Focus: Supporting Practice
Summary table of Financial Conduct Authority – Policy Statement 26- 6 SMCR Review
PIMFA full summary of FCA – Policy Statement 26- 6 Senior Managers & Certification Regime Review
Read the PIMFA full summary of FCA – Policy Statement 26- 6 Senior Managers & Certification Regime Review
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Senior Managers Certification Regime (SMCR)
SMCR (Senior Managers and Certification Regime) ensures accountability, clarifies roles, and enhances individual responsibility within financial services firms.
PIMFA has the pleasure to announce that the date has now been set for the upcoming PIMFA Senior Leadership Summit 2026. The event is open to senior member firm colleagues,…
Date & Time: 25th Nov 2026 (12:00) - 25th Nov 2026 (19:00)
Location: IET London
Summary table of Financial Conduct Authority – Policy Statement 26- 6 SMCR Review
Summary table of Financial Conduct Authority – Policy Statement 26- 6 SMCR Review
HR Briefing: Neurodiversity and HR: Good Intentions Are Not a Strategy June 2026
In this briefing for HR leads, hosted by PIMFA and delivered by Clyde & Co, we will cover the most common neurodivergent conditions, the reported numbers of employees with neurodivergent conditions, and we will seek to remove any stigma around these conditions.
We will also unpack the practical HR and legal realities of supporting neurodivergent employees who are having difficulties in the workplace.
From recruitment and reasonable adjustments to performance management, the session will focus on where firms may be able to improve (and where difficulties may arise) and what firms can do to their own benefit and the benefit of their employees.
Discussion points include:
- the most common neurodivergent conditions and some facts around neurodivergent conditions
- what firms can do to support neurodivergent employees
- when and how the Equality Act 2010 may be relevant
- where HR policies and processes can help
- how reasonable adjustments may work
- challenges firms need to navigate
- the risks and issues of getting it wrong
PIMFA Guest Blog SOLVE Part 2 of 3 – Operations: Reshaping the Core
Operations: Reshaping the Core
Operations determine whether AI can function safely, consistently, and at scale.
Operational readiness for AI starts with visibility: you cannot reshape, automate, or augment a workflow you cannot see. Whether a firm is deploying GenAI, agentic AI, predictive models, or deterministic automation, each requires explicit steps, clear decision points, and a stable foundation. Without that, the technology will infer, guess, or execute the wrong pattern at speed.
Many wealth and asset management firms underestimate how much operational precision AI requires. Teams will often operate on informal habits. Managers assume a neat happy path that rarely exists. AI applied to undocumented workflows magnifies inconsistencies, through inference (in GenAI), rigid execution (in agentic AI), or replication of historic patterns (in predictive models). Mapping workflows reveals bottlenecks, hidden handoffs, exceptions and allows firms to identify where AI fits and (critically) where workflows should be redesigned instead of just enhanced.
Beyond workflow documentation, task-level detail provides the context and explicit instructions AI needs. Decision boundaries matter too. AI cannot guess where human judgement starts and stops, and missing boundaries create risk.
Lastly, establish operational baseline metrics before applying AI systems. If you don’t know how long tasks take, how often they need correcting, or how many get completed, improvement from AI becomes a matter of opinion. Baselines make it possible to quantify whether AI is actually helping, where adjustments are needed, and when a use case is ready to scale.
Client Experience: Where the Return Shows
Client Experience (CX) is where AI proves it was worth the investment.
The research supports this. AI-enabled engagement tools that reduce effort, increase personalisation, and improve clarity significantly lift customer-perceived value (Hollebeek et al., Psychology & Marketing, 2024). Service efficiency improvements driven by AI correlate strongly with higher satisfaction and loyalty intentions (Singh & Singh, Cogent Business & Management, 2024). For wealth and asset managers this means that AI earns its return when clients see a difference.
