Latest news with #PIMFA
Finextra
6 days ago
- Business
- Finextra
Sidekick and PlannerPal win Pimfa WealthTech AI tech sprint
PIMFA WealthTech, the market network and technology platform created with principal strategic partner Morningstar, a leading provider of independent investment insights, recently set a challenge to the fintech industry and asked, 'how can wealth management and financial advice firms leverage AI to enhance operational efficiency by optimising end-to-end processing across front, middle, and back-office functions?' 0 This tech sprint challenged numerous fintech providers to demonstrate how their technology utilises AI solutions to solve issues such as: • Accelerating onboarding and enhancing KYC checks by automating identity verification, document processing, and leveraging AI for real-time customer verification, fraud detection, and regulatory compliance • Improving periodic suitability reviews through automation and enhanced accuracy in compliance checks • Personalising client reporting by using AI to tailor communications, generate customised reports, and provide insights based on client preferences • Innovating software development by using AI to automate the entire software development cycle Following a competitive process, Sidekick and PlannerPal were selected as winners of the tech sprint by the PIMFA WealthTech Advisory Council. Sidekick are a next generation digital wealth manager that offers products designed to help clients optimise their wealth-building opportunities and tax efficiency through their smart cash management in one intuitive, easy-to-use platform. PlannerPal are an AI solution is designed to help financial planners and advisers save time, deepen client relationships and grow their practice through their note taker that captures and summarises key insights from meetings ensuring that Consumer Duty needs are met and that vulnerable clients are identified. The AI tool also generates documentation such as annual reviews and suitability reports, tailored to the firm's needs and integrates with their CRM to ensure client records stay accurate and current for effective compliance. PIMFA Plus partner TIKKER, alongside Money Means, were also recognised at the Morningstar Investment Conference for their contribution to this space and their role in driving forward innovation. Richard Adler, Chief Commercial Officer at PIMFA and Director of PIMFA Wealthtech, said: 'PIMFA WealthTech exists to address digital business transformation through the development and adoption of market-leading technologies. Our objective is to drive innovation and enhance collaboration between Fintechs and wealth management and advice firms - and this tech sprint is a prime example of this in action. AI is set to be one of the most important and seismic changes to impact our industry and society more widely. It's potential to automate tasks, process vast amounts of data, drive innovation and address complex challenges, ultimately improving efficiency and productivity, cannot be under played. Many firms are still reviewing their approaches to AI and investigating how it can be integrated into their operations. Tech sprints such as this are an invaluable way of highlighting the fantastic array of solutions now available to support our vital industry and their clients. I'd like to thank all the firms that participated in this important tech sprint, and offer congratulations to Sidekick and PlannerPal for winning the challenge and demonstrating their solutions so skilfully.'
Finextra
29-05-2025
- Business
- Finextra
IA, PIMFA and AIMA issue recommendation on T+2 fund settlement
The Investment Association (IA), Personal Investment Management and Financial Advice Association (PIMFA) and Alternative Investment Management Association (AIMA) have joined forces to issue a recommendation encouraging firms to alter their fund settlement timings to T+2 on or before 11 October 2027. 0 The recommendation aims to align fund settlements more closely with plans in the UK, EU and Switzerland to move securities trades to T+1 by the same date, and comes one-year after the milestone move in the US to T+1 for securities trading. There is a general trend towards quicker settlement in global capital markets, to improve operational efficiencies, increase liquidity for investors and reduce manual processing demand. In a recent report from the government's Accelerated Settlement Taskforce (AST), T+2 was identified as optimal for fund settlement, to provide cash management flexibility whilst minimising a potential funding gap with products settling at T+1. Chris Cummings, CEO of the Investment Association, commented: 'As a critical bridge between investors and capital markets, it's extremely important that the funds industry keeps pace with broader changes in financial services infrastructure. 'The move to T+2 for funds will encourage greater global alignment on settlement cycles, enabling better services for investors, fostering a more robust financial ecosystem and improving the competitiveness of UK and European funds. We encourage firms, their service providers and the wider distribution chain to kickstart preparations for T+2, focusing on the delivery date to ensure a smooth transition.' Liz Field, Chief Executive of the Personal Investment Management and Financial Advice Association, commented: 'PIMFA and its members support the reduction of the settlement cycle for UK funds transactions to T+2. This is an important step towards greater global alignment on settlement cycles, which will foster a more robust financial ecosystem, drive economic growth, increase investor confidence and improve the competitiveness of UK markets.' Jack Inglis, CEO of the Alternative Investment Management Association, commented: 'AIMA welcomes the UK Accelerated Settlement Taskforce's (AST) roadmap for transitioning to a T+1 securities settlement cycle by 11 October 2027. We are committed to working with the industry to implement the necessary changes to ensure a smooth transition. In line with the AST's recommendations, AIMA is actively supporting firms with the global shift towards shorter securities settlement cycles. This transition will contribute to a more efficient and competitive financial ecosystem, benefiting market participants and investors alike.' Andrew Douglas, Chair of the Government's Accelerated Settlement Taskforce commented: 'As chair of the Accelerated Settlement Taskforce (AST), on behalf of the AST, I wholeheartedly welcome and support this recommendation from IA, PIMFA and AIMA. It fully aligns with the industry's February 2025 T+1 Implementation plan, specifically ENV 11, both on content and the required deadline. I would encourage all participants to adopt it as part of their preparation for the implementation of UK T+1 on 11th October 2027.' Separately, the IA has provided its members with a list of considerations for fund managers, providing a framework for co-ordinated action by firms who wish to mitigate challenges presented by the market change. The IA made a similar recommendation in 2014 for funds in alignment with market changes in most of Europe to T+2.
