PIMFA WealthTech and Morningstar Launch Duty of Care Tech Challenge to Bring Together FinTech and Wealth Management Sectors

Posted on May 11, 2023April 30, 2025 by Sheena Gillett

PIMFA WealthTech and Morningstar Launch Duty of Care Tech Challenge to Bring Together FinTech and Wealth Management Sectors

11th May 2023

PIMFA, the trade association for the wealth management, investment services and the investment and financial advice industry, and its tech arm, PIMFA WealthTech, together with Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, launched the Duty of Care Tech Challenge to bring together the FinTech and Wealth Management sectors.

With a focus on customer centricity through Consumer Duty, there is a greater need for Wealth Managers to provide customers with more control and personalisation. One aspect of Consumer Duty is focused on consumer understanding. The consumer understanding outcome rules retain the obligation for firms to communicate information in a way which is clear, fair and not misleading. FinTechs are invited to provide technological solutions for Wealth Managers to navigate these rules and help their clients.

Morningstar is the principal strategic partner to PIMFA WealthTech and together, they are collaborating on a series of ‘Tech Sprints’ which have been designed to address common issues within the wealth management sector where a technology solution could offer the most effective solution for all parties. The first Tech Sprint will examine how customer focused technology can be best deployed to support the needs of wealth managers within the requirements of Consumer Duty. For the challenge, Morningstar will provide participating FinTechs with access to Morningstar Portfolio Analysis APIs covering asset allocation, geographic breakdowns, sector breakdowns, ESG metrics, risk scores, goal analysis and costs.

Keith Phillips, Executive Director of PIMFA WealthTech, commented: â€œThe Consumer Duty is a step change for the wealth management and advice sector and one that the Financial Conduct Authority (FCA) itself has warned firms they must take very seriously.

â€œThe role technology can play in helping firms meet the new requirements of the Consumer Duty and serve their clients better has the potential to be enormous. We’re delighted to be working with Morningstar on this important Tech Sprint and invite FinTechs that work in this space to participate and show the wealth management industry the type innovation and support they can offer.â€

Anastasia Georgiou, Director of Client Solutions, Advisor Segment, EMEA, Morningstar, commented: â€œWe are proud to collaborate with PIMFA WealthTech to help introduce new technology solutions from FinTechs to the Wealth Management sector.â€

â€œWith the Consumer Duty deadline fast approaching, these solutions could be pivotal to helping the industry find new, innovative ways of communicating with customers to help them understand financial products and services. Along with PIMFA, Morningstar is proud to help spearhead new innovations in this space.â€

PIMFA WealthTech has been created to specifically address digital business transformation through the development and adoption of market-leading technologies. As a digital marketplace and industry network, PIMFA WealthTech’s objective is to drive innovation and enhance collaboration between FinTechs (WealthTechs) and wealth management firms by creating environments which facilitate innovation and connectivity. PIMFA WealthTech operates an Advisory Council comprising 21 leading wealth management and financial advisory firms covering all segments of the UK wealth management sector.

FinTechs active in this area are invited to participate in the Duty of Care Tech Challenge and demonstrate how their respective technologies can make a difference to client engagement and understanding. PIMFA WealthTech are seeking high growth, market innovating scale-up firms who are typically post Seed/Series A funding. The companies should be enterprise-ready with a demonstrable minimum viable product and, ideally, already engaged with the financial services sector, although this is not essential.

Participating FinTechs will need to demonstrate how Morningstar data can be incorporated within their respective solutions using the APIs. As well as being recognised as a ‘Tech Sprint Innovator’ in PIMFA WealthTech communications, participating FinTechs will also have the opportunity to showcase their solutions to the industry at various industry events and briefings. A briefing session for chosen FinTechs will be held towards the end of May and FinTechs will be invited to showcase their solutions at a final Morningstar industry event on 4th July.

If you are a FinTech which fits the criteria and can demonstrate to wealth managers how your technology can benefit clients with the use of Morningstar data, please complete the registration form here for more information. Registrations are open now and will close on Friday 19 May 2023 at 5pm.

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About PIMFA WealthTech

PIMFA WealthTech is part of the Personal Investment Management & Financial Advice Association (PIMFA), the trade association for the wealth management, investment services and the investment and financial advice industry, spanning 13,000 regulated firms that collectively manage the interests of almost £1.7trillion.

It believes that collaboration is essential to solving industry challenges and brings together senior industry decision-makers to address the most important and complex questions concerning technology focus, partnering and adoption as it applies across the value chain.

Our market network and technology platform has been created to bring the most innovative and relevant WealthTechs to our sector. Our teams work alongside leading financial institutions to identify, prototype and deliver enhancing technologies and breakthrough solutions that generate competitive advantage and business impact.

About PIMFA

About PIMFA – the Personal Investment Management & Financial Advice Association

PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
The sector currently looks after £1.7trillion in private savings and investments and employs over 63,000 people.
PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.â€¯ Associate members provide professional services to the PIMFA community.
PIMFAâ€¯leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
Further information can be found at pimfa.co.uk

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, and institutional investors in the debt and private capital markets. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $249 billion in assets under advisement and management as of Mar. 31, 2023. The Company operates through wholly- or majority-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on Twitter @MorningstarInc.

Why Now Is the Time for Financial Organisations to Focus on Sustainability

Posted on May 10, 2023May 16, 2025 by Paul Holland

As one of the largest and most powerful industries in the world, financial services will play a vital role in this. The steps we take in the next few years will be crucial in working towards a low-carbon economy. Let’s explore why now is the time to take serious action.