Many firms focus on back-office gains and treat CX as secondary. You end up with AI that improves processing but not client outcomes – no visible uplift in quality of service, and weak commercial justification for continued investment. The result is efficient but mediocre: smoother operations delivering the same client experience as before.
Better client experience should be the test of whether AI is working. Start by considering client outcomes when designing AI solutions. Whether serving individuals, advisers, or institutional allocators, AI should enhance clarity, speed, and relevance for clients, and do so transparently. Also, equip client-facing teams with AI that elevates interactions. Advisers and RMs need summarisation and contextualisation; Distribution and Investment teams need tools that synthesise information and improve reporting quality.
Measure CX impact directly. Track turnaround times, issue resolution, communication relevance, and client engagement. These metrics strengthen the business case and demonstrate value outside the firm – turning AI from an efficiency initiative into something that has a noticeable (positive) impact on clients.
Before Part 3
Operations hands AI the structure to work safely and consistently at scale. Client Experience is where that capability reaches clients and earns its return. Together, they turn AI strategy into impact (and separate firms genuinely transforming from those running experiments that fail to scale).
In the final part of this series, Part 3 ,we cover Talent and Controls – the human and governance dimensions – and provide a consolidated view of how all six pillars work together. This article will be published in the May edition of the PIMFA Journal
PIMFA Regulatory Insights Tracker April 2026
PIMFA response to Consultation: The Appointed Representatives Regime
PIMFA Webinar: Data as a Product: Turning Your Fragmented Data into Decision Advantage 2026
Most advice firms are not short of data. They are short of data they can actually use.
Critical information is often trapped across disconnected systems, buried in silos and too far removed from the decisions that matter most. The result is slower decision-making, weaker insight and AI ambition built on shaky foundations.
The wealth managers moving ahead are doing something different. They are treating data as a product: structured, usable and built around the decisions the business needs to make faster, better and with more confidence.
In this FREE 60-minute webinar, in partnership with Publicis Sapient, we explore what that shift looks like in practice, from connecting fragmented data, intelligence, and AI into a unified decisioning layer that enables faster, more confident business decisions.
Key takeaways:
- How to connect fragmented data into a unified intelligence layer across the business
- What it takes to structure data as a product to enable scale, ownership, and AI-readiness
- How to embed AI into workflows to move from insight to action
- Where leading firms are creating speed, clarity, and cross-functional decision advantage
PIMFA Key Successes Overview 2025/26
PIMFA Key Successes 2025/26
Application to attend the PIMFA Women’s Symposium 2026
Application to attend the PIMFA Women's Symposium
The AI Leaders Incubator Programme June 2026
2023 woke us up to AI.
2024 got us experimenting with AI.
2025 proved what’s possible.
2026 is when wealth managers scale AI with discipline, confidence and measurable ROI.
Most firms are no longer asking whether AI matters. They are asking where it delivers real value, how to govern it properly, and how to move beyond pilots without creating new risk.
That is where the PIMFA AI Leaders Incubator Programme comes in.
Delivered in partnership with Publicis Sapient, this hands-on, one-day programme is designed for senior leaders in wealth and advice who need to turn AI ambition into practical, defensible action. It is not a conference, not passive learning, and not AI theatre. It is a working environment where firms test ideas, shape use cases, build business cases and leave with a clearer route to execution.
Cohort 1 in February 2026 has already shown what this can unlock.
Leaders with little or no coding experience from firms including Quilter, Evelyn Partners and Absolute Financial reported a 50% increase in confidence in sponsoring or constructively challenging AI initiatives inside their firms.
100% said the Incubator improved their ability to identify strong AI use cases and strengthened cross-functional collaboration.
75% said it improved their ability to prioritise AI initiatives based on risk and value.
What participants valued most:
- A more actionable way to think about risk and prioritisation
- Greater confidence to think bigger about AI, without losing control
- Practical tools to build a compelling business case
- A clearer blueprint for turning ambition into implementation
Cohort 1 left with more than inspiration. They left with a clearer grip on risk, a stronger business case for action and greater confidence in how to turn AI ambition into practical progress.
