PIMFA Fortnightly News Bulletin 8th August 2018

PIMFA - Building personal financial futures

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PIMFA Fortnightly News Bulletin - 8th August 2018 Dear Members, PIMFA Bulletin is a fortnightly e-newsletter delivering a snapshot of the latest news and current affairs from within the industry and PIMFA.

What is PIMFA working on?

PIMFA Digital Strategy Survey Digital strategy and innovation plays a pivotal role in the development plans of today’s wealth managers and financial planners.

Firms are now asking PIMFA to explore digital technology change in our sector, so we have launched a technology questionnaire, which will help us build a clear picture of where firms are on their digital journey.

The questionnaire is anonymous and we will not share your responses with anyone.

The survey output will be a benchmark report showing the results and enabling firms to gain a greater understanding of what is happening across the sector and where they are positioned.

Owing to so many people being away on holiday, we have extended the deadline for completion of the questionnaire to the end of August 2018.

To access the survey, please click here

Long-term savings: HM Treasury seeks views from advisers on pension cold calling proposals HM Treasury are consulting on a number of regulations as they implement their pensions cold calling ban. They have taken on board all of PIMFA’s suggestions and have asked us specifically to survey our membership as to what the impact of such a ban would be on legitimate businesses.

We would greatly appreciate you feedback on this. With that, or any questions you may have, please get in contact with Simon Harrington.

The Work and Pensions Select Committee inquiry The Work and Pensions Select Committee has launched an inquiry into pension costs and transparency.

We expect much of the focus of this inquiry will be on the adviser industry – specifically the charging structures of advice firms and the perceived prevalence of contingent charging.

PIMFA will be engaging fully with the inquiry and we invite members to feed in to the process should they have any thoughts.

To that end, or should you have any questions, please feel free to contact Simon Harrington.

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 through our committees, working parties and industry forums.

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 all the time 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 the latest PIMFA Consultation Papers Here

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 recent Press Releases Here.

Our latest releases include: •

PIMFA warns on the consequences of a no deal Brexit

•

PIMFA announces Fintech Competition Winners

•

PIMFA & industry representatives come together to tackle pension & investment transfers challenge

•

New draft template aims to help distributors meet their MiFID II responsibilities

•

PIMFA Launches Members Manifesto

PIMFA Blog For interesting thought-leadership and analysis on the current hot topics in our industry, PIMFA will be creating a regular blog which can found here.

The latest addition, PIMFA & The Wisdom Council research highlights the urgent need for consumer pension & savings education, discusses research by PIMFA and The Wisdom Council into the urgent need for financial education in schools.

This can be read by clicking here.

What is coming up in PIMFA? Annual Financial Adviser Dinner 2018 Tuesday 4th September, 18:30 – 22:30 Middle Temple, London Join leading industry figures, senior politicians and regulators as they gather for the high point in the financial adviser social calendar at the PIMFA Annual Financial Adviser Dinner 2018.

A continuation of the APFA Annual Dinner, this event provides a chance for likeminded professionals to discuss and share views as well as entertain guests, welcoming both former APFA and WMA members.

The event starts with a drinks reception, followed by dinner and speeches.

Keynote Speaker: Sir Steve Webb, Director of Policy and External Communications, Royal London

Single Ticket: £250 + VAT

Table hosting opportunity: £2,500 + VAT

If you’re a firm with less than 10 CF30s, individual tickets are discounts, costing £150 each. Please email events@pimfa.co.uk to book this ticket.

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PIMFA FinTech Conference 2018 Wednesday 12th September 2018, 09:00 – 17:00 London (Venue TBC) 5 CPD Hrs

Join us, on Wednesday 12th September 2018, as the Investment Management and Advice community comes together for the PIMFA FinTech Conference 2018. This a one-day event, giving attendees the platform to explore the advantages and potential risks of bringing together technology and the investment management and financial advice industry.

Industry experts will discuss the latest trends alongside demonstrations by FinTech start-ups, winners of our international FinTech competition 2018, which took place earlier this year. The day will highlight emerging revolutionary ways of thinking and working to provide solutions for corporate and enterprise customers.

Key topics covered: • •

The Digital Customer Experience

Creating Customer Engagement Through Digital Channels •

Digital Transformation of Back Office Processes • • •

Regtech

Cybersecurity

KYC & Onboarding

Sign Up

PIMFA & EISA Growing Financial Futures Seminar Series 2018 18th September – 15th November 2018 CPD:2 Hrs Free for Members and Non-members

This free regional seminar series, organised with the Enterprise Investment Scheme Association (EISA), aims to bring together all parts of the financial adviser, small business/entrepreneur communities for expert opinions, networking and advice.

