PIMFA, the UK’s leading wealth management and financial advice association, has launched their Members’ Manifesto.
The document lays out the organisation’s five-year approach to creating the optimal operating environment for member firms to deliver services and meet client needs.
The launch took place at their Summer Drinks Reception at the House of Commons.
At the core of the Manifesto are six pillars summarising the areas of focus identified to achieve the vision for the sector. These result from extensive consultation amongst members and include designing the sector for the future, enabling access to it, encouraging its digital business transformation through a sector-wide digital strategy, ensuring its appropriate and proportional regulation, developing robust and thriving retail investment markets, and facilitating proper business security and protection.
A statement from PIMFA said: “Detailing both PIMFA commitments and ‘calls to action’, this cornerstone document reflects the shifting landscape for our industry and all who work within it – from those on the front line giving assistance to individuals, families, charities, pension funds, trusts and companies, to stakeholders from HM Government, Regulators, the media and beyond.”
PIMFA’s vision for 2022 is definitive and PIMFA will implement it by:
- Driving outcomes to increase trust and confidence in the sector by public and policymakers alike;
- Representing the sector in advocacy and thought leadership;
- Fostering a culture of long term saving and investments by the retail community;
- Promoting the value of good quality professional advice and facilitating access to it;
- Showcasing PIMFA members as a force for good in working with clients to secure their financial futures.
The statement added: “Bringing the Manifesto into effect will build upon recent PIMFA successes. These include recent specific outcomes such as FCA’s confirmation that product providers will pay 25% towards the FSCS levy, thus reducing the size of the pot and level of costs to be met by PIMFA firms. But the frequent PIMFA interventions with major stakeholders, ranging from Government and Parliament on Brexit to ESMA and the FCA on the regulatory framework, which have influenced and altered broad official approaches in both the UK and the EU, will also provide a base.”
Liz Field, PIMFA’s Chief Executive, said: “Over the last 27 years PIMFA, and its previous incarnations, have been at the forefront of helping member firms and their clients plan for and thrive amongst new challenges. This Manifesto is an important evolutionary step in that process outlining the 6 key areas of focus for the next 5 years identified from extensive member engagement.
“With demographic shifts reinforcing the need for an investment and savings culture in an environment of Brexit uncertainty, technological change and ongoing requirements for talent and skills, the need for the services our profession offers is now greater than ever.
“We have recently been faced with the biggest raft of regulatory change in 20 years and now is the time to enhance education, build trust and forge a new era of understanding about our profession and the benefits it can bring.”