Finextra
20-05-2025
- Business
- Finextra
Pimfa, UK Finance and KPMG push growth agenda for private banking and wealth management
A new report from PIMFA, UK Finance and KPMG UK has revealed opportunities for how the government can further support the UK's Private Banking and Wealth Management (PBWM) sector in helping to deliver growth, provided four key barriers can be addressed. 0 This comes at a critical time as the Chancellor prepares her growth and competitiveness strategy for financial services. Based on interviews with Chief Executives and senior leaders from across PBWM, financial advice and related services, 'UK Private Banking and Wealth Management: Harnessing the Sector to Deliver Economic Growth' outlines the reforms required to unlock the sector's full potential. The findings reflect a clear industry consensus that the sector is not only equipped but also eager to support the government's growth ambitions. However, this potential will remain untapped unless underlying structural challenges are addressed. Four key priorities for reform The report outlines four key priorities for reform that industry leaders say are essential to unlocking the sector's full potential and helping deliver long-term, inclusive growth across the UK economy. 1. Fairer and more proportionate regulation: Policymaking and supervision should be more predictable, consistent, and supportive of the industry, along with closer collaboration between the Financial Conduct Authority (FCA), Financial Ombudsman Service (FOS) and Financial Services Compensation Scheme (FSCS), and further promotion of the sector's positive contribution. 2. Embracing innovation and smarter compliance: The sector is increasingly focused on how emerging technologies like AI can enhance client outcomes. With further support to manage compliance costs and strengthen firms' investment capabilities, there is significant potential for growth. The government can play a key role by supporting incentives that boost investment and broaden retail participation in financial markets. 3. A clearer, more stable tax environment: There is a valuable opportunity to build greater confidence by providing more certain and predictable tax policies and clearer direction. A well-signposted tax roadmap and targeted incentives would encourage long-term saving and wealth-building, attract global capital, and support early-stage UK business growth. 4. Strengthening financial literacy: A persistent and critical gap in financial literacy remains a key concern for industry leaders. Improving financial literacy can unlock greater engagement with advice and better decision-making. This can involve embedding financial education across the curriculum and promoting public awareness. Liz Field, Chief Executive at PIMFA, said: 'We welcome recent signals from government and regulators around growth and competitiveness, but there's a concern across our sector that without a more stable, proportionate, and joined-up policy environment, we risk missing a vital opportunity to unlock investment, drive innovation and promote greater financial resilience across society. Now is the time to go further, faster, and unlock the potential within the wealth management, financial advice and planning sector to unlock the growth we all want to see.' Eric Leenders, Managing Director of Personal Finance at UK Finance, added: 'This report provides a clear roadmap for how the wealth management and private banking sector can partner with government to drive growth. It also makes clear that if we want more people to benefit from financial advice and long-term investing, we need to remove barriers, modernise regulation and really invest in improving financial literacy.' Daniel Barry, Partner at KPMG UK, said: 'While recent government and regulatory initiatives to promote the sector's growth and competitiveness are welcome, the report highlights the need to do more. But this isn't just about driving economic growth, it's about supporting individuals to achieve their financial goals. As risks to the UK's financial stability are rising, the government has a significant opportunity to instil greater confidence among sector leaders at a time of great uncertainty and geopolitical volatility. Policymakers, supervisors and the sector must work together to both safeguard it and deliver growth.' The Lord McNicol of West Kilbride, Iain McNicol, commented on the launch of the paper, saying: 'The Private Banking and Wealth Management sector is a major contributor to UK economic growth. It boosts productivity and prosperity, and as such has a vital role to play in advancing the government's growth agenda. So I'm delighted to see this report put forward a constructive set of proposals for how the sector can contribute further, and to commit to working closely with the government to make this growth a reality.' The findings of the report suggest a sector that is both ambitious and aligned with the country's broader growth agenda, ready to partner with government, regulators and the public to build a more inclusive, resilient and prosperous financial future.