So far, human activity has caused the average temperature of the earth’s surface to rise by 1°C, with the UK seeing an average temperature rise of 0.8°C over the past decade. The main contributor to this is carbon dioxide, with levels increasing by 45% since the industrial revolution.

While this may not sound dangerous out of context, drastic changes can already be seen across the planet, with sea levels rising by 20cm and extreme weather, such as frequent storms and heat waves, being responsible for 370,000 deaths and an estimated $660 (£450) billion worth of economic damage in the past decade.

Last year, COP27, an international summit involving delegates from across the globe, convened to discuss worldwide climate change and the collective next steps that needed to be taken. Hosted in Egypt, the event ran during November and concentrated on several key initiatives. These included:

Limit global warming to well below 2 c degrees increase and work hard to keep the 1.5 c target alive. During COP26, 190 countries agreed to phase down their coal power, along with ending and reversing deforestation by 2030, increasing the pace of transition to zero-emission vehicles, and cutting methane emissions by 30% by 2035.
Adapt to protect communities and natural habitats. This involved pledging funds to avert loss and damage for vulnerable countries across the world, including the implementation of disaster-resilient infrastructure and conservation efforts. Currently, there are unfinalised plans to double adaptation finance from 2019 levels by 2025.
Mobilise finance to fund the global shift to net zero. It is estimated that we will require $5-7 trillion per year to ensure full decarbonisation. However, only $88bn has been raised so far. Plans have been put in place to achieve $100bn by 2023.
Establish a fund to aid countries facing severe damage from climate change. This was the most significant achievement of COP27, with a dedicated committee being put in place to develop recommendations in time for COP28.

We witnessed mixed reactions to the outcomes of COP26; however, industry leaders are questioning the speed at which the proposed change will be brought about.

So, what can the financial industry do to assist with this? Firstly, banks will play a critical role in cutting emissions through carbon financing, prioritising greener investments and allocating capital to low-carbon and sustainable technologies. With leading banks estimated to have funnelled $742 bn into fossil fuels in 2021 alone, industry cooperation and transparency will be the key to ensuring this is tackled going forward.

Secondly, the creation of green finance standards must be completed to guide this greener way of investing. At present, there is no clear definition of what makes an investment ethical or sustainable, heightening the risk of greenwashing and leaving fund managers to rely on their own interpretations.

Finally, financial organisations, whether they are enterprises or small firms, must look to remove ecologically impactful practices and implement strong ESG goals within their own businesses. According to research, 70% of processes within financial services remain paper-based, and a cohesive industry effort will be needed to ensure significant results are felt. The recommended way to do this is by keeping up momentum for digital transformation.

Boosted by the pandemic, the industry has begun to shift online, and with it, we are seeing a decrease in environmentally harmful processes, such as print, pack, and post. The introduction of technology solutions, such as email solutions for secure document delivery, not only eliminates paper and contributes to wider sustainability efforts but can also cut a company’s operating expenses by 25%.

Entering 2023, each business, if they haven’t already, should be considering how to align their internal efforts to align with industry transformation and worldwide ecological change. While we are not yet out of time to enact change, we are fast running out, and how financial services conduct themselves within the next few years will be imperative to the future of our planet.

Paul Holland, CEO and Founder of Beyond Encryption,

paul.holland@beyondencryption.com.

PIMFA Spring Networking Reception 2024

We are delighted to announce that we will be hosting the PIMFA Spring Networking Reception on March 21st in London.

Due to the huge popularity of this event we are releasing a total of 5 tickets per firm in this instance. This might increase closer to the time if capacity allows.

This will be a great opportunity to network with industry colleagues, industry stakeholders and to celebrate all the great achievements the industry has collectively achieved in 2023.

Early booking is recommended, to book your place please contact the team on events@pimfa.co.uk
We look forward to seeing you there!

PIMFA Senior Leadership Summit & Dinner 2023

PIMFA has the pleasure to announce that the date has now been set for the upcoming PIMFA Senior Leadership Summit & Dinner 2023.

The event is open to senior member firm colleagues and strictly by invitation only. The aim is to provide a forum where relevant content will be presented and an opportunity for you to network with your peers will be provided.

The event is open to Wealth Management firms CEOs and nominated guests only.

If you have any interest in sponsoring or have any questions about this event please email events@pimfa.co.uk

PIMFA Compliance Conference 2023

We are proud to announce that the PIMFA Compliance Conference 2023 will be taking place on September 21st, in London AND online.
Hear from leading industry experts on the key issues facing compliance professionals in the investment management and financial advice world.
Bringing together a high-level audience who can engage with the experts, this conference will facilitate fruitful discussions with opportunity for questions and networking.

Who attends?

• Compliance consultants, Managers, Heads of, Group Compliance officers
• Risk professionals
• C-suite executives
• Heads of Finance
• MLRO
• Investment Managers and Directors
• Regulators
• Government bodies
• Policy advisers and professionals
• And many others

When booking your ticket please be sure to choose the correct option – IN-PERSON or VIRTUAL.

The Compliance Conference will be live-streamed on the day of the event and if joining virtually you will have the opportunity to ask questions live to speakers and panellists.

Those attending in person will have the opportunity to network with fellow industry colleagues, speakers and sponsors.

The early-bird discount is available until June 30th– prices will increase thereafter.

