Mini-bonds were brought inside the regulatory perimeter in 2022 following several years of campaigning by Pimfa. We also put forward proposals for a Simplified Advice regime, which prompted the FCA to consider its own proposals for a core investment advice regime and we were pleased to see the 10 per cent depreciation rule repealed following our representations to the regulator.
Finally, the packaged retail investment and insurance products regime was also repealed as part of the government’s Edinburgh reforms, something Pimfa has campaigned for since its introduction six years ago. We have already put forward proposals to replace it with a simplified disclosure regime.
Pimfa was the only trade association to give evidence to MPs at the House of Commons public accounts committee investigating the British Steel Pension Scheme scandal, while we also gave evidence to MPs scrutinising the online safety bill, demonstrating the impact of the work we have undertaken in the past few years and the seriousness with which policymakers take our views.
But we, as an industry, must take a lead in driving change too. This is why Pimfa launched the WealthTech platform last year as part of an ongoing commitment to drive digital innovation in the wealth management industry.
Then, as part of our initiative to promote our industry as a great place to work, we launched our Make.It campaign to improve diversity and inclusion in the industry, providing companies with a recruitment pack to help them attract new talent into the sector. This after we had already launched our Diversity and Inclusion awards to help highlight the great work already being undertaken by the industry.
But there is always more we can all be doing to get support from the government and our regulator, which is why we are happy to support FTAdviser’s new campaign. We look forward to working with the campaign and continuing to speak with the one collective voice that we know from experience achieves the change we want to see.
I would encourage all companies to get involved and also to come and speak to the Pimfa team. We are here to help you and to fight for the things you need. That way, you can concentrate on doing what you do best: serving your clients.
Liz Field is chief executive at Pimfa
