Who is PIMFA
The Personal Investment Management and Financial Advice Association (PIMFA) is the trade association for firms that provide investment management and financial advice to help individuals and families plan for their financial life journeys.
PIMFA’s membership consists of two groups – full members who provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies, and associate members who provide professional services to our member firms.
Through the newly created PIMFA, the collective experience of the WMA and APFA (see ‘Our History’ below) is leveraged into a stronger, united voice that lobbies for the combined membership, while unlocking many other benefits.
Our mission is to create an optimal operating environment so that our member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
What we Do
1. Represent the diverse range of firms in the investment and financial advice industry with a unified voice
2. Provide industry thought leadership, consolidating our extensive technical insights and expertise in research and policy work
3. Lead the debate on policy and regulatory recommendations to ensure an optimal operating environment for firms and clients, maintaining the UK’s position as a leading global centre of excellence
4. Through our advocacy work, we promote the industry as a key catalyst to develop a culture of savings and investment in the UK
5. Promote a greater understanding of the sector and its role as a beneficial force in transforming the way people save and invest for the future
6. Facilitate dialogue across industry stakeholders, while developing best-practice guidance
On 1st June 2017 the two leading UK trade associations in the investment management and financial advice sector , APFA and the WMA, merged to create the Personal Investment Management & Financial Advice Association (PIMFA).
The Association of Professional Financial Advisers (APFA) was the representative body for the financial adviser profession. APFA formed in 1999 as the Association of Independent Financial Advisers (AIFA). Following the Retail Distribution Review (RDR), the association changed its name in November 2012 to APFA (Association of Professional Financial Advisers), and represented independent or restricted financial advisers and networks of advisers.
At the time of the merger there were approximately 14,000 adviser firms employing 81,000 people. 40% of investment and protection products were sold through financial advisers, with annual revenue estimated at £3.8 billion (£2.2 billion from investment business, £1.2 billion from general insurance and £400 million from mortgages). Over 50% of the population ranked financial advisers as one of their top three most trusted sources of advice about money matters. As such, financial advisers represented a leading force in the maintenance of a competitive and dynamic retail financial services market.
The Wealth Management Association (WMA) was created as a trade association in 1990 and was originally called the Association of Private Client Investment Managers and Stockbrokers (APCIMS).
APCIMS mission was to represent the interests of stockbroking firms which specialised in providing services for individual investors balancing the powerful influence of major investing institutions. From 1994 the membership was extended to include investment managers. On 1st October 2013 APCIMS re-branded as the Wealth Management Association (WMA) as a more accurate representation of the breadth of its membership spanning the investment spectrum from Execution Only services through to Advice and Discretion.
At the time of the merger WMA represented 180 wealth management firms and associate members that provided a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. These members firms looked after over £825 billion of wealth for over 2.2 million retail investors – comparable in value to around 40% of GDP. These firms operated across more than 580 sites, employed over 27,000 staff, ran over 5.5 million client portfolios and carried out over 20 million trades a year.
PIMFA is proud to have working relationships with the following organisations:
- All Party Parliamentary Group (APPG)
- Association of Investment Companies (AIC)
- Association of British Insurers
- Association of Financial Markets in Europe (AFME)
- Auditing Practices Board
- Bank of England
- Brussels-based think tanks eg. Bruegel, CEPS and Finance Watch
- Chartered Institute for Securities & Investment (CISI)
- CICERO Group
- Council of the EU and Members
- Department for Business, Energy & Industrial Strategy
- Euroclear UK & Ireland (EUI, ‘Crest’)
- European Banking Authority (EBA)
- European Commission
- European Insurance and Occupational Pensions Authority (EIOPA)
- European Parliament
- European Retail Financial Forum (ERFF)
- European Securities & Markets Authority (ESMA)
- Financial Future (FF)
- Financial Ombudsman Service (FOS)
- Financial Reporting Council (FRC)
- Financial Conduct Authority (FCA)
- Financial Services Compensation Scheme (FSCS)
- Guernsey Financial Services Commission
- HM Treasury (HMT)
- HM Revenue & Customs (HMRC)
- House of Commons Treasury Select Committee
- House of Lords: European Committee
- The Investment Association (IA)
- Institute of Chartered Secretaries and Administrators (ICSA)
- Irish Stock Exchange
- Isle of Man Financial Services Authority
- Jersey Financial Services Commission
- Joint Money Laundering Steering Group (JMLSG)
- Joint Trade Association Group (JTAG)
- London Stock Exchange (LSE)
- London Clearing House (LCH)
- National Crime Agency (NCA)
- Office of Fair Trading (OFT)
- Prudential Regulatory Authority (PRA)
- Quoted Companies Alliance (QCA)
- Society of Trust and Estate Practitioners (STEP)
- Takeover Panel
- Tax Incentivised Savings Association (TISA)
- The CityUK
- Trade Association Consultative Committee (TACC)
- UK Finance
- UK Financial Investments (UKFI)
- UK Shareholders Association (UKSA)
- Various other UK & European trade associations