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Eview Q2 2018 CISI.ORG/REVIEW THE Review Q2 2018 CISI.ORG/REVIEW THE PROVIDING INSIGHT AND ANALYSIS FOR FINANCIAL SERVICES PROFESSIONALS Have you renewed your CISI Membership? If you’ve not renewed your CISI membership yet, you’ll lose access to all the great benefits available to you, including this first-class award- winning magazine. 45,000 other members are already enjoying these benefits, so don’t miss out. Renew now at cisi.org/mycisi Q2 2018 membership renewals.indd 1 27/04/2018 15:57:42 Review Editor, Chartered Institute Poll results from for Securities & Investment Jane Playdon 20 Fenchurch Street, London EC3M 3BY The Review digital T: +44 20 7645 0648 [email protected] platform reveal that Editorial Panel Robert Merrifield, Chartered FCSI 96% of respondents Chairman Helen Anderson Chartered Institute for Securities & Investment have experienced an Charlotte Branfield ACSI Citi Joseph Chapman, Chartered FCSI increased workload Jupiter Asset Management Simon Culhane, Chartered FCSI Chartered Institute for Securities & Investment over the past year due Scott Dobbie FCSI(Hon) Deutsche Bank to regulatory rollout. Kerrie Fleetwood ACSI DST Financial Services Peter Land, Chartered FCSI Walker Crips Stockbrokers Amy Lazenby, Chartered FCSI Close Brothers George Littlejohn MCSI Chartered Institute for Securities & Investment Jacqueline Lockie CFP™ Chartered FCSI Chartered Institute for Securities & Investment The flurry of activity on the cover this quarter depicts Tsitsi Mutiti, Chartered FCSI Charles Stanley the impact that simultaneous rollout of regulation – Claire Perryman, Chartered MCSI General Data Protection Regulation; Markets in State Street Frank Reardon, Chartered FCSI Financial Instruments Directive II (MiFID II); Key JM Finn Information Documents, to name a few – has had, and Patricia Robertson, Chartered FCSI Westport Global is having, on financial services firms. Turn to pages Nigel Sydenham, Chartered FCSI 18–21 for our cover story on this, based largely on poll CCL Academy results from The Review digital platform, which reveal Sir Alan Yarrow, Chartered FCSI(Hon) Meet your new CISI Chartered Institute for Securities & Investment welcome that 96% of respondents have experienced an increased Financial Planning Editorial Panel workload over the past year due to regulatory rollout. Janet Walford OBE Chairman Communications Simon Culhane, Chartered FCSI Not least because of MiFID II. Our related feature on Chartered Institute for Securities & Investment ‘The new research regime’ looks at its impact on fund Sarah Elson APP ACSI Berry & Oak Dashboard management and research in the first quarter after its Lee Glennan CFP™ Chartered FCSI implementation in January 2018 (pp.26–28). Glennan Wealth Management Richard Gray CFP™ Chartered MCSI 1825 Meanwhile, the environmental, social and governance Julius Lipner MCSI Consilia Wealth Management We like to keep you up to date with (ESG) agenda among institutional investors is on the Jacqueline Lockie CFP™ Chartered FCSI increase, with reports of value at risk from climate Chartered Institute for Securities & Investment the latest news and information you Robert Lockie CFP™ Chartered FCSI change and stranded assets, but also “extraordinary Bloomsbury Wealth need to know to help you progress your opportunities”, writes John Plender, a columnist for the Wardour contacts Advertising sales enquiries career - that’s just how much we care. Financial Times and guest writer (p.13). Editor-in-Chief David Poulton Eila Madden T: +44 20 7010 0915 Online Editor Cover illustration We want to put you in complete Stephen Jones, CEO of UK Finance, a newly-formed Bethan Rees Michael Kirkham body representing the UK financial services sector, Group Art Director Published on behalf of Steven Gibbon the Chartered Institute control of this relationship, so we’ve explains how it has laid the groundwork to achieve its Account Director for Securities & Investment David Poulton by Wardour, Drury House, created a new Communications goals since inception in July 2017 – goals which include 34–43 Russell Street, Production Director London WC2B 5HA inclusivity; preventing economic crime; and improving Angela Derbyshire Dashboard where you can tell us T: +44 20 7010 0999 the image of the UK banking sector (pp.14–17). Managing Director Claire Oldfield Fax: +44 20 7010 0900 exactly what you want from us. Chief Executive wardour.co.uk Other highlights include our CPD feature on Martin MacConnol ISSN: 1357-7069 Say hello to more control. ‘Brexit: What next?’ by European financial affairs © The Chartered Institute for Securities adviser Graham Bishop (pp.44–45); choosing between & Investment (CISI). All rights reserved. a lifestyle or an enterprise type business (pp.29–31); Reproduction in whole or part prohibited without prior permission of the CISI. The CISI and an example of optimum work-life balance in ‘My and Wardour accept no responsibility for the views expressed by contributors to The Review; Tell us what you want at business’ (pp.38–39). or for unsolicited manuscripts, photographs or illustrations; or for errors in articles or cisi.org/dashboard advertisements in The Review. The views As ever, please get in touch with any comments expressed in The Review are not necessarily those held by the CISI or its members. or suggestions. CFPTM, CERTIFIED FINANCIAL PLANNER™ and the CFP Logo are certification marks owned outside the US by Financial Planning Jane Playdon Standards Board Ltd. Review editor, CISI The Chartered Institute for Securities & Investment is the marks licensing authority [email protected] for the CFP™ marks in the United Kingdom, through agreement with FPSB. comms dashboard.indd 1 17/05/2018 16:18:19 contents FROM THE CISI 6 CISI Upfront 42 A sign of the times? News and views Holly decides to provide from the CISI an unauthorised witness signature. How should her 38 Looking after a small manager respond? number of clients well How David Gibson CFPTM 44 Brexit: what next? Chartered MCSI achieves a Graham Bishop, European work-life balance that financial affairs adviser, benefits him and his clients outlines the challenges facing financial services this summer 40 Carefree care funding Martin Ruskin CFPTM 46 Having a laugh Chartered MCSI helps a Luis Alcada ACSI loves the client fund her care without adrenalin rush of doing live sacrificing the family home stand-up comedy gigs 40 FEATURES 18 Regulatory overstretch: too 29 Which way to grow? much at once? Tim Cooper outlines the pros Neil Jensen finds out how firms and cons of the practice and are coping with multiple rollouts enterprise business models 22 Investing in the future of UK 32 A changing world asset management Andrew Strange traces financial Richard Willsher investigates services jobs around the globe plans for a new talent pipeline 34 Are P2P loans a good 18 26 A new research regime investment for ISA holders? Phil Thornton on the first few Paul Bryant reports on this new months of MiFID II portfolio option for investors REGULARS 14 5 City view 47 Comment It’s time to hold big Asset managers are failing to technology firms to account, make the case for says Robert Merrifield, investments over cash, Chartered FCSI Andrew Davis warns 12 Ask the experts 48 Regulatory update Pinsent Masons’ Jonathan Christopher Bond, Beastall on why share Chartered MCSI rounds up buybacks are under the key regulatory changes government spotlight 52 Review of investment 13 First person management John Plender says the Arjuna Sittampalam, transition to a low-carbon Chartered MCSI analyses economy is starting to look developments in asset less financially risky management 14 Profile: The start of 59 Review of Financial Markets something new Our academic journal on UK Finance CEO Stephen the latest financial services Jones outlines his vision for sector research, edited by the new body to Bethan Rees George Littlejohn MCSI | cisi.org/review | | Q2 2018 | 3 City view How does our new mandatory CPD policy affect you? Our new CPD policy is now in effect for all CISI members (excluding student members). Below are the CPD requirements, depending on your membership level or status. Your CPD requirements must be met by 31 March 2019. Required Minimum Integrity & Ethics Hours Structured (inc Regulation, Risk) Chartered Members (or members looking 35 21 3.5 to become Individually Chartered), (structured or CERTIFIED FINANCIAL PLANNER™ unstructured) professionals, SPS holders Affiliates, Associates (ACSI) and Members 10 6 1 (MCSI) (structured or unstructured) For more information visit cisi.org/cpdchanges | Q1 2018 | | cisi.org | 270 MCPD apr18.indd 1 11/04/2018 14:44:55 CISI OPINION City view PAUL IMRIE/ JELLYLONDON.COM Holding big tech to account ROBERT MERRIFIELD, CHARTERED FCSI he furore over Facebook’s alleged We treat regulated firms similarly. But It is time to hold these companies to the mishandling of 50 million of its while Facebook and other tech companies same standards we expect of the companies users’ personal information have no such obligations, we have, until and professionals we already entrust with Tillustrates the poor ethical, cultural now perhaps, been more than happy to our most intimate information. and governance record of a large group of share even more extensive information It is unlikely that Facebook and other tech-enabled and multinational companies with them than we have previously. tech-enabled companies will come up with that play an increasing part in our daily Until recently, the misuse and theft of data an acceptable solution on their own. Indeed, lives. Most have yet to fully take on board seems to have been considered an almost this looks to be just another example in a How does our new mandatory CPD policy affect you? the values, responsibilities and behaviours victimless crime by some. The new General pattern of unethical behaviour where that come with that territory or to accept Data Protection Regulation (GDPR) tech-enabled and multinational companies that being tech-enabled does not release Our new CPD policy is now in effect for all CISI members (excluding student members).
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