PRISCUM AUGUST NEWSLETTER | Issue 8
Priscum August Newsletter
DON’T PANIC ABOUT MIFFID II BOOK YOURSELF ONTO OUR SEMINAR.
IN THIS ISSUE
Welcome to the August Edition of the Priscum Newsletter
By Alex Wrightson
Welcome to the Priscum August Newsletter in todays issue. We have booked our Xmas meal for the 7th of December 2017 at the Saxon Mill for details of the festive menu and location see the next page. I have already had a lot of interest please send me your meal choices as soon as possible to confirm your place. There have been a lot of Questions recently about Miffid 2 I would say to you all don’t Panic Mr Mainwaring. Priscum have it in hand are are doing a lot of work looking into all the regulation we are going to look in the regulation in detail at our seminar in November so please book yourself a place to save the stress. Also disgused in our seminar will be the General Data Protection Regulation. We have started saving lots of updates on most tings you need to know I know on a few of Roys visits he has been handing out Miffid and Data Protection summarys of what you need to do. I have saved them all into a folder on
the website that you should be able to access. Speaking of Websites, The relatives of the Wrightions have been re designing it for us so if you would like to have a look click on the picture left, the plan eventualy is to have documents available to download from it. But for now if you want to download documents keep doing it from the Microsoft Share point site.
A Date for your Diary
It’s the Most Wonderful
Meal of the Year
Senior Managers and
General Data Protection Regulation
Monopoly Locations by London Bus
PRISCUM AUGUST NEWSLETTER | Issue 8
A Date for your Diary for November 13th 2017
As 2017 is turning into a busy year Keith and I have decided to hold another seminar it will be at the Old Coventrians Rugby Football Club In Coventry on Monday November the 13th START TIME 10.30 AM prompt.
By then we should have more of an update on Mifid 2. It is a week after the PFS conference at the NEC so hopefully we will get lots of information at that to pass on. We will also be discussing the usual Suspects Complaints Handling, Data Protection, Anti-Money Laundering. See bellow for other topics to be anounced.
It’s the Most Wonderful Meal of the Year. December the 7th 2017 @ 12:30
I have booked the Saxon Mill again for our Xmas meal this year. I have booked it for 12:00 for Dinner at 12:30. The address is: Saxon Mill, Coventry Road, Guys Cliffe, Warwick, Warwickshire, CV34 5YN
It is a nice venue in an Old Mill and they have already released the Festive menu.
Roasted Tomato Soup
Roasted Turkey Breast
Gingerbread Crème Brûlée
Thyme-roasted Portobello Mushrooms
Roasted Salmon Wellington
Severn & Wye Smoked Salmon
Root Vegetable & Mixed Nut Roast
Raspberries & Frozen Natural yogurt
Duck Liver & Port Parfait
Slow-cooked smoky Beef Short Rib
Warm Belgian Chocolate Brownie
Belgian Chocolate Ganache Torte
9oz 28-day-aged Rib-eye Steak
British Cheese Board
Senior Managers and Certification Regime (SM&CR)
The Senior Managers & Certification Regime (SM&CR) applying to all FCA regulated firms has now been published within a consultation document. Perhaps the biggest change to this will see the removal of the Approved Persons Regime (APR) and the withdrawal of investment advisers (registered as CF30) from the FCA register. So what exactly is the SM&CR, why is it now being implemented to all firms and what are the proposals? We try to answer some of these questions below.
What is the SM&CR?
Senior managers within a firm have a crucial role in demonstrating that they are accountable and responsible for their part in delivering effective governance. This includes taking personal responsibility and being accountable for their decisions and exercising rigorous oversight of the business areas they lead. FCA want all firms to develop a ‘culture of accountability’ at all levels and for senior individuals to be fully accountable for defined business activities and material risks. This should, over time, result in improved culture and governance in the industry, and help to reduce consumer harm. It should also promote public confidence that firms have the right people in the right roles, working in the interests of consumers and markets. The aim of the SM&CR is to reduce
PRISCUM AUGUST NEWSLETTER | Issue 8
harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold people to account. As part of this, the regime aims to: • encourage staff to take personal responsibility • make sure firms and staff clearly understand for their actions and can demonstrate who does what
• improve conduct at all levels Firms can find more details on the FCA website. In September the FCA will hold a series of events around the UK for firms to gain insight into the proposed policy changes and provide feedback. You can sign up now on our website.
Click here to read the full report
MIFID 2 from 3 January 2018
Up until the last month or so it was generally thought - and we believe intended - that firms NOT passporting into the EU would not be affected by Mifid 2 However - the FCA in producing its rules - probably as a result of preparing for Brexit - is having to put all the eu legislation which is the vast part of its rules - into UK legislation.
Therefore, it could not have UK rules that differed whether or not firms were also passporting into the EU. HENCE All the Mifid 2 legislation - AND the Senior Managers Regime which previously only applied to banks and insurance companies is now DEFINATELY going to apply to all UK FCA registered firms. IT WILL ASLO APPLY to consumer credit firms - so they will have a vast shock hitting them!
If you add to that GDPR General Data Protection Legislation form May 2018 This is certainly the biggest change to hit the financial advice world since legislation first started for those of you who remember FIMBRA NASDIM and the PIA. It will have more impact and more likely fines and changes than TCF and BRAW combined.
MiFID II & How AI can help advisers with Mifid II
Contingency planning required if MiFID II permissions are not in place by 3 January 2018 From 3 January 2018, firms will only be able to carry on activities that require authorisation under MiFID II if they have the required regulatory permissions. We expect any firms who need to change their permissions and have not yet submitted a complete application to do so without further delay. The importance of doing so is outlined in our second statement. Firms who do not have the required permissions by 3 January 2018 will need to have contingency plans in place. Our first statement outlined that firms that conduct MiFID II activities without the necessary permissions may face civil, regulatory and/or criminal consequences.
GDPR will make 75% of marketing data obsolete
We shall be looking at this in our seminar but for now here is a brief update. The business operations of all companies operating in the UK and Europe are set for major disruption when the General Data Protection Regulation becomes enforceable in May 2018. New directives regarding the way data is collected, processed and disposed will leave a huge dent in existing marketing data. A study by W8 Data found that only 25% of customer data in current marketing databases meet GDPR requirements. This is leaving organisations scrambling to issue ‘re-permission’ campaigns in order to comply with new rules. This sudden realisation means that valuable brand building campaigns have been deprioritised, leaving many companies suffering.
One in four Brits want to pay commission for advice 3
PRISCUM AUGUST NEWSLETTER