“A more actionable way to tackle risk and prioritisation.”
“Permission to think bigger about what AI could do, without losing sight of human oversight, validation and learning.”
“The right tools to build a compelling business case for AI, grounded in meaningful, practical value across the business.”
“A clearer sense that while AI can feel new and overwhelming, implementation is tangible and practical if you follow a blueprint, test, learn and build with intent.”
The Incubator is built to help senior leaders answer the questions that matter most:
- Where can AI genuinely improve performance?
- Which use cases are worth backing?
- How do we balance opportunity, risk and regulation?
- How do we build a credible business case for action?
As an Incubator participant, you’ll work alongside seasoned AI practitioners and peers to develop use cases, test ideas, strengthen governance thinking and build a more confident narrative for change inside your firms.
As a senior leader, you’ll leave the Incubator with:
- clearer, higher-value AI use cases
- stronger cross-functional alignment
- a sharper view of risk, value and prioritisation
- greater confidence to sponsor, challenge and lead AI initiatives internally
Who’s the AI Leaders Incubator for?
You’re a senior leader, not a coder. No background in IT or data science required. You’re the decision-maker in your firm, shaping digital strategy, driving innovation, and making the big calls on investment, risk, and transformation. You’re ready to turn data and AI into your next competitive advantage. The AI Leaders Incubator is built for senior executives who want to move beyond experimentation and make AI real, embedding it into operations, culture, and strategy to deliver measurable business results.
Enrolment
Enrolment is now open for Cohort 2 of the AI Leaders Incubator. Places are limited to one senior leader per firm and will be allocated on a first-come, first-served basis. Please note that each applicant’s level of seniority will be reviewed by PIMFA and admission will be subject to our final approval.
Still have questions?
Please contact:
Philip Allen, Head of Learning
learning@pimfa.co.uk
UKPG Survey 2026
This survey is being conducted on behalf of the UK Platform Group (UKPG) to gather member feedback on key industry priorities, regulatory focus areas, shareholder rights practices, and STAR MI participation. The survey consists primarily of multiple choice questions and should take no more than 10 minutes to complete. Your input will help shape UKPG’s focus and activity over the coming year. Thank you in advance for your time and support on this important request.
The revolution will not be technologised
Cyber Uncovered – Cyber Risk Management Vs IT: What’s the Difference?
Your IT provider keeps your systems running. But who is responsible for understanding, measuring and reducing cyber risk?
Many organisations assume cyber security is already covered, yet attacks continue to cause disruption, financial loss and reputational damage. IT services and cyber risk management serve different purposes, and confusing the two can leave significant gaps.
In this session, Kerrie Machin from Mitigo is joined by Alastair Huntingford, Director at Managed Service Provider (MSP), NDaxi, to discuss the practical differences between IT services and cyber risk management and why businesses need independent oversight, alongside their internal and external IT support.
Key Takeaways:
The differences between IT services, MSP support and cyber risk management.
Why cyber risk cannot be fully addressed through IT alone.
An MSP perspective on where responsibilities realistically begin and end.
Why independent oversight is necessary to gain a clear view of cyber risk.
The questions leadership teams should be asking to understand whether they are truly protected.
Register today to gain a clear understanding of how IT services and cyber risk management differ – and why both are essential.
DFM Connect response to DP25/3: Expanding Consumer Access to Investments
The PIMFA Customer Vulnerability Learning Programme 2026
Six live online sessions.
Five lived-experience spotlights.
One sector standard.
In March 2025, the FCA published its review of Customers in Vulnerable Circumstances. In April 2025, PIMFA published its own ‘Understanding Customer Vulnerability’ Guide.
The Customer Vulnerability Learning Programme (CVLP) is the only training in the sector that integrates both.
