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New draft template aims to help distributors meet their MiFID II responsibilities

June 26, 2018

TISA, the investment and savings membership organisation and PIMFA, the UK wealth management and financial advice association today published their ‘MiFID II Feedback Template’ alongside a ‘Distributor Reporting Useful Guide’*.
The draft guide aims to give firms across Europe a clear way to meet their MiFID II responsibilities. In addition to the guide, a comprehensive Q&A document will help distributors make compliant returns to asset managers.
The draft template and guide have been developed by a cross industry working group consisting of TISA, PIMFA, the IA alongside leading asset managers and distribution businesses, chaired by First State with a deputy chair from Deutsche Bank Wealth.
Market feedback on the proposed template is open until the 12th July. Once all comments have been received, the working group will meet with the Financial Conduct Authority (FCA) and the European Securities and Markets Authority (ESMA) to ensure the regulators are aware of the approach before issuing the final versions.
TISA & PIMFA also announced their call for firms across the sector to join a user group to test the template and ensure that it can be meaningfully incorporated into firms.
Speaking at TISA’s MiFID II seminar where the template was unveiled, Jeffrey Mushens, TISA’s Technical Policy Director said:
“There is a critical need for a common industry template that can be used by businesses and distributors across Europe. The template has been subject to a number of preliminary trials by a sample of distributors to ensure it is ready to proceed to the testing stage and shared with the European Working Group (EWG) and it is clear that once refined and adopted it will provide huge clarity for the reporting process.”

Giulia Lupato, Senior Policy Adviser at PIMFA said:
“This is the result of months of collective effort to provide a clear and positive way forward for firms to be able to comply with a piece of regulation that is so open to interpretation. Once this project has been completed, it will standardise procedures and help minimise costs. As our mission is to create an optimal operating environment for our firms and their clients’, initiatives such as this are essential to ensure the ongoing success of our industry”.

Notes for Editors
*About the Feedback Template and Useful Guide
• View the Markets in Financial Instruments Directive Feedback Template here.
• Read the MiFID II ‘Distributor Reporting Useful Guide’ here

About TISA
The Tax Incentivised Savings Association (TISA) is a unique, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence based proposals to government, policy makers and regulators.

TISA’s growing membership comprises more than 190 firms involved in the supply and distribution of savings and investment products and services. These members represent all sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, FinTech, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.

Current themes of TISA policy work include:
• Brexit: developing proposals for government that will enable the savings and investments sector to prosper on a global scale
• Digitalisation: a digital identity for consumers of financial services, innovation, standards and data responsibilities
• ISA’s: LISA, simplification of the regime
• Retirement saving: the Auto Enrolment review, self-employed and pension tax relief
• Housing: the use of property to supplement retirement income
• Guidance: developing a framework and services to make guidance more widely available
• Education: supporting the education of young people to make them aware of the impact of finance on their life.

TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve industry effectiveness by reducing cost and risk and to enhance customer outcomes. This work currently includes: MiFID II, CASS, the UK Fund Trading & Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.

Contact TISA
Issued on behalf of TISA by Atlas Partners, for further information please contact:
Sarah Evans, telephone: 020 7183 7154 or 07523 609413, email sarah.evans@atlas-partners.co.uk
Email: tisa@atlas-partners.co.uk

• The Personal Investment Management & Financial Advice Association (PIMFA) is the trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• PIMFA represents full member firms that provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services alongside associate member firms that provide professional services to the PIMFA community.
• Our objective is to create the optimal operating environment for our member firms to deliver their services and meet client’s needs. PIMFA also leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the investment management and financial advice arena.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association going back for 27 years – read more.

Contact PIMFA
For further information on this release or other press matters please contact:
• Sheena Gillett – PIMFA Head of PR & Communications, sheenag@pimfa.co.uk +44 (0)20 7011 9869
•Nigel Ross-Scott – PIMFA Content Manager, nigelrs@pimfa.co.uk +44 (0)20 7382 0371