PIMFA
29 September 2020
PIMFA welcomes FCA analysis of regulatory perimeter but calls for swifter action to protect consumers
PIMFA, the trade association for the wealth management and financial advice industry, welcomes the latest analysis of the regulatory perimeter from the FCA but the regulator must act sooner to avoid consumer harm.
Tim Fassam, Director of Government Relations and Policy at PIMFA, commented: “PIMFA has long called for a serious analysis of the regulatory perimeter and issues arising from it, so this report is welcome. However, we cannot allow a situation where PIMFA members, consumer groups and the FCA itself identify issues causing consumer’s harm, but the FCA acts long after this harm has crystallised in the marketplace.
“This report identifies issues but is very light in the way of action – a responsibility which ultimately sits with Government. Increasingly we are seeing products outside of the perimeter falling into the FSCS, despite being excluded and without the firms responsible paying any contribution.
“In the first instance, we strongly believe that the Treasury should reconsider its approach to approving financial promotions to make this a regulated activity, secondly we would advocate a broader Government review of the drivers of firm and product failures and expand the regulatory perimeter against this.”
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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 collaborates with product and service providers to offer member firms a suite of membership enhancements, through its PIMFA Plus partnerships. Find our more here.
· 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
