PIMFA Fortnightly News Bulletin - 3rd December 2018

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 3rd December 2018 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 delighted to welcome two more new members to PIMFA: GPIM Limited - Discretionary Investment Manager Fidelity International Ltd – Financial product and service provider We look forward to working with them.

Brexit – the latest from PIMFA The Withdrawal Agreement and the Political Declaration have been adopted by the European Council. They deliver the transition period which is important for PIMFA members and which we have consistently argued for. Should the UK Parliament adopt both documents, firms will have more time to prepare for the loss of passporting and for accessing EU-based clients and markets under the Third Country regime.

However, there is still a risk that the UK will leave the EU without a deal on 29th March 2018 and it therefore remains important that PIMFA members prepare for such an

outcome.

PIMFA, in conjunction with BRP, has produced a definitive document - Brexit & PIMFA firms: A Guide to the Implementation of MiFID in EU Member States - launched at our Brexit Conference on 14th November 2018, showing how each of the 27 Eurozone countries have individually interpreted the MiFID regulation, giving insight into the opportunities for maintaining service levels to existing clients residing within the EU. To view the PIMFA/BRP document, please click here.

To view PIMFA’s latest Press Releases on the subject, please click here.

Government issues Pension Dashboard consultation PIMFA responds Today, Monday 3rd December, the government released a consultation on the Pension Dashboard.

PIMFA has issued a press response to this, welcoming the acceptance that there is an obvious need for a pension dashboard service whilst stressing the need for a firm commitment from government regarding the inclusion of State Pension entitlement.

To view the full PIMFA Press Release, please click here.

PIMFA Millennial Research Report Launched On Wednesday 28th November, PIMFA launched the third in our series of Millennial Forum Reports at our Millennial Forum Conference, hosted by KPMG, in London’s West End, where we welcomed a packed house full of industry leaders keen to discover the latest developments in this flagship research initiative.

This years' work, on the theme of Life in the 21st Century, began with an array of member firms nominating talented millennial-age staff to join this year’s cohort. These were divided into four targeted research groups who then spent the next ten months of their lives delving into the impact of Millennials and Gen Z as the future clients and workforce for our industry.

Their insightful findings, drawn from the responses from 718 survey participants, then challenged and discussed by a group of 17 highly-qualified Subject Matter Experts, are tabulated in the Report.

We would like to thank KPMG for all their help in producing a memorable event.

To view the Millennial Forum Report in full, please click here.

To read PIMFA's Press Release on the conference, please click here.

General Data Protection Regime and Cybersecurity PIMFA has produced two further Useful Guides, entitled 'GDPR & Data Security' and 'Cyber Incident Good Practice Tips - Possible Scenarios Analysis', to help members deal with these issues.

These brief guides are the result of a scenario analysis and exercise carried out by a number of PIMFA member firms, who considered different potential threats and discussed possible approaches and good practice points to prevent and/or respond to each threat.

The scenarios and content used for the discussion and for the creation of this paper have been developed by John Harrison, Information and Cyber Security Manager at Charles Stanley Group PLC and Chair of the PIMFA Cyber Security Working Group.

To access these new Guides, please click here.

Urgent - PIMFA Risk Survey For dedicated Risk or Compliance Officers only: Following our past Risk Surveys, PIMFA are widening the remit of the research so that we can engage with as many company officers as possible with risk responsibilities - and we need your help.

As all firms look at risk slightly differently, we are keen to learn what the specific concerns are for Risk and Compliance officers, both now and for the future, so that we may be in a better position to help.

As an illustration, and to help give an idea of what's gone before, the previous survey is available here.

The current survey can be found here.

For further guidance or if you have any questions, please contact Gary Sunderland.

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 latest Press Releases here.

PIMFA Millennial Forum Report on ‘Life in the 21st Century’ Launched PIMFA Calls for review of the FSCS following a further interim levy announcement PIMFA Comments on Agreed Draft Political Declaration PIMFA comments on draft Brexit Withdrawal Agreement Brexit and the future economy debated at PIMFA Annual Summit

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 papersissued 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 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 Forum 2018 Wednesday 5th December 2018, 08:30 – 14:00 RBS, 11th Floor, 280 Bishopsgate, London, EC2M 4RB CPD: 3 hrs Free to members Our final PIMFA ‘Women in Wealth’ event for 2018 brings together colleagues from

across the industry for peer-to-peer debate, networking and inspiration.

Speakers will include top female professionals from our industry and its key stakeholders to share insights and experience, as well as a practical element of takeaways suitable for men and women on individuality within your organisation.

• •

Speakers: Liz Field, Chief Executive, PIMFA

Irene Coyle, Managing Director of Training, OSP Cyber Academy • Joanna Gaudoin, Managing Director, Inside Out Image • Caroline Holt, Managing Director, Attitude Coach Sign Up

Wealth of Diversity Tuesday 5th February 2019 EY, 25 Churchill Pl, Canary Wharf, London, E14 5EY CPD:4.5hrs Today we face many challenges in recruiting for and engaging our workforce and with a diverse client base and shifting wealth patterns, the need for diversity in our workforce is ever increasing to meet the needs of clients, existing and potential.

This conference will highlight the different approaches taken by firms to break out of the mould and to implement new ideas to enhance the diversity in their organisations and is a must for senior managers in the sector.

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Speakers: • Andy Briggs, CEO, Aviva • Sara-Jane Cawthray, Portfolio Manager, Fidelity • Peter Cheese, Head of, Independent Woman • Liz Field, Chief Executive, PIMFA John Glen MP, Economic Secretary to the Treasury and City Minister • Kate Rodgers, Head of Policy, Cazenove Capital • Anna Sofat, Founder, Addidi Wealth • Karis Stander, Managing Director, Investment 2020 • Camilla Stowells, Managing Director, Coutts

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Helen Watson, CEO, Rothschild Sign Up

Financial Crime Conference 2019 Wednesday 13th February Central Venue – TBC CPD:4.5hrs Join us at the PIMFA 2019 Financial Crime Conference and access leading industry debate from professionals across the regulatory, law enforcement and cyber security space.

As the financial crime landscape evolves with new techniques and technologies, the growing threat to firms and their clients is undeniable.

In response, regulators are pushing back by implementing stricter controls. Firms need to know how to protect themselves and their clients and what can be done to alleviate the risk of financial crime.

More details to follow

What's happening in our industry Financial Conduct Authority Report on Financial Crime Also on the 13th November, the FCA published a report entitled ‘Financial Crime: analysis of firms’ data’.

This follows on from the FCA’s annual financial crime data return of 2016 in which firms had to provide to the FCA details of threats and trends they were facing. The report provides a collective view of the activity undertaken by firms to combat financial crime in

the sector.

To read the report, please follow this link.

HM Treasury: Draft Money Laundering and Transfer of Funds (Information)(Amendment)(EU Exit) Regulations 2018 On the 13th November, HMT published a draft statutory instrument, which will make amendments to anti-money laundering law. It is part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the EU. It does not make any substantive policy changes, other than those to reflect the UK’s new position outside the EU and to ensure a smooth transition. These changes would not take effect if we enter an implementation period.

To see a draft of the statutory instrument, please follow this link.

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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