The Personal Investment Management & Financial Advice Association (PIMFA) has launched its ‘member manifesto’, in which the trade association for financial advisers and wealth managers explains what it will deliver for its members.

PIMFA says that its overall ‘mission’ has four key components:

  • Increasing trust and confidence in the advice and wealth management sector
  • Representing the sector in developing policy and regulatory thinking
  • Making it easier for customers to receive advice, thereby fostering a savings culture
  • Promoting a positive image of the sector, showcasing its members as trusted professionals who work with clients to secure their financial futures

The Association describes its overall objective as being:

“To create the optimal operating environment for our member firms to deliver their services and meet clients’ needs.”

The six ‘pillars’ of the manifesto are:

  • Enabling access to the sector
  • Designing a sector for the future
  • Ensuring appropriate and proportionate regulation – here mention is made of the Financial Services Compensation Scheme (FSCS), the Financial Advice Market Review (FAMR), the Financial Ombudsman Service (FOS) and the General Data Protection Regulation (GDPR)
  • Developing robust and thriving markets
  • Enabling business protection – this covers issues such as data protection and cyber resilience
  • Enabling digital business transformation

The manifesto goes on to list the main characteristics of the environment in which PIMFA member firms operate, which include:

  • Regulatory change and the expectations of regulators
  • Brexit – with reference to both the uncertainty and the opportunities it might present
  • The fact that financial markets are at an all-time high
  • Demographic change, with particular emphasis on the impact this might have on retirement planning
  • The Government’s stated ambition to foster a savings culture
  • Technological change
  • The lack of trust some people have of the sector
  • The need for the sector to develop talent and skills

PIMFA chairman John Gummer, Lord Deben, said:

“We have a huge need to be very clearly on the side of defending and protecting the trust of our customers and potential customers.

“We need that particularly today because even though we have a government which claims to be a deregulatory government it is very interesting that in the financial services sector it continues to be increasingly regulatory and indeed its kneejerk reaction to anything is regulation.

“And yet we all know that some of the problems that face people today face them because the regulations have been so unsuitable and because the regulator has very often not understood the basis of the businesses which are represented here.”

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