Posted on by Nigel Ross-Scott

Press Release

PIMFA Launches Members Manifesto

19th June 2018

 

PIMFA – the UK’s leading wealth management and financial advice association – today launched their Members’ Manifesto at their Summer Drinks Reception today held at the House of Commons. The manifesto lays out the organisations 5-year approach to creating the optimal operating environment for their member firms to deliver their services and meet client needs and is the result of extensive consultation amongst members.

At the core of the Manifesto is a 6 Pillar approach summarising the areas of focus identified to achieve the vision for the sector – designing a sector for the future, enabling access to it, ensuring appropriate and proportional regulation of it, developing robust and thriving markets whilst also ensuring business protection and enabling digital business transformation through a sector-wide digital strategy.

Detailing both PIMFA commitments and ‘calls to action’, this cornerstone document reflects the shifting landscape for our industry and all who work within it – from those on the front line giving assistance to individuals, families, charities, pension funds, trusts and companies, to stakeholders from HM Government, Regulators, the media and beyond.

PIMFA’s vision for 2022 is definitive and, in terms of implementation, PIMFA’s stated mission going forward is to;

  • Drive outcomes to increase trust and confidence in the sector
  • Represent the sector in recommending and leading policy and regulatory thinking
  • Foster a culture of saving by helping to make it easier for customers to receive investment and other professional advice
  • Promote a positive image of the sector to the public and policymakers alike, showcasing PIMFA members as experienced and trusted financial services professionals who work with clients to secure their financial futures

The manifesto will build upon some of the recent PIMFA successes, such as FCA’s confirmation that product providers will pay 25% towards the FSCS levy following continued lobbying over many years, resulting in a reduction in the overall size of the pot and a reduction of costs to firms. Alongside this, frequent PIMFA interventions with major stakeholders, from both Houses of Parliament and the Government in relation to Brexit, to the FCA and ESMA in relation to regulatory matters, have influenced the official approach and affected regulatory change in both the UK and the EU

Liz Field, PIMFA’s Chief Executive, says: “Over the last 27 years PIMFA, or its previous incarnations, have been at the forefront helping member firms and their clients plan for and thrive amongst these new challenges. This manifesto is an important evolutionary step in that process outlining the 6 key areas of focus for the next 5 years identified from extensive member engagement.

With demographic shifts reinforcing the need for an investment and savings culture in an environment of Brexit uncertainty, technological change and requirements for talent and skills, the need for our profession is now even greater.

We have been faced with the greatest raft of regulatory change in 20 years and now is the time to enhance education, build trust and forge a new era of understanding about our profession and the benefits it can bring.”

The full Members’ Manifesto can be read here.

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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.
  • 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.
  • PIMFAleads 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.
  • To read any or all of PIMFA’s Consultation Responses, please click here
  • Contact
    For further information on this release or other press matters please contact:
  • Sheena Gillett – PIMFA Head of PR & Communications, sheenag@pimfa.co.uk
    +44 (0)20 7011 9869
  • Nigel Ross-Scott – PIMFA Content Manager, nigelrs@pimfa.co.uk
    +44 (0)20 7382 0371