Built specifically for wealth managers, private banks and advice firms, the programme takes teams beyond awareness and into evidenced capability — helping firms meet FCA expectations, strengthen Consumer Duty outcomes and build more consistent support for customers in vulnerable circumstances.
Book one place. Bring a colleague for free.
For this cohort, firms can book one place and bring a colleague at no additional cost.
Use code CXQ8HTTW at checkout to secure two places for the price of one.
This is ideal for firms that need to build consistent capability across Compliance, Consumer Duty, Vulnerability, Client Services, Operations, Risk and frontline teams.
Built on FCA expectations. Proven with PIMFA members.
Cohort 1 launched last year and brought together 27 senior practitioners from leading wealth managers, private banks and advice firms. Participants rated the programme 4.78/5 overall and 4.89/5 for relevance to their role.
Here is what they told us:
“The combination of lived experience from consumers and expert knowledge of the course tutors really added value across a challenging programme in a short space of time. Definitely worth the cost.” Head of Compliance, Wealth Management firm.
“I would encourage anyone working with or involved in vulnerable client reviews to attend this course. Very knowledgeable and personable presenters, good engagement from all participants, and the lived experiences were really useful in understanding specific vulnerabilities from the client’s perspective — not just a business process. Absolutely recommend.” Consumer Duty Manager, Private bank.
“As someone already passionate about vulnerable client characteristics, this helped solidify the work already done, what more is needed, and gave affirmation that the journey I am leading our firm on as SME is the right one — and for the right reasons.” Vulnerability Lead, Advice firm.
Why does this matter now?
The regulator has made clear that firms must do more than identify vulnerable customers. They must be able to show how they are supporting them, monitoring outcomes and improving practice.
As Alison Walters, FCA Director of Consumer Finance, has warned, the FCA will use “the pointy end of our toolkit” where firms fall short.
Band-aid solutions won’t cut it.
Identification. Outcomes monitoring. MI. Staff capability. Product and service design. These are no longer isolated workstreams. They are part of the evidence-based firms that need to demonstrate that vulnerable customers are receiving the support they are entitled to.
A unique learning programme for the wealth management sector
Led by the award-winning vulnerability training team at The Money Advice Trust, the programme is a full-on, immersive, root-and-branch training experience. It gives your firm the know-how to transform its processes, systems, and people, and deliver better outcomes for customers in vulnerable circumstances.
The Programme will help your firm to:
- Accelerate the adoption of new FCA expectations on vulnerability in your firm
- Design best-in-class experiences for Customers in vulnerable circumstances
- Build and lead a more effective strategy on vulnerability
- Anticipate, evaluate, and proactively respond to FCA expectations
- Embed a customer-centric culture into how the firm operates day-to-day
Who should attend?
This programme is designed for professionals working across:
Compliance, Consumer Duty, Vulnerability, Risk, Operations, Client services, Advice and financial planning, Training and competence, Product and proposition, Complaints and customer outcomes. It is particularly relevant for firms looking to move beyond policy statements and into practical, firm-wide delivery.
Next steps
Download the brochure to see how the programme can support your firm-wide vulnerability strategy.
For this cohort, firms can book one place and bring a colleague at no additional cost.
Use code CXQ8HTTW at checkout to secure two places for the price of one.
PIMFA Members should ensure they are logged in to access member pricing.
Further Information Morningstar PIMFA Equity Risk Index Series
Further Information Morningstar PIMFA Equity Risk Index Series
- If you require detailed information on the Index Series i.e. its composition/licensing feeds/historical data, please contact Morningstar Client Support by calling +44 20 3194 1401 or raise a ticket by contacting Morningstar at https://indexes.morningstar.com/#contact-us
- If you would like to enquire about Asset Allocation Changes to the Morningstar PIMFA Private Investor Index Series, please contact indices@pimfa.co.uk
Any reference to MSCI and/or MSCI PIMFA Private Investor Indices / MSCI PIMFA Equity Risk Index Series refers to the period 1st March 2017 to 1st March 2026. Any reference to FTSE and/or FTSE WMA Private Investor Indices / FTSE APCIMS Private Investor Indices on these pages or material contained therein, refers to the period prior to 1st March 2017.
