PIMFA welcomes FCA proposals to streamline decision making

29 July 2021

PIMFA welcomes FCA proposals to streamline decision making

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, welcomes proposals from the Financial Conduct Authority (FCA) which have the potential to make it a more proactive regulator in the longer term.

Simon Harrington, Senior Policy Adviser at PIMFA commented: “PIMFA welcomes moves by the Regulator to streamline its decision making which should, in principle, make it a more agile and proactive Regulator.

“We have been very clear – publicly and privately – that thriving retail markets depend on effective and proactive supervision of firms, which are either willingly or unknowingly introducing harm into the market.

“We believe that the proposals set out will make the Regulator more efficient in its decision making and, provided that they are accompanied by improvements in identifying harm in the first place, lead to better outcomes for consumers.”

PIMFA’s paper on the future of the regulator can be found here.

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About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide investment management, investment services and advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 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 has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision, & the FSCS levy – read more.
• 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

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)7979 493225