If you have any questions or have any interest in speaking or sponsoring this event please contact michellao@pimfa.co.uk

Venue:
Herbert Smith Freehills – Exchange House, Primrose St, London EC2A 2EG

PIMFA Under 40 Forum 2023

For the past 6 years, PIMFA has run the Millennial forum of individuals from our membership. This has since become the Under 40 Leadership Committee. Its purpose is to bring together bright minds to debate, research and consider pressing issues facing our industry. Their findings result in a report, which is published and widely circulated. You can download the 2022 report here

At the event on December 13, The Under 40 Forum members will be presenting their findings from their work this year, including topics which affect our industry. The day will also welcome industry expert speakers.

This event is free for PIMFA members to attend.

If you are interested in attending please contact the team on events@pimfa.co.uk – places are limited and will be allocated on a first-come, first-served basis.

Event Details:
Date: 13 December 2023
Times: 14:00 – 18:00
Venue: Fidelity International, 4 Cannon Street. EC4M 5AB

Morningstar Investment Conference UK 2023

The Morningstar Investment Conference is built around cutting-edge research, insights that bubble up the key messages of that research, and analysis that spots trends and patterns to help you see the big picture. And now’s the perfect time to put it all to work. It’s time to take stock of our goals, realise new opportunities, and build the future. Our flagship event helps investing professionals recognise lessons from the past, understand what’s happening now, and peek around the corner at what’s next.

Click here for more information and to book your place.

Consumer Duty and Vulnerable Customers

Posted on April 14, 2023April 30, 2025 by Nigel Ross-Scott

Since then, a lot has happened, including a global pandemic and harsh geopolitical and economic conditions, evidenced by the cost-of-living crisis.

The latest edition of the FCA’s Financial Lives survey, carried out between February and June 2022, makes for fairly bleak reading with the overall proportion of UK adults with characteristics of vulnerability increasing from 46% to 47% (mainly due to low resilience) – an increase of nearly 1 million. Against this backdrop, vulnerability considerations have become even more important and pressing.

In its Finalised Guidance in 2021, the FCA defined a vulnerable customer as “Someone who, due to their personal circumstances, is especially susceptible to harm, particularly when a firm is not acting with appropriate levels of care”.

This definition is very broad and is deliberately not restricted to certain identifiable groups (the elderly, the disabled, those with dementia, etc) but applies to anyone where circumstances or events place them in a vulnerable state and may affect anyone at various stages of their lives. Individual consumers may not acknowledge or even know that they are experiencing vulnerability.

In other words, anyone can be vulnerable.

And this is the very crux of Consumer Duty – to ensure that all consumers, irrespective of their situation, receive a good outcome.

Every customer, especially vulnerable ones, should benefit from the inclusivity of the new regulations, as stated in the introduction to the FCA’s final guidance, FG22/5, Section 1.27:

“We expect consumers with characteristics of vulnerability to benefit from the overall improvements in outcomes delivered as a result of the new Duty”.

The Duty makes clear reference to the fact that firms need to pay attention to the needs of customers with characteristics of vulnerability and there is an expectation that firms proactively identify the outcomes for different groups of customers, in particular vulnerable customers, as part of their target market analysis. Vulnerability considerations are a clear theme in implementing the new Consumer Duty outcomes: products and services should be designed to meet different needs and characteristics with appropriate features built in, e.g. forbearance, flexibility, more time to make a decision.

They must provide fair value, avoid causing foreseeable harm and support customers; communications must be understood by customers with characteristics of vulnerability and a firm’s approach to monitoring must identify where communications are not being understood and modifications and / or remedial activity is required to be carried out.

Customer support must be suitable for customers with characteristics of vulnerability and enable them to make full and effective use of products and services; governance and reporting arrangements must promote awareness of characteristics of vulnerability; and finally, documenting and monitoring the delivery of good outcomes to all consumers is crucial.

Given the increased emphasis Consumer Duty places on delivering good outcomes and treating customers fairly, firms are required more than ever to consider characteristics of vulnerability and have appropriate policies and processes in place. Firms should re-assess their current Vulnerable Customers framework to identify relevant data already available to inform policy, enable staff to provide reassurance and support to vulnerable customers and demonstrate compliance to the regulator.

The FCA’s new Consumer Duty clearly emphasises the importance of vulnerability considerations and reinforces the FCA’s previous guidance. Vulnerable customers should therefore rest assured that their customer journey will be improved. The focus of Consumer Duty is on ensuring positive outcomes for all consumers including those with vulnerable characteristics.

It raises the bar for everyone.

Ecospend joins PIMFA WealthTech as Innovation Partner to pioneer new Open Finance solutions for the wealth sector

Posted on April 13, 2023March 24, 2025 by Sheena Gillett

13 April 2023

Ecospend joins PIMFA WealthTech as Innovation Partner to pioneer new Open Finance solutions for the wealth sector

PIMFA WealthTech announces Ecospend as its new Innovation Partner to deliver proof of concept â€œPay by Bankâ€ solutions to help drive efficiencies and lower costs
Open Finance solutions have been designed to improve payment speed and efficiency while reducing fraud risk across the Wealth industry
Bringing all the benefits of Open Banking and Finance to the wealth management and financial advisory sector, there is scope to provide more data-based services in the future
Ecospend is the UK’s leading provider of Account-to-Account payments. It has processed over £12bn in payments for HMRC and has recently gone live with its unique offering for one of the UK’s largest investment platforms.

Ecospend, the UK’s leading Open Banking provider recently acquired by Trustly, has joined PIMFA WealthTech, the digital marketplace and industry network created to drive innovation and enhance collaboration between WealthTechs and wealth management firms, to provide a proof of concept â€œPay-by-Bankâ€ solution to its members.