Useful Resources
Homepage - Morningstar PIMFA Equity Risk Index SeriesOverview - Morningstar PIMFA Equity Risk Index SeriesRulebook - Morningstar PIMFA Equity Risk Index SeriesFactsheets - Morningstar PIMFA Equity Risk Index SeriesTicker Codes - Morningstar PIMFA Equity Risk Index SeriesImplementation Calendar - Rebalancing DatesLatest news and research from Morningstar
You may also be interested in
Indices
Used properly, an index series can provide a useful perspective in the world of stocks and shares to compare portfolio performance. PIMFA provides the methodology for the Morningstar PIMFA Private Investor Index Series and Equity Risk Index Series and you can find out more information here.
Current Asset Allocation – Morningstar PIMFA Equity Risk Index Series
Each of these portfolios contains different proportions of UK equities, international equities, bonds, cash and alternatives to reflect the investment aims of UK wealth managers. The changes in their values (i.e. the movement up or down of the UK shares, international shares, bonds etc) are represented by the movements of the related indices.
The Private Investor / Equity Risk Indices Committee is responsible for ensuring the current asset allocations of the Morningstar PIMFA...
Further Information – Morningstar PIMFA Private Investor Index Series
Further Information - Morningstar PIMFA Private Investor Index Series
- If you require detailed information on the Index Series i.e. its composition/licensing feeds/historical data, please contact Morningstar Client Support by calling +44 20 3194 1401 or raise a ticket by contacting Morningstar at https://indexes.morningstar.com/#contact-us
- If you would like to enquire about Asset Allocation Changes to the Morningstar PIMFA Private Investor Index Series, please contact indices@pimfa.co.uk
Any reference to MSCI and/or MSCI PIMFA Private Investor Indices / MSCI PIMFA Equity Risk Index Series on these pages or material contained therein, refers to the period 1st March 2017 to 1st March 2026 and 1st November 2019 and 1st March 2026 respectively. Any reference to FTSE and/or FTSE WMA Private Investor Indices / FTSE APCIMS Private Investor Indices on these pages or material contained therein, refers to the period prior to 1st March 2017.
Useful Resources
Homepage - Morningstar PIMFA Private Investor Index SeriesOverview - Morningstar PIMFA Private Investor Index SeriesRulebook - Morningstar PIMFA Private Investor Index SeriesFactsheets - Morningstar PIMFA Private Investor Index SeriesTicker Codes - Morningstar PIMFA Private Investor Index SeriesImplementation Calendar - Rebalancing DatesLatest news and research from Morningstar
You may also be interested in
Indices
Used properly, an index series can provide a useful perspective in the world of stocks and shares to compare portfolio performance. PIMFA provides the methodology for the Morningstar PIMFA Private Investor Index Series and Equity Risk Index Series and you can find out more information here.
Current Asset Allocation – Morningstar PIMFA Equity Risk Index Series
Each of these portfolios contains different proportions of UK equities, international equities, bonds, cash and alternatives to reflect the investment aims of UK wealth managers. The changes in their values (i.e. the movement up or down of the UK shares, international shares, bonds etc) are represented by the movements of the related indices.
The Private Investor / Equity Risk Indices Committee is responsible for ensuring the current asset allocations of the Morningstar PIMFA...
Current Asset Allocation – Morningstar PIMFA Equity Risk Index Series
Each of these portfolios contains different proportions of UK equities, international equities, bonds, cash and alternatives to reflect the investment aims of UK wealth managers. The changes in their values (i.e. the movement up or down of the UK shares, international shares, bonds etc) are represented by the movements of the related indices.