Keynote Address by John Barrass, Deputy Chief Executive, PIMFA:

Brexit: “The Implications of the Outcome of the Final Withdrawal Agreement on Small Businesses, Entrepreneurs and Advisers”

Click on the regions below to view the full agenda: •

Liverpool – 18th September 2018 •

Belfast – 25th September 2018

•

Edinburgh - 4th October 2018

•

Birmingham – 9th October 2018 •

Bristol – 16th October 2018

•

Leeds – 7th November 2018

• •

London – 8th November 2018

Manchester – 15th November 2018

Other Speakers: Simon Harrington, Senior Adviser on Public Policy, will be speaking on “The new retirement – what is the role of financial advice in light of freedom & choice” Desmond FitzGerald – Senior Policy Adviser on Financial Planning & Advice, will

explore “defined benefit pensions and suitability”

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Associate Members Briefing and Reception Tuesday 2nd October 2018, 17:30 – 19:30 Farrer & Co, 20 - 23 Lincoln's Inn Fields, London, WC2A 3ED Free for Members

We will explore topics such as regulation, operations, taxation etc. There will be opportunity to discuss with PIMFA staff specific issues important to the membership.

This event also showcases our ongoing events and publications programme providing examples of how Associates can engage with Members and maximise the value they receive from their membership.

Attendees will also benefit from networking opportunities with other industry professionals over a drinks reception.

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PIMFA Annual Summit 2018 Wednesday 31st October 2018, 08:30 – 19:30 ETC Venues Bishopsgate, 155 Bishopsgate London 6 CPD Hrs The PIMFA Summit 2018 will be a unique opportunity to investigate and gain a comprehensive understanding of the issues that impact upon the investment

management and financial advice sector, providing an exceptional opportunity to debate on key topics facing our industry.

Hear from the leading figures across the world of business, finance and politics such as advisers to HM Government, FCA and the Vice Chairman of Economic and Monetary Affairs Committee in European Parliament.

*Keynote Speaker Announced* Sir Trevor McDonald OBE, Veteran ITN Presenter

Book Now

What's happening in our industry?

Monte Titoli Italian Financial Transaction Tax Service Firms will be aware that Monte Titoli will cease providing the Italian Financial Transaction Tax Service as of 1 January 2019.

We are attempting to identify alternative suppliers.

If you have identified another provider, or if your own firm offers this service, we would greatly appreciate it if you could advise Kevin Sloane.

FCA Retirement Outcomes Review final report and consultation Justin Corliss (Business Development Manager, Royal London) explains the recent FCA review of retirement outcomes.

On 28 June the FCA released the Retirement Outcomes Review (ROR) final report along with a consultation paper CP18/17, looking for feedback on the proposed changes. The consultation for investment pathways, cash defaults and actual

charges information closes on 9 August 2018. For all other proposed changes the consultation closes on 6 September 2018.

The report considers the efficiency of the retirement market since the introduction of pension freedoms. While there’s a significant focus on the plight of non-advised consumers, the findings are likely to impact the advised market too. The report focuses on retirement savings in pensions, referred to throughout this article as ‘retirement savings’.

Read the full report here.

Latest Industry Events The 2nd UK Robo Advice and Digital Wealth Summit Thursday 20th September 2018 London

The digital transformation of the financial services industry is continuing apace, and robo-advice and digital wealth management are a fast-growing part of this digital transformation. Originally conceived as a means of extending financial advice to the mass market, the technology’s real potential lies in its use being extended to insurance, pensions and other sectors.

Attendance at the second edition of The UK Robo Advice and Digital Wealth Summit will therefore be invaluable for both incumbents and start-ups that want to know how to adjust their business models to take full advantage of the significant opportunities presented by robo-advice and digital wealth management. This year’s conference will offer attendees the opportunity to listen to talks by a variety of high level speakers including the FCA’s Anna Wallace, who will be giving a keynote earlier on in the day.

Discussion topics include: Robo-advice: progress so far and opportunities ahead; Meeting the developing expectations of regulators; Robo-advice in the UK: a

country specific perspective; Customer acquisition and engagement; Increasing the granularity and quality of advice ; Outlook for robo-advice in the pension and insurance sectors; Robo-advice from two different angles: established financial institutions and fintech start-ups.

Delegate Fee: ÂŁ595 + VAT*

Small Company and Fintech Rate: ÂŁ199 +VAT*

*Get 20% off these rates by quoting the following discount code at registration: ROBO2PIMFA.

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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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