Compliance experts flock to PIMFA 2017 Conference – 30th June 2017

Over one hundred compliance experts attended the latest PIMFA Compliance conference, an exclusive event covering the key aspects of the compliance industry for the UK’s retail investment management and financial advice industry.

The UK’s investment management and financial advice sector is grappling with an unprecedented amount of new regulation, according to PIMFA’s Director of Regulation Ian Cornwall, who noted in particular that MiFID II would continue to pose significant challenges to compliance departments ahead of the January 2018 deadline.

Held at Herbert Smith Freehills’ offices in Bishopsgate, the full day event covered key aspects of the current compliance environment including Suitability, CASS, Best Execution and topics such as the new Capital Requirements Directive (CRD) for investment firms, the Senior Management Regime, revisions to AML rules, MiFID II; and, of course, Brexit.

Nick Miller, Head of Investment Management Supervision at the FCA held a session covering the current issues in regulation for the wealth management industry, a day after the regulator’s report into the UK’s asset management industry.Caroline Mitchell, lead ombudsman at the Financial Ombudsman Service (FOS) also hosted a session focused on busting myths regarding its complaints handling.

Two sessions led by financial services regulation experts from Herbert Freehills Smith covered some of the challenges firms face when implementing the Senior Managers Regime, and setting out a framework to conduct internal investigations.

Other sessions covered PRIIPS and KIIDs, as well as an update from the Joint Anti-Money Laundering Steering Group, chaired by Ruffer’s Louise Stanway.

PIMFA (Personal Investment Management & Financial Advice) CEO Liz Field, said “at a time of so much change for our industry it is more important than ever to come together to prepare, debate and share insight. In the next six months alone our members firms will need to be ready to implement eight separate regulations. It’s a considerable challenge and days such as this are invaluable,” she said.