Issue 3: February 2021

Welcome to your latest issue of engage. 

On Wednesday the UK reached a significant milestone, with 10 million people having now received their first vaccine dose and we as a nation start to think about when emergency measures will be lifted. 

Ahead of the Spring Budget, TISA has written to the Chancellor outlining four recommendations, all focused on ensuring UK financial services best meets the needs of consumers’ savings and investments, which will remain vital when the Government begins to wind down its emergency Covid-19 measures. We will be watching the news on 3rd March to disseminate the key points directly to our members.

TISA is also pleased to report significant milestones having been reached over the last month across our work - in particular our Digital ID project has completed the first round of consumer testing and our Guidance policy work has taken a big step forward, following highly productive discussion with the FCA. Details of these and other key developments are included below.
We hope you find our newsletter useful and we'd love to hear from you regarding anything featured in this issue, or indeed any other aspects of our work. To get in touch, please reply to this email

Best regards,

Ruth Moore
Executive Director
The Investing and Saving Alliance (TISA) |    

SPOTLIGHT ON - Digital ID Project
The first round of consumer testing for TISA’s Digital ID work has been conducted using behavioural research firm Simple Usability. The objectives were:
  • to validate the User Experience;
  • identify opportunities to optimise ID registration and encourage use by new and existing Digital ID customers, and
  • flag any initial barriers to use, particularly relating to understanding the concept, journey flow and user experience.
We are happy to share the results of this upon request.
The technical specifications for the Test Hub that will be configured and available for testing in May have been defined. This will connect financial services and identity providers together to test the data requirements and connections required for the scheme. We welcome any TISA members who are interested in connecting into the Test Hub and will share findings from this activity.
The first Commercial Working Group has been convened, to develop the launch plans for the Digital ID live service including validating the business case, pricing models and the commercial model for the operating the scheme as well as plan the promotional activities to drive take up. This group includes representatives from UK Finance, the ABI, Innovate Finance and other bodies. The team plans to provide an open meeting to TISA members to share findings from this Commercial Working Group and seek inputs.

You can find out more about our Digital ID Project here.
TISA engages with FCA on 'advice gap'
TISA’S Financial Guidance Working Group has commenced engagement with the FCA on ’advice gap’ solutions, following publication in December 2020 of their ‘Evaluation of the impact of the Retail Distribution Review and the Financial Advice Market Review’.  Discussions are ongoing and we will keep members updated.  In the meantime you can read the full report here.
FCA Chief Executive Roundtable Roundup
TISA CEO David Dalton-Brown was invited to participate in the FCA’s Chief Executive's Roundtable for Trade Bodies and Professional Associations on 27th January. Chaired by Andrew Whyte (Director of Communications) Chief Executive Nikhil Rathi set out his view of the regulatory landscape and his vision for the FCA, whilst Sheldon Mills (Executive Director, Consumers and Competition) offered insight into