Ecospend’s solution will allow clients of PIMFA WealthTech members to make payments directly to their accounts more easily and securely and without the need for cards.

The account-to-account or â€œPay-by-Bankâ€ solution initiates a direct bank transfer, removing the need to enter card details when completing a payment, which significantly reduces the chance of data entry errors and card fraud risk for wealth management clients. The payment is authorised via the client’s chosen online or mobile banking service, which typically makes use of biometric ID, creating a seamless and secure payment experience that requires no data input.

The ‘Pay by Bank’ method also bypasses card networks and interchange fees bringing cost savings, as well as efficiencies – the automated user experience removes the risk of human error and saves the time taken to reconcile manual bank transfers.

After assessing the Open Banking market, PIMFA WealthTech selected Ecospend as an Innovation Partner based on the quality of its technology and services and the robustness the solution that has already been demonstrated through its partnership with HMRC.

Ecospend has processed record-breaking volumes from HMRC, having passed £12.5bn since 2021. In addition, it has been developing a specialised service for the wealth industry and was selected last year as the provider to one of the UK’s largest investment platforms.

Keith Philips, Executive Director of PIMFA WealthTech, commented: â€œWe are delighted to welcome Ecospend to PIMFA WealthTech and believe their ‘Pay by Bank’ technology solution will prove very popular within the wealth management community. Not only does the solution substantially reduce the risk of fraud, it also significantly reduces interchange costs for businesses and provides an instant transfer of funds. I’m sure many wealth managers and investment platforms will take an immediate interest in this solution and look forward to working with Ecospend in offering this solution to the industry.â€

James Hickman, Chief Commercial Officer at Ecospend, commented: â€œWe are thrilled to be working with PIMFA WealthTech to develop cutting edge Open Banking payment options for its members. This is a great opportunity for the entire industry given the importance and reach of PIMFA WealthTech and we are thrilled to be working with the market leader – it’s the perfect response to changing consumer behaviours and digital adoption.â€

<ENDS>

Notes to Editors

About PIMFA WealthTech

About Ecospend

Founded in 2018, Ecospend is a UK based Open Finance technology platform provider. The beginning of 2021 saw Ecospend win the largest Open Banking contract with HMRC against over 80 companies. Ecospend now processes payments across all appropriate tax regimes including Self-Assessment, VAT, Corporation Tax and PAYE.

Its proprietary technology underpins a product portfolio which is divided into two core areas: Payments (pay-by-bank) services and Marketplace solutions. Authorised by the FCA for Payments (PISP) and Data (AISP), it has full API bank connectivity within the UK and is expanding its coverage in Europe.

In February 2023, Ecospend was acquired by the global account-to-account payments company Trustly. For more information, see:

https://www.ecospend.com/.

About PIMFA – the Personal Investment Management & Financial Advice Association

PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
The sector currently looks after £1.7trillion in private savings and investments and employs over 63,000 people.
PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.â€¯ Associate members provide professional services to the PIMFA community.
PIMFAâ€¯leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
Further information can be found at co.uk

Contact

For further information on this release or other press matters please contact:

PIMFA Communications and PR – +44 (0)20 7382 0376

Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225

For Ecospend:

Rostrum PR, Nick Andrews, senior account mananger – n.andrews@rostrum.agency + 44 (0) 7715267232

PIMFA CEO Consumer Duty Roundtable key messages and summary

Explore key messages and insights from the PIMFA CEO Consumer Duty Roundtable, focusing on enhancing consumer protection and industry best practices

PIMFA CEO Consumer Duty Roundtable key messages and summary now

Download

PIMFA welcomes industry guide on manufacturing, distribution, and co-manufacturing obligations under the Consumer Duty

Posted on April 6, 2023April 30, 2025 by Sheena Gillett

6 April 2023

PIMFA welcomes industry guide on manufacturing, distribution, and co-manufacturing obligations under the Consumer Duty

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, is pleased to announce the publication of a new guide aimed at helping advice firms and discretionary managers understand the circumstances in which they might be engaged in a co-manufacturing arrangement under the Consumer Duty.

The guide has been drafted by threesixty services LLP, with input and collaboration from PIMFA and DFM Connect, a group of firms providing discretionary services to advisers and their underlying clients. Firms may find it useful to consider this paper alongside another guide issued today on the structure of adviser/DIM relationships – this guide was first issued in October 2021 and has now been refreshed to take account of firms’ Consumer Duty obligations.

The Consumer Duty builds on the concept of ‘manufacturer’ that exists under the current Product Governance (‘PROD’) rules but also introduces the concept of ‘co-manufacturer’.

The purpose of the guide is to provide some clarity on the roles of manufacturers, distributors and co-manufacturers under the Consumer Duty, where advice firms and discretionary managers work together to provide investment solutions to retail investors. It explains what each of those terms means in simple language and provides examples and typical scenarios to illustrate the points. In many scenarios, firms will be performing multiple roles – for example: manufacturing a discretionary management service (‘manufacturer’) which is then distributed (‘distributor’) through advice firms. All parties in the distribution chain need to understand the role they are performing and what their responsibilities are.

Some arrangements may go beyond pure distribution arrangements and fall under the definition of ‘co-manufacturing’. Working out whether a ‘co-manufacturing’ arrangement exists requires careful analysis and subjective judgement. The answer will depend on a number of ‘indicators’ and crucially what happens in practice. The guide explains these indicators, including the position for white labelled or co-branded solutions. It also contains a checklist for advice firms and discretionary managers to use to establish whether a formal co-manufacturing arrangement exists under the Consumer Duty and what the implications of that arrangement are for each party.