DATE: 1 June 2026
Following the recent review of survey data provided by participating member firms, the PIMFA Indices Committee agreed changes to the portfolio weights of the Morningstar PIMFA Equity Risk Index Series. These changes are effective Monday 1st June and are published in the table below (changes highlighted for ease).
Implementation dates for any potential/future asset allocation changes are aligned to Morningstar PIMFA Index Implementation Calendar.
The Q3 2026 survey opens Monday 3rd July and closes Friday 24th July. If you would like your firm to participate in the quarterly asset allocation surveys and help ensure that the index weight methodology for the Morningstar PIMFA Private Investor/Morningstar PIMFA Equity Risk Index Series’ remain relevant benchmarks for the UK wealth management sector, please email indices@pimfa.co.uk for more information.
| Asset Class | Equities | Bonds | Cash | Real Estate | Alternatives | |||
| Underlying Asset Index | Morningstar UK All Cap Target Market Exposure | Morningstar Global ex-UK Target Market Exposure | Morningstar UK Gilt Bond | Morningstar UK Corporate Bond | Morningstar UK Treasury Inflation-Linked Securities | Morningstar Pound Sterling Overnight Cash | Morningstar UK Real Estate All Cap Target Market Exposure] | Morningstar Long Developed Markets Multifactor Short Developed Markets |
| Equity Risk 1 Index | 5.00 | 15.00 | 15.00 | 40.00 | 2.50 | 7.50 | 2.50 | 12.50 |
| Equity Risk 2 Index | 7.50 | 30.00 | 10.00 | 32.50 | 2.50 | 2.50 | 2.50 | 12.50 |
| Equity Risk 3 Index | 12.50 | 45.00 | 5.00 | 20.00 | 2.50 | 2.50 | 2.50 | 10.00 |
| Equity Risk 4 Index | 15.00 | 60.00 | 5.00 | 7.50 | 0.00 | 2.50 | 2.50 | 7.50 |
| Equity Risk 5 Index | 17.50 | 77.50 | 0.00 | 0.00 | 0.00 | 2.50 | 0.00 | 2.50 |
Asset allocation changes to the Morningstar PIMFA Equity Risk Index Series can occur 1-4 times per year.
Click here to view historic asset allocation changes for the series and their respective implementation dates.
You may also be interested in
Indices
Used properly, an index series can provide a useful perspective in the world of stocks and shares to compare portfolio performance. PIMFA provides the methodology for the Morningstar PIMFA Private Investor Index Series and Equity Risk Index Series and you can find out more information here.
Further Information – Morningstar PIMFA Private Investor Index Series
Further Information - Morningstar PIMFA Private Investor Index Series
The Private Investor / Equity Risk Indices Committee is responsible for ensuring the current asset allocations of the Morningstar PIMFA...
Indices
PIMFA provides the methodology for the Morningstar PIMFA Private Investor Index Series and Equity Risk Index Series.
Both of these index series are designed to represent their respective weightings, show returns of selected multi-asset-class strategies and are used as benchmarks to compare the performance and returns of private client investment portfolios.
An index is a list of companies, showing their financial performance, that can help investors compare and calculate general market performance.
The skill in investment management is to design a suitable portfolio which will meet an individual investor’s needs. When used properly, an index series can provide a useful perspective on the world of stocks and shares to compare against the performance of your own portfolio.
Helpful Resources
You may also be interested in
Indices
Used properly, an index series can provide a useful perspective in the world of stocks and shares to compare portfolio performance. PIMFA provides the methodology for the Morningstar PIMFA Private Investor Index Series and Equity Risk Index Series and you can find out more information here.
Further Information – Morningstar PIMFA Private Investor Index Series
Further Information - Morningstar PIMFA Private Investor Index Series
The Private Investor / Equity Risk Indices Committee is responsible for ensuring the current asset allocations of the Morningstar PIMFA...