes review from the FCA, PII insurance and more.

Read PIMFA press releases 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. 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 and one of PIMFA’s key objectives is to ensure this regulation is proportionate and fair, bringing real benefits to the personal investment management and financial advice community and their clients.

Read PIMFA's Consultation Papers here

What's coming up in PIMFA? PIMFA Women in Wealth Networking Breakfast 2019 Tuesday 4th June 2019, 08:00 – 10:00 Fidelity International, 25 Cannon St, Lon don, EC4M STA CPD:1 hr Join us on Tuesday 4th June for the second event in the PIMFA Women in Wealth 2019 series for a candid panel discussion and networking opportunities with other professionals within the world of wealth.

This event will provide access to the UK’s top professionals in the investment management and financial advice industry, to meet people who can contribute to your success and be inspired and motivated to drive your career forward.

Hear from our expert speakers: •

Jackie Boylan, Head of UK - Adviser Platform, Fidelity International • •

Liz Field, Chief Executive, PIMFA

Rose St Louis, Head of Strategic Partnerships, Zurich UK •

Jane Portas, Partner, PWC

#WomenInWealth

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PIMFA Compliance Conference 2019 Tuesday 18th June 2019, 09:00 - 17:00 Herbert Smith Freehills Offices, Exchange House, Primro se St, London, EC2A 2EG

CPD: 5hrs Keynote Speaker: Debbie Gupta, Director - Life Insurance & Financial Advice, Financial Conduct Authority (FCA)

Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world

Topics will include: • •

A Review of the Past Year & Issues on the Horizon •

• • •

BREXIT - Now What?

Personal Behaviour - A Major Focus of SMCR

Issues that Firms are Raising with Regulatory Lawyers

SMCR – With Six Months to go, what are Firms Worrying About?

Incorporating Consideration of ESG Factors into the Suitability Process

View the full agenda here.

#PIMFAComplianceConf

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PIMFA Summer Networking Reception 2019 Wednesday 19th June 2019, 18.00-22.00 Natural History Museum, Cromwell Rd, Kensington, London, SW7 5BD Join us on Wednesday 19th June to celebrate the start of summer at one of London’s most exclusive venues, the Natural History Museum in London.

Enjoy an evening of networking with industry peers and exclusive entry in to the Moon

Museum.

This annual event is always extremely popular and not to be missed, so to save the date, RSVP now and secure your place.

Click here to view our landing page.

We hope to see you on the 19th June.

#PIMFASummerNetworking

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Tell Us What Events You Would Like in 2019 To ensure we are providing members with the best events, please help us by filling out our five question survey

1.

Which type of events/subjects would you like to see from PIMFA in 2019?

2.

3.

Which events would you like us to continue for 2019?

Are you interested in attending a PIMFA seminar in your region? If so, please state below the region you are in and content you’d like covered:

4.

If you have recently attended a PIMFA event, please select the most valuable aspects of attending a PIMFA event: •

CPD Hours •

• •

5.

Content Networking

Other (please state)

If you would like to submit general events feedback, please do so below:

We look forward to an exciting year ahead, exploring new initiatives in support of our members and the investment management and financial advice community. .

Complete 5 key questions here

What's happening in our industry History of Financial Advice: Invitation to Chartered Banking Alliance (CBA) Workshop The Arts & Humanities Research Council has recently funded an interdisciplinary, threeyear study into the History of Financial Advice, co-authored by the University of Southampton.

They will be presenting their findings direct to financial advisers and professionals at a free roundtable and workshop, co-hosted by the Chartered Banking Alliance on May 2nd at their Lombard St. premises, where they will be speaking on fraud and reputation, the distinctions between amateur and professional advice, the longevity of financial advice models and the specific languages and approaches of gender.

They currently have ten free places at the workshop, which they are offering to PIMFA members. I f you would like to attend, please contact Professor Nicky Marsh.

New CEO of the Financial Services Compensation Scheme (FSCS) announced The Financial Services Compensation Scheme (FSCS) has today (15 April) announced that former RBS and ABN AMRO executive, Caroline Rainbird, will become its next CEO. Outgoing CEO Mark Neale’s last day will be 3 May 2019 and Caroline’s appointment takes effect from 4 May 2019 for a period of three years. She also joins the Board of FSCS.

The appointment has been made by the Financial Conduct Authority and the Prudential

Regulation Authority, who had representatives on the recruitment panel, and approved by HM Treasury.

To view the full FSCS announcement, please click here.

Investment & Wealth Management Sector – Dormant Assets Event - 14:00 Friday 10 May at the Investment Association The Dormant Assets Scheme has recently published its ‘Blueprint for expansion’ document.

The Investment Association is hosting a joint event for members of PIMFA, the IA, UK Platform Group, DATA and TA Forum to discuss the conclusions and proposals in the Dormant Assets Report and next steps for our sector.

The IA’s office is at Camomile Court, 23 Camomile Street, London EC3A 7LL.

There will be presentations by William Nott, President of EFAMA and the Investment and Wealth Management Champion for the Dormant Assets initiative, who will speak about the journey from the 2008 Dormant Bank & Building Society Accounts Act to the latest proposals and from Steve Doyle, Executive Director at J P Morgan and Chair of The IA’s Dormant Assets Technical Group, who will talk about the IA’s Principles for tracing gone away customers.

To read the full 'Blueprint for Expansion' document, please click here.

If you would be interested in attending this event, please email Felicity.Lawson@theia.org by 7 May.

Claims management companies enter FCA regulation The Financial Conduct Authority (FCA) began regulating the claims management industry from 1 April. All claims management companies (CMCs) in England, Scotland and Wales will now have to demonstrate they meet and maintain minimum standards set by the FCA. All existing and new CMCs will need to apply to the FCA for authorisation.

More than 900 CMCs have registered for 'temporary permission' to continue operating while they go through the FCA authorisation process.

The new FCA regime aims to boost consumer protection and the professionalism of the sector by driving up standards in the industry. The FCA wants CMCs to be trusted providers of high quality, good value services that help consumers pursue legitimate claims for redress.

To view the full FCA press release, please click here.

Latest Industry Events View all the latest industry events on our website here If your firms has an event which you would like to post on this area, please click here to submit it.

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