Copies of this guide are available upon request from the threesixty services website, or by emailing threesixtyguides@threesixtyservices.co.uk.

Liz Field, Chief Executive of PIMFA, commented:

“The roles of manufacturers, distributors and co-manufacturers under the Consumer Duty have been the subject of much industry debate. Consequently, I am pleased to welcome today’s guidance, produced by threesixty services LLP in collaboration with PIMFA and DFM Connect. By describing the roles in greater detail and providing examples of how they apply in the context of different business relationships, the guide will help advisers and discretionary managers to ensure that they present their services to clients accurately and that their documentation reflects the true state of play.”

Vanessa Johnson, Head of Compliance Strategy at threesixty services, commented:

“It’s been a pleasure to work with a number of industry partners on this critical issue. We have received a large volume of queries from a wide range of firms on whether they are a manufacturer, distributor or co-manufacturer under the Consumer Duty. This guide explains the terminology, provides examples and crucially provides a checklist for firms to use to establish whether a co-manufacturing arrangement exists. It will help firms with their audit trail for recording what role they are performing for each of the products and services they provide to retail investors. We are delighted to bring some clarity to this area as firms continue with their Consumer Duty implementation.”

Sean Taylor, Chair of DFM Connect and Intermediary Development at Canaccord Genuity, commented:

“The Consumer Duty is set to be the biggest regulatory overhaul in a decade to how firms service consumers. As we rapidly approach the go-live date, it is my absolute pleasure to welcome this Industry Guide on manufacturing, distribution, and co-manufacturing obligations under the Consumer Duty. This guide serves as an invaluable resource for our sector and indeed the collaborative efforts of all involved in developing this document have been outstanding. As an Industry group we believe it will aid all firms across the landscape and is a most welcome addition to the toolkit”.

<ENDS>

NOTES TO EDITORS

About PIMFA – the Personal Investment Management & Financial Advice Association

PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

PIMFA Communications and PR – +44 (0)20 7382 0376

Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225

PIMFA welcomes updated guide on the structure of relationships between advice firms and Discretionary Investment Managers

Posted on April 6, 2023April 30, 2025 by Sheena Gillett

6 April 2023

PIMFA welcomes updated guide on the structure of relationships between advice firms and Discretionary Investment Managers

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, is pleased to announce publication of an updated guide for advice firms and Discretionary Investment Managers (DIMs) when structuring how they can work together.

In October 2021, threesixty services LLP, with input and collaboration from PIMFA and DFM Connect, a group of firms providing discretionary services to advisers and their underlying clients, drafted a guide on how the arrangements between advice firms and discretionary managers can be structured.

The paper set out how the relationships between adviser firms, their clients and DIMs could best be structured in line with the FCA rules on “Agent as Client” (COBS 2.4.3R) and “Reliance on Others” (COBS 2.4.4R). It highlighted the pros and cons and features of each model, allowing firms to make informed decisions about which is likely to work best for their business and their clients in any given scenario.

This guide has now been updated through a Consumer Duty lens. Firms may find it useful to consider this paper alongside another guide issued today that seeks to clarify manufacturer, distributor and co-manufacturer roles under the Consumer Duty.

The Consumer Duty aims to set higher and clearer standards of consumer protection across financial services. It requires firms to put their customers first and to evidence how they are doing this. To meet the Consumer Duty requirements, all firms need to show how they are putting their clients at the heart of their business, offering products and services that are fit for purpose and which they know represent fair value.

The Consumer Duty does not change the fundamental nature of how arrangements between advice firms and discretionary managers may be structured. However, each party to the arrangement will need to consider and ensure that it meets its own Consumer Duty obligations.

The Consumer Duty applies to firms dealing with retail clients. However, it also captures firms where there is no direct relationship between the firm and the underlying retail client, but where the firm is providing products and services into the retail client space. This is particularly relevant where advisers structure their arrangements with DIMs on the ‘agent as client’ basis. Firms must consider if there are retail customers at the end of the distribution chain and if they can determine or materially influence outcomes for them. Where this is the case, firms must comply with relevant aspects of the Consumer Duty.

Copies of the updated guide are available upon request from the threesixty services website, or by emailing threesixtyguides@threesixtyservices.co.uk.

Liz Field, Chief Executive of PIMFA, commented:

“With the Consumer Duty coming into effect in only a few short months, now is the right time for advisers and discretionary firms to consider how their relationships with each other and the way that responsibilities are divided between them work in the context of the Duty. I am pleased that PIMFA and DFM Connect have been able to work with threesixty services LLP to provide guidance that will help advisers and discretionary investment managers to meet the Consumer Duty’s key objective, namely, to ensure good outcomes for their clients.”

Vanessa Johnson, Head of Compliance Strategy at threesixty services, commented:

“It’s been a pleasure to work with PIMFA and DFM Connect in updating this guide. How arrangements between adviser firms and discretionary managers are structured remains a constant source of discussion. The Consumer Duty does not change the essence of how the arrangements are structured but it requires all firms to review their products and services and ensure that they meet the regulatory requirements.

“The key message of this updated guide has not changed. At the heart of these arrangements lies the client’s best interests. It’s therefore important each party understands the structure of the arrangements they set up and ensure their propositions meet the Consumer Duty outcomes.”

Sean Taylor, Chair of DFM Connect and Intermediary Development at Canaccord Genuity, commented:

“It is great to see the updated publication of this paper in light of the Consumer Duty focus that has inevitably raised many questions. This work has been the culmination of a collegiate and collaborative approach by all parties to an important issue in the DIM / Adviser space.

