Trust and ethics: a regulator’s perspective
Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), delivered a speech at the launch of the St Mary’s University School of Business and Society, during which he discussed the financial crisis and the subsequent revealing of serious conduct problems in many areas of financial services, which severely damaged trust in the sector. He advanced the notion that trust has a moral and ethical dimension to it, and involves commitment, adding that it is his view that trust in finance has changed over time.
To read the full speech, visit: bit.ly/2Ky6MtC
Forces MoneyPlan widens scope
Forces MoneyPlan has now broadened its scope to offer Blesma members free financial guidance to help them with making better-informed financial decisions, including how best to plan their finances. Blesma is a UK military charity for limbless veterans.
Earlier this year, the PFS signed the Armed Forces Covenant with the Ministry of Defence, a promise by the nation to ensure that those who serve or who have served in the armed forces, and their families, are treated fairly. The covenant focuses on helping members of the armed forces community have the same access to government and commercial services and products as any other citizen. In this context, Forces MoneyPlan provides a valuable pro bono service as well as a safe entry point to regulated financial advice where appropriate.
If you are interested in supporting this important initiative, the PFS would like to hear from you. For more information on Forces MoneyPlan, contact Lyn New, campaign administrator: email@example.com
European Financial Adviser certification and EFA designation
PFS members have now been granted European Financial Adviser/Planner (EFA/EFP) certification following a mutual recognition agreement with the European Financial Planning Association (EFPA). This allows PFS members to use the EFA/EFP professional designation at no additional cost, in addition to PFS qualification designations.
Members can now download and print their personalised certificate, showing the new designation entitlement, by logging into the member profile page at: www.thepfs.org/my-pfs
EFPA certifications are fully compliant with the European Securities and Markets Authority guidelines on qualifications, and existing Diploma and Advanced Diploma qualifications are now aligned and recognised through the equivalent European financial planning standards, which are fully or partly accredited by the main European regulators.
For further information, visit: bit.ly/2N2pGgW
Manchester course open to PFS members
Manchester Metropolitan University is looking to recruit Fellows of the PFS to join their part-time MSc Financial Planning & Business Management course, starting in February 2019.
The course is designed for thought leaders in the financial planning and wealth management sectors and is an opportunity to reflect on your professional experiences, while undertaking a piece of research to contribute to theory and knowledge underpinning management practice and investment decision-making behaviour.
Brexit and Financial Services
During a speech made at the City Banquet, the chief executive of the FCA, Andrew Bailey, reassured guests that the regulator is on course to be ready for a hard exit from the EU and has the resources to accommodate it. He continued that it is important for both the UK and EU to coordinate to avoid disruption in the event of a no-deal outcome, and expressed his preference for a permanent arrangement post-Brexit that allows for close alignment with the EU, without the UK being a rule-taker. For a full copy of the speech, visit: bit.ly/2Rh8nGl
FCA and TPR publish joint pensions strategy
The FCA and The Pensions Regulator have launched a joint regulatory strategy for the next five to 10 years, aimed at strengthening their relationship and taking joint action to deliver better outcomes for pension-savers and those entering retirement.
The strategy aims to provide pensions and retirement income products that support consumers to increase financial provision for later life; pensions that are well funded, well governed and deliver value for money; and which provide the tools to enable people to make well informed decisions.
The joint strategy can be viewed at: bit.ly/2P235gv
Retirement Outcomes Review – final report
The FCA has published the final report from its retirement outcomes review. The regulator found that the choice introduced by pensions freedoms has been popular, but has also required people to make more complicated decisions about retirement than previously. The review focused on consumers who do not take advice and unsurprisingly, found that some are at risk of harm.
The FCA has proposed a range of remedies, from improving wake-up packs to requiring that providers offer ready-made drawdown investment solutions to address the harms identified. These are focused on providing better communications, support and guidance in three stages:
- Before consumers access their pensions savings
- At the point of entering drawdown or buying an annuity
- And once a consumer has entered drawdown.
For the full report, visit: bit.ly/2tMhLao