Press Release

21 July 2020

PIMFA welcomes Government consultation into greater regulatory oversight of financial promotions

PIMFA, the trade association for the wealth management and financial advice industry, welcomes the latest announcement from the Government of a consultation on proposals that would enhance regulatory oversight of financial promotions.

Tim Fassam, Director of Policy and Government Relations at PIMFA, commented:

“This is a welcome intervention from Government and in the context of the recent consultation launched by the Financial Conduct Authority (FCA) into whether to permanently ban the marketing of mini bonds, speaks to the fact that the Government and regulator are alive to the concerns raised by PIMFA about the potential consumer harm that could arise as a result of the promotion and sale of unregulated investments.

“Providing the FCA with greater regulatory oversight and more importantly, placing greater accountability on firms should go some way to mitigating consumer losses, reducing calls on the Financial Services Compensation Scheme (FSCS) and building confidence in the sector.

“PIMFA is pleased that the FCA and Government have listened to our continued representations on this issue and we look forward to working with them to carry these proposals through.”

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Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

  •  PIMFA is the trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • The sector currently looks after £1.5 trillion in private savings and investments and employs over 55,000 people.
  • PIMFA represents both full and associate member firms. Full membersprovide 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 membersprovide 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 www.pimfa.co.uk
  • To become a member of PIMFA for access to training, benefits and discounts, please visit https://www.pimfa.co.uk/become-a-memberor contact us directly at membership@pimfa.co.uk

Contact

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

  • Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376 / +44 (0) 7843 903258
  • Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225