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PIMFA WEEKLY NEWS BULLETIN 17 July 2023
PIMFA Membership Portal Upgrade The PIMFA Membership Portal has gone through a major overhaul in both functionality and design to make updating your details even easier. Changes include the option for any firm to have up to two people who can access the Portal – a ‘Firm Administrator’ and a ‘Staff Administrator’ – and the addition of a Resources page where you can download PIMFA’s logo should you wish to use it in your publications and/or digital content. Full details and a short explanatory video are available here.
CONSUMER DUTY CORNER: CHANGING CULTURE Culture has been at the top of the FCA’s agenda for the past few years, but the introduction of consumer duty has raised expectations even higher on how firms define, embed and measure culture within their organisations. Culture is referred to throughout the FCA’s Consumer Duty finalised guidance and it has been emphasised repeatedly in recent speeches. Sheldon Mills (Executive Director, Consumers and Competition at the FCA), in his speech in May, re-iterated the FCA’s focus on governance, culture and accountability, setting out specific questions that firms should be considering: 1.
Does your purpose and culture align with your obligations
under Consumer Duty and support the delivery of good outcomes for customers?