A message from PIMFA’s chief executive, Liz Field
These are, without doubt, strange and unsettling times to be living through, and as we adapt and adjust while the crisis unfolds, the situation re-iterates the important role financial advisers and wealth managers play in helping support individuals financial and mental wellbeing.
With so much volatility and uncertainty, many of our members will also be looking for guidance, advice and information too. Whether it’s how to engage with the regulator, how to stay safe while continuing to provide their clients with advice, or concerns about their own wellbeing,
PIMFA will be there to provide our members with as much support as possible.
As many of our members will already know we are holding weekly meetings with the Financial Conduct Authority (FCA). I would urge all member firms to contact PIMFA with any concerns or issues they want us to address with the regulator on their behalf.
I have already called for forbearance on the part of the FCA given the extraordinary times we are living through. PIMFA will continue to engage positively and constructively with the FCA and will continue to keep our members informed of developments as they occur.
In the meantime, from all the staff at PIMFA, we hope our members stay safe and well.
Latest news from PIMFA
PIMFA, the trade association for the investment services and financial advice industry, is to hold a two-day Virtual Festival on 3 and 4 June for industry colleagues working from home during the Coronavirus Lockdown
Virtual Fest will be a chance for wealth mangers and financial advisers to hear from leading experts on topical areas, on key priorities for the sector.
PIMFA, the trade association for the wealth management and financial advice industry, welcomes the action taken last night by the Financial Conduct Authority (FCA) in respect of wealth management and financial advice firms.
As their members already know, PIMFA flagged issues off-record with FCA very early and then wrote to the FCA and HM Treasury (HMT) ten days ago outlining the concerns and potential impact of coronavirus on member firms and their clients after consultation with the membership.
Since then PIMFA has held meetings with the FCA providing feedback from member firms on the compliance and operational issues many are facing in the current climate.
In the last few days the UK, and the world in general, has faced an unprecedented set of circumstances linked to the coronavirus (Covid-19) emergency.
The FCA has received hundreds of requests for adaptations to our regulatory approach from trade associations and firms, in addition to the range of measures we have taken in close co-ordination with the Bank of England and HM Treasury. In the first few days of the crisis we have focussed on essential support to the medical emergency, for example, ensuring mortgage forbearance works properly so people keep a roof over their head.
PIMFA, the trade association for the investment services and financial advice industry, has written to the Financial Conduct Authority (FCA) and HM Treasury (HMT) outlining the concerns and potential impact of coronavirus on member firms and their clients.
PIMFA chief executive Liz Field, has written to both FCA chief executive Chris Woolard and HM Treasury, director general of financial services Katherine Braddick, outlining a number of areas of concern for member firms. She has also reiterated the need for guidance and clarification for firms on how they should engage with the regulator in this period of uncertainty.
We have been discussing the impact of the coronavirus on our member firms’ businesses and on their clients. We also recognise that FCA’s resources will be stretched due to an increase in the number of queries from firms and the organisation’s need to act in the best interests of its own staff.
We believe that industry needs to get a sense from the FCA that the overall resilience of the UK financial infrastructure is recognised as being much more important than firms’ compliance with “nitty-gritty”, non-core obligations (e.g. the timeliness of issuing particular documents).
Since we have entered Covid lockdown, I can now report that the PIMFA Team is fully adjusted to working remotely, with all business being conducted by email, telephone or Zoom. We are working with other stakeholders to protect our industry through this unprecedented period and will, of course, continue to vigorously represent your views, issues and concerns with Regulators and Government alike
We are regularly communicating with the FCA on compliance issues throughout this period and we have instituted weekly meetings with them so that we can further enhance this process.
To do this effectively and in a timely manner, we need to hear from as many of our members as possible with your current concerns. You can do this in a number of ways.