Posted on by Nigel Ross-Scott

Press Release

PIMFA to hold weekly meetings with FCA in wake of coronavirus outbreak

20 March 2020

PIMFA, the trade association for the investment services and financial advice industry, has written to the Financial Conduct Authority (FCA) and HM Treasury (HMT) outlining the concerns and potential impact of coronavirus on member firms and their clients.

PIMFA chief executive Liz Field, has written to both FCA chief executive Chris Woolard and HM Treasury, director general of financial services Katherine Braddick, outlining a number of areas of concern for member firms. She has also reiterated the need for guidance and clarification for firms on how they should engage with the regulator in this period of uncertainty.

The FCA has initiated regular weekly meetings that will give PIMFA the opportunity to provide feedback from firms on compliance and operational issues they may be facing in the current climate. Firms have been encouraged to contact PIMFA outlining the challenges they are currently facing, so that those challenges can be fed back into a constructive dialogue with the FCA.

PIMFA chief executive Liz Field said: “While we recognise the FCA’s resources will be stretched at the current time as a result of an increasing number of queries from firms, as well as the regulator’s need to act in the best interests of its own staff, there are a number of issues I have identified and highlighted to the FCA on behalf of our members today.

“Much of what I have set out centres on communication with and servicing clients and engagement with the regulator, as well as the operational concerns many firms may have. I have also called for some regulatory forbearance given the extraordinary times we are living through.

“PIMFA will continue to engage positively and constructively with the FCA and others on behalf of our member firms and I would urge members to contact us with their concerns so that we can do so in as informed a manner as possible.”

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Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

  • PIMFA is the 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.
  • The sector currently looks after £1.3 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 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

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