“To reiterate, there is no right or wrong answer to this matter, and relationship styles vary from client to client. What is important is that we all understand the risks and responsibilities of each relationship and have the appropriate agreements in place to match.

“I am particularly grateful to the DFM Connect member firms, threesixty services and PIMFA for the hard work and expertise they brought to this work.”.

<ENDS>

NOTES TO EDITORS

About PIMFA – the Personal Investment Management & Financial Advice Association

PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

PIMFA Communications and PR – +44 (0)20 7382 0376

Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225

Assuring Consumer Duty (Webinar): Aligning your programme with the FCA outcomes

The deadline for Consumer Duty compliance is fast approaching, and financial services organisations are working hard to ensure that they have the correct measures in place before 31st July 2023.

But with so many complex and far reaching programmes in flight, designed to implement an array of process changes and outputs, it’s important to ask:

How can you be sure that the customer outcomes resulting from your programme will genuinely meet the regulations?

In this webinar, Beyond’s partners Matt Neill and Matt Beattie will explain how to:
1. Map project outputs against the Consumer Duty outcomes and cross cutting rules
2. Identify gaps and shortfalls, and prioritise how they can be addressed
3. Define the data and reporting you need to be able to fully evidence to the regulator your compliance against the new rules

Beyond is a specialist consulting firm focused on helping operations, compliance and technology leaders deliver their most critical objectives, while providing them with the best possible experience. We operate exclusively within Financial Services, with expertise across banking, asset and wealth management, and insurance.

Speakers
Matt Beattie, Director at Beyond
www.linkedin.com/in/matthew-beattie/
Matt has over a decade’s consultancy experience working with financial institutions to deliver global transformation programmes focused on optimising client facing operations and delivering regulatory change.

Matt Neill, Director at Beyond
www.linkedin.com/in/matthew-neill1/
Matt has over ten years’ consultancy experience helping financial services clients navigate the ever-changing client lifecycle management landscape, building a strategic function that sets them apart from others.

To book click here

Contact details: Robin Sapherson, Head of Marketing, Beyond
robin.sapherson@beyondfs.co.uk
+44 (0)7900 65 1972

Focus on your client communication strategy to achieve continued AUM growth

Posted on April 3, 2023May 1, 2025 by Danny Baggs

The digital cracks are showing

When these favourable conditions ended in 2022, the true extent of clients’ digital expectations became evident. To put it bluntly, the cracks are beginning to show in underdeveloped digital initiatives. Now, wealth managers and private banks must look more strategically at ways to drive revenue through AUM growth, with a greater focus on costs.

For every in-person meeting or long client lunch, there is a disproportionate amount of communication taking place remotely. More importantly, these interactions represent the frontline for true relationship building. This is where the value of conversational engagement lies.

The most pertinent, well-informed clients who trust their advisers will make assertive and quicker decisions, increasing the client’s lifetime value.

Unlocking conversational engagement

Clients want to interact with advisers in a series of moments that matter, rather than single, drawn-out interactions. Used correctly, technology offers a way to engage across channels in a succession of high-touch or low-touch interactions that may incorporate, but don’t exclusively feature, the simple video calls we associate with remote service. At the low end, asynchronous messaging allows for more frequent yet meaningful client-adviser interaction; while at the high end, next-level collaboration capabilities offer instant, involved issue- or opportunity-exploration.

These preferences play into the wealth management sector’s hands, allowing for lower operational costs while also increasing adviser efficiency. However, with regard to frequent, low-touch communication, many clients are turning to the channels they’re more comfortable with. They may choose SMS, WhatsApp, or some other social messaging tool to communicate with their adviser – all of which can open firms up to risk.

Mitigate risk with convenient, secure messaging

With messaging only set to become more pervasive, now is a good time to understand how it can be incorporated into your digital strategy to offer unparalleled convenience in a manner that is also secure and compliant.

In my role as Director of Marketing UK at Unblu, my frequent meetings with wealth management leaders has convinced me that messaging will grow in importance in the years to come. For firms and private banks, the onus is on them right now to develop a robust digital infrastructure that effectively balances convenience and compliance.

The favourable market conditions may have faded, but conversational engagement holds the key to continued accelerated AUM growth, unlocking long-term value for private banks or firms in the process.

Danny Baggs, Director of Marketing UK, Unblu

www.unblu.com

Unblu aids the role of an adviser to engage and collaborate with clients in ways that are convenient and efficient as well as secure and compliant.

PIMFA D&I Awards 2023

PIMFA is the trade association for the wealth management, investment services and financial advice sector. One of its roles is to promote talent, diversity and inclusion within this space, highlight best practice and develop initiatives to help build an industry which better reflects its increasingly diverse customer base.

There are many instances of good practice which remain hidden or unrecognised. Businesses both large and small will have examples of innovation aimed at improving their inclusivity and performance, which in turn drives positive change across the industry.

Further, there is a stream of exceptional, diverse talent coming up through the ranks in our industry that is changing businesses for the better, engendering greater support for diverse communities and clients, and helping to develop and lead innovation.

We have launched the PIMFA D&I Awards to celebrate this.

The Awards are FREE to enter and open to all firms and stakeholders in the sector – you do not have to be a PIMFA member to enter.

If you have any questions about booking your table for the 2023 Awards ceremony, please contact PIMFA’s Events Team on events@pimfa.co.uk.

CLICK HERE TO VIEW THE 2023 CATEGORIES AND FURTHER INFORMATION

New Disclosure rules must be fit for purpose

Posted on March 22, 2023April 30, 2025 by Nigel Ross-Scott

The sheer amount of information which a KID must contain as a result of the regime can be overly complex, contains too much jargon and can be difficult to use for comparisons between different investment products. This brings the unintended consequence of confusion on the part of potential investors, which has been borne out both by client experience and our members’ feedback.

In our responses to both the Treasury’s recent consultation on the repeal of the PRIIPs regime and the FCA’s Future Disclosure review, we are supportive of the FCA’s wider review of the disclosure framework as well as HM Treasury’s decision to repeal the PRIIPS regime, in particular where this pertains to the availability of bonds for retail investors.

However, given the high-level nature of the FCA’s discussion paper in particular, we consider that there is still significant work to be done in order to deliver a UK-centric framework which is fit for purpose moving forward.

Looking at the broader disclosure landscape, PIMFA believes the focus current review must look hard at the broader purpose of disclosure and on what this can realistically be expected to achieve. Clients frequently identify the huge amounts of mandatory information they receive as one of the most negative features of their investment experience. Consumer engagement is unlikely to improve unless this can be significantly reduced and simplified.

In light of this, PIMFA has created a six-point plan of reform to the disclosure requirements and is calling on the FCA, in conjunction with HM Treasury, to:

reduce the weight placed on disclosure as a regulatory tool, recognising both low levels of consumer engagement and low levels of financial literacy in the adult population
reduce the range of assets subject to any post-PRIIPs product regime by excluding assets such as retail bonds and convertibles, and focussing on mass market products such as funds
take advised business out of the post-PRIIPs product regime, relying instead on the suitability letter to provide consumers with information that is tailored to their needs and circumstances
develop “headline” disclosures that are short and pithy, focussing on “The six things you need to know about this product before buying”
publish a coherent programme for reviewing retail disclosure across the board – not just PRIIPs, but all rules requiring information to be provided to clients under the Markets in Financial Instruments Directive, Insurance Distribution Directive (IDD), Distance Marketing Directive (DMD) etc.
create a central retail disclosure sourcebook in the FCA Handbook, making it easier for firms to identify and comply with the wide range of rules relating to information provision.

We have an opportunity here to re-think disclosure from first principles – to create a simpler, more impactful disclosures regime for self-directed clients and to consider how information provided to advised clients can work with other regulatory protections, such as Consumer Duty, to deliver better outcomes and a more robust, UK-centric regulatory framework which is fit for purpose moving forward.

March 1, 2023

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D&I – what are the issues and how to get it right?

The business case for diversity and inclusion is stronger than ever before, but barriers and misconceptions around data and quotas still abound today. To support PIMFA member firms tackle these issues, Clyde & Co employment team specialists Chris Holme and Vicky Jervis take a closer look at why member firms should pay particular attention to inclusion and what efforts they can make to drive real...

The primary goal of digital wealth tools should be ROI

Posted on March 1, 2023May 16, 2025 by John Ennis

A premium UX and innovation are important, but a successful digital strategy should be aligned with commercial goals, suggests John Ennis, Managing Director at CREALOGIX for Northern Europe, APAC and MME.

Digital and hybrid wealth services are a must-have for modern wealth management firms. There is a lot of potential in digital technology to deliver a premium, personalised experience but before firms get swept away by the bells and whistles, the most important goal has to be ROI. The digital strategy should be closely aligned with the commercial strategy to deliver these returns.

Assemble the right team to avoid delays

Implementation delays can add significantly to the cost of a project. This is often due to the late inclusion of further requirements and, to avoid this, it’s important to get all the key stakeholders involved before the supplier is selected. The IT team may be driving the project, but operations, compliance, finance, marketing and the client management teams should all be involved in setting the requirements. A cross-functional project team will not only make the business case stronger and help to gain support from the C-Suite but will also ensure that the project adds value to the business and supports the firm’s strategic goals.

Clear goals at the outset puts ROI in the spotlight

A digitalisation project should have both long-term and short-term goals that relate to the firm’s strategic priorities relating to cost savings, improved efficiency, customer service and commercial growth. These goals may include modernisation of technology to reduce friction and increase efficiency, cutting paper use to reduce administrative costs and attracting more clients. The goals should relate directly to commercial aims, such as growing assets under management or increasing the Customer Lifetime Value.

Quick win KPIs in digital projects

Many of the success factors in digitalisation will have a long-term effect, but to build support for continual investment and improvement in the solution, some quick wins will support the case for further innovation. While factors such as client loyalty and lifetime value are longer term aims, some short-term measures can help to build confidence and consensus within the organisation. This can be measured by considering the digitally addressable customer base, monitoring digital satisfaction or NPS scores and the cost savings that come from the proportion of clients that opt to go for paperless services.

Measurable success metrics

While qualitative data on the project are valuable, it’s important to put some numbers behind the project to show ROI. Examples of relevant metrics include measurement of the volume and handling of customer support enquiries; recency of suitability and fact find data and the conversion rate or duration of newly onboarded clients. Firms that achieve measurable and commercially impactful wins at an early stage will make it easier to align leadership and all stakeholders around future innovation.

Learn more about how to deliver demonstrable ROI from your digital projects in our free e-book.

SEIS Webinar for Financial Advisers

Register now for this free, one-hour webinar on SEIS investment for financial advisers from the Enterprise Investment Scheme Association.

The webinar will be hosted by EISA Director General Christiana Stewart-Lockhart, and will feature:

-️ Alistair Marsden (Director, Nova Growth Capital)
-️ Jeffrey Faustin (Chief Investment Officer, Jenson)
-️ Jessica Fox (Business Development Manager, Haatch)
-️ Sunil Shah (CEO, o2h Ventures)

During the webinar, our host and expert panellists will discuss:

✅ Details of the Seed Enterprise Investment Scheme (SEIS)
✅ An overview of what investing in an SEIS fund looks like
✅ Last minute tips
✅ The proposed changes to the scheme from April 2023
✅ Key things to consider
✅ Examples of investee companies

This will be followed by a Q&A session, where attendees will be welcome to ask our panellists questions.

The webinar is fully CISI CPD qualifying for attendees.

The webinar is a production of the Enterprise Investment Scheme Association (EISA), the official membership organisation for the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme.

With thanks to our sponsors Nova Growth Capital, o2h Ventures, Jenson Funding Partners and Haatch.

To register your place click here.

Please note: We, the EISA, may share your personal data with third parties in certain circumstances including (but not limited to) our sponsors. Before we disclose personal data to a third party, we take appropriate steps to ensure that the third party will protect personal data in accordance with applicable privacy laws and in a manner consistent with our privacy policy, which can be accessed here: https://eisa.org.uk/about-eisa/privacy-policy/

For further information please contact Mary Rodgers at mary.rodgers@eisa.org.uk

Financial Ombudsman Service: The Technical Desk has become the Business Support Hub

Posted on February 28, 2023May 16, 2025 by

Since our inception in 2001, our Technical Desk has been helping organisations resolve disputes.

In the 12 months ending December 2022, we received more than 10,000 enquiries from over 1,400 different businesses. Their feedback – whether through surveys or anecdotal – confirms we’re making a difference. When we recently surveyed callers, all of them told us we’d given them the guidance that helped them resolve matters with their customer.

Since I joined the Financial Ombudsman just a few months ago, I’ve been so interested in this side of our work I wanted to help spread the word about it. And, although many businesses get in touch, we thought now would be a good time to remind the industry how we can help before cases reach us.

Becoming the Business Support Hub

With this in mind, we felt the name ‘Technical Desk’ needed a refresh.

Over the years, we’ve had calls about IT (which we can’t help with) and from consumers, who we refer to our Consumer Helpline. At a recent event, we were called the service’s ‘best kept secret’, so we decided it was time to take action.

We wanted a name that makes it clear who we are and what we do. We’re here to support:

financial businesses
professional representatives of consumers, such as complaint management companies, and
consumer adviser organisations, like National Debtline and Citizens Advice

The name ‘Business Support Hub’ reflects our role more accurately as we’re here to support organisations in a range of ways.

How we support financial businesses

We can help with disputes about any regulated product or service, as well as general queries and emerging issues.

If you contact us about an issue raised by a customer, we’ll guide you on what you need to consider and, if appropriate, how to make things right. We might reach out to casework colleagues for guidance on new and evolving issues before giving you an answer.

Any guidance we give will only be based on what you tell us. We can’t foresee what the outcome might be if a consumer later asked the service to look into the matter.

Helping you support vulnerable customers

As the cost-of-living crisis bites, vulnerability – especially low financial resilience – is affecting an increasing number of consumers.

In our survey of callers, almost 93% of our users said they’d call us for guidance on handling complaints from vulnerable customers. Others didn’t know that we could help with that.

So, as part of our rebrand, we want to make the industry more aware that we can offer guidance about our approach to a wide range of circumstances, including supporting vulnerable customers with a complaint.

Different name, same great service

We may have changed our name, but our remit and commitment remain the same. We are still here to support you with queries. Among other things, our Operational Contact and Business Support Hub colleagues will continue to share insights – both at industry events and through our communications – on working with organisations to help settle complaints.

The guidance we give is free, confidential, informal and not binding.

So whether you need help finding a fair and reasonable solution to a tricky complaint – or just want a second opinion – the Business Support Hub can help. Please call or send us an email.

Karl Khan, Chief Operating Officer, Financial Ombudsman Service

Karl is responsible for the Casework Operations function at the Financial Ombudsman Service which includes oversight of customer experience, quality and operational performance.

EISA Webinar for Financial Advisers

Register now for this free, one-hour webinar (10am-11am) on EIS investment for financial advisers from the Enterprise Investment Scheme Association.

Please register here

During the webinar, our host and expert panellists will discuss:

✅ An overview of what investing in an EIS fund looks like
✅ Key considerations when investing
✅ Examples of investee companies

The webinar will be hosted by EISA Director General Christiana Stewart-Lockhart, and will feature:

-️ Alistair Marsden (Director, Nova Growth Capital)
-️ Andrew Noble (Partner, Par Equity)
-️ Jeffrey Faustin (Chief Investment Officer, Jenson)
-️ Jessica Franks (Head of Investment Products, Octopus Investments)
-️ John Glencross (CEO and Co-Founder, Calculus Capital)
-️ Sunil Shah (CEO, o2h Ventures)

This will be followed by a Q&A session, where attendees will be welcome to ask our panellists questions.

The webinar is fully CISI CPD qualifying for attendees

With thanks to our sponsors Calculus Capital, Jenson Funding Partners, Nova Growth Capital, Octopus Investments, 02h Ventures and Par Equity.

To register your place click here

For further information please contact Mary Rodgers at mary.rodgers@eisa.org.uk

Focus: Creating Connections

PIMFA WealthTech and Morningstar Launch Duty of Care Tech Challenge to Bring Together FinTech and Wealth Management Sectors

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The primary goal of digital wealth tools should be ROI

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