WMA Financial Crime Conference 2015
30th January 2015
Following the Wealth Management Association (WMA) Financial Crime Conference this week (28th January 2015), there are two key outputs to note.
Donald Toon, from the National Crime Agency (NCA), highlighted the Agency’s desire to build and strengthen their relationships with the Wealth Management industry, utilising WMA as a key hub. Liz Field, CEO of the Wealth Management Association, commented:
“The WMA will be working closely with Toon, the Economic Crime Command and the NCA as a whole to ensure that these relationships are formed quickly and effectively and will endeavour to promote their continuation.”
A number of speakers at the conference stressed the current, and ever-increasing, importance of cyber security to protect against various forms of cybercrime and cyber-attacks. With the world economy estimated to be losing $560 billion a year as a result of cybercrime, it is of vital importance that financial firms are aware of the risks that they face and of how they can protect against them as effectively as possible. Following our Financial Crime Conference, the WMA will be creating an information document to educate and advise our member firms on the area of cybercrime, in order to help protect them and, importantly, their clients.
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Notes for Editors
About the Wealth Management Association (WMA)
The Wealth Management Association is a trade association that represents 186 firms and prides itself on working for the investment industry. Of this number 110 members are wealth management and stockbroking firms that deal directly for private investors. They deal in stocks and shares and other financial instruments for individuals, trusts and charities and offer a range of services from execution only trading (no advice) through to full portfolio management. The remaining 76 are associate members who do not deal directly for the private investor but provide professional services to our member firms.
- Our member firms manage in excess of £650 billion of wealth in the UK, Ireland, Channel Islands and Isle of Man and operate across more than 580 sites, employing c.32 000 staff.
- They also run just under 6 million client portfolios, carry out over 20 million trades a year and represent over 4 million private investors in the stock market.
- WMA’s aim is to ensure that regulatory, tax and other changes across Europe are appropriate and proportionate for the investment community.
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