Posted on by Sheena Gillett

Press Release 

PIMFA Comments on the FSCS Funding Review

16th January 2018

In it’s response to FCA’s consultation (CP17/36) on reviewing the funding of the FSCS, PIMFA – the leading trade association for the personal investment management and financial advice sector – made the following statement:

“While we are supportive of the proposal that product providers should contribute to the cost of the intermediation class, the current FCA proposal incorrectly assumes that all firms within the investment provision class is a product provider. It does not recognise that there are firms within this class who are conducting discretionary business for eligible clients who are not product providers” said Ian Cornwall, Director of UK Regulation.

PIMFA are therefore calling for FCA to modify the final rules in order to exclude such firms.

The full PIMFA response can be read here.

ENDS

Notes for Editors 

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the UK’s leading trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
  • We represent 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 was created in June 2017 as the outcome of the merger between the Association of Professional Financial Advisers (APFA) and Wealth Management Association (WMA) – read more.

 

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