PIMFA sets out priorities for the future as it updates member manifesto

PIMFA, the trade association for the wealth management and financial advice industry, has updated its Members’ Manifesto following industry developments and consultation with members.

First developed in 2018, the Members’ Manifesto outlines PIMFA’s mission and approach as we work in collaboration and partnership across the industry to meet six key goals.

Each of the six pillars remain central to the focus of PIMFA with specific objectives for the coming year and thereafter:

Enabling access to the sector through promoting the sector as a force for good; targeting policy that acts as an enabler for savings and investments; clarifying advice vs guidance.

Designing a sector for the future through focusing on the future of regulation; future employees and skills; diversity and inclusion; raising awareness of Sustainable Finance and Environmental, Social, and Corporate Governance (ESG) factors.

Ensuring appropriate and proportionate regulation through reform of the FSCS levy; PI Insurance and FCA policy making and supervision as well as regulation of Sustainable Finance and ESG.

Developing robust and thriving markets by continuing to enable and encourage retail investment in markets.

Enabling business protection through data protection and cyber resilience; sharing of good practice; operational resilience.

Enabling digital business transformation through the sharing of digital good practice; level playing field for digital; removing paper from the system.

PIMFA’s top priority remains reform of the Financial Services Compensation Scheme (FSCS) levy, Professional Indemnity Insurance (PII) and the Future of Supervision. In all three areas PIMFA has significantly increased lobbying activity with Government, the Financial Conduct Authority (FCA) and other key stakeholders, building on themes laid out in PIMFA’s policy paper on 'The Future of Supervision' released earlier this year and our recent FSCS research report.

In the coming year PIMFA will also particularly focus on the future of the sector and issues such as the impact of Brexit, Environmental Social and Governance investing, digital transformation, diversity and inclusion and talent as these issues will only grow in prominence post-Brexit as we follow a new path outside the European Union (EU).

This year PIMFA has undertaken various projects in these areas such as; the launch of the ESG Academy, the Authentic Leadership programme; career masterclasses for young women and girls with our partners at The Brokerage - alongside various Brexit communications and our work on financial and mental wellbeing; pensions and scams.

Liz Field, Chief Executive of PIMFA, says: “When we originally launched the Members’ Manifesto we said it would be a living, breathing document that would be revisited to take account of strategic developments. The fast-paced development of the industry, further accelerated through the Covid-19 pandemic during 2020, has necessitated such a recalibration.

“Our engagement with members continues to rise exponentially as we embrace a virtual world, and this has enabled us to reach more people for their views. I’m grateful for the input we have received from one-to-one meetings, business forums, the strategic advisory group and the PIMFA Board. Such engagement has helped PIMFA to refine the Members’ Manifesto and helps provide renewed focus for the years ahead. We look forward to working closely with our members, our partners and key industry stakeholders to meet these goals and ensure that the wealth management and financial advice industry remains world class in providing an important service to individuals, families, charities, pension funds, trusts and companies.”