PIMFA welcomes Treasury Select Committee report recommending change in culture at Financial Conduct Authority

24 June 2021

PIMFA welcomes Treasury Select Committee report recommending change in culture at Financial Conduct Authority

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, welcomes the Treasury Select Committee report today calling for a change in culture at the Financial Conduct Authority (FCA).

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

“Today’s Treasury Select Committee report calling for a change in culture at the Financial Conduct Authority (FCA) is welcome and echoes many of the recommendations PIMFA has previously made, particularly through our Future of Supervision and Future of Regulation policy papers.

“Our industry called on the FCA to act over London Capital & Finance repeatedly. A more agile, engaged and decisive regulator could have prevented the losses suffered by thousands of consumers as a result of what happened with LCF and it is encouraging that the current senior leadership of the FCA recognises. But as the Treasury Select Committee says in its report, the FCA must set milestones for change to be achieved.

“We also agree with the Treasury Select Committee that it is disappointing measures to address fraud via online advertising have not been included in the draft Online Safety Bill, something which PIMFA has campaigned for, and will continue to campaign for. As the Treasury Select Committee, rightly in our view, states this is a missed opportunity to prevent another LCF-type event in the future.”

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About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide investment management, investment services and 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 has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision, & 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

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.