PFS suspends all events for Q2 2020 amid coronavirus pandemic
Written to Government on 10% rule
The Personal Finance Society (PFS) has suspended all its events across the UK that were planned for the second quarter of 2020.
This comes after the Government's recent announcement to restrict all non-essential contact and unnecessary travel.
The remaining events for the first quarter of the year and two Society of Mortgage Professional specialist events were also cancelled this week.
The professional body said it would provide members with digital CPD content, including event recordings, webinars and good practice guidance on specific subjects such as business continuity planning, client communications and regulatory requirements.
PFS chief executive Keith Richards had also been in contact with the government and regulators about issues that may provide extra challenge to advisers trying to serve clients well during the pandemic, such as MiFID II's 10% reporting rule, whereby clients are notified when the value of their portfolio falls by 10% or more.
"[The] reporting rule could be adding to workload pressure and anxiety for consumers at this time, and other deadlines or potential breaches," he explained.
"These are unprecedented times but I am confident that the resilience and spirit of the profession will endure at a time when clients will need their expertise, coaching and help the most.
"Many financial advisers are now reviewing plans for remote rather than face-to-face meetings with clients identified by the government as having to self-isolate during the coronavirus outbreak.
"The PFS is in contact with the government and regulators regarding the impact of issues that may cause the profession additional challenges service the public in the coming months."
This article first appeared on our sister title Professional Adviser
More on UK
Most read
