PIMFA
20 November 2020
PIMFA sets out priorities for the future as it updates member manifesto
PIMFA, the trade association for the wealth management and financial advice industry, has updated its Members’ Manifesto following industry developments and consultation with members.
First developed in 2018, the Members’ Manifesto outlines PIMFA’s mission and approach as we work in collaboration and partnership across the industry to meet six key goals.
Each of the six pillars remain central to the focus of PIMFA with specific objectives for the coming year and thereafter:
- Enabling access to the sector through promoting the sector as a force for good; targeting policy that acts as an enabler for savings and investments; clarifying advice vs guidance.
- Designing a sector for the future through focusing on the future of regulation; future employees and skills; diversity and inclusion; raising awareness of Sustainable Finance and Environmental, Social, and Corporate Governance (ESG) factors.
- Ensuring appropriate and proportionate regulation through reform of the FSCS levy; PI Insurance and FCA policy making and supervision as well as regulation of Sustainable Finance and ESG.
- Developing robust and thriving markets by continuing to enable and encourage retail investment in markets.
- Enabling business protection through data protection and cyber resilience; sharing of good practice; operational resilience.
- Enabling digital business transformation through the sharing of digital good practice; level playing field for digital; removing paper from the system.
PIMFA’s top priority remains reform of the Financial Services Compensation Scheme (FSCS) levy, Professional Indemnity Insurance (PII) and the Future of Supervision. In all three areas PIMFA has significantly increased lobbying activity with Government, the Financial Conduct Authority (FCA) and other key stakeholders, building on themes laid out in PIMFA’s policy paper on ‘The Future of Supervision’ released earlier this year and our recent FSCS research report.
In the coming year PIMFA will also particularly focus on the future of the sector and issues such as the impact of Brexit, Environmental Social and Governance investing, digital transformation, diversity and inclusion and talent as these issues will only grow in prominence post-Brexit as we follow a new path outside the European Union (EU).
This year PIMFA has undertaken various projects in these areas such as; the launch of the ESG Academy, the Authentic Leadership programme; career masterclasses for young women and girls with our partners at The Brokerage – alongside various Brexit communications and our work on financial and mental wellbeing; pensions and scams.
Liz Field, Chief Executive of PIMFA, commented: “When we originally launched the Members’ Manifesto we said it would be a living, breathing document that would be revisited to take account of strategic developments. The fast-paced development of the industry, further accelerated through the Covid-19 pandemic during 2020, has necessitated such a recalibration.
“Our engagement with members continues to rise exponentially as we embrace a virtual world, and this has enabled us to reach more people for their views. I’m grateful for the input we have received from one-to-one meetings, business forums, the strategic advisory group and the PIMFA Board. Such engagement has helped PIMFA to refine the Members’ Manifesto and helps provide renewed focus for the years ahead. We look forward to working closely with our members, our partners and key industry stakeholders to meet these goals and ensure that the wealth management and financial advice industry remains world class in providing an important service to individuals, families, charities, pension funds, trusts and companies.”
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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 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 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-member or 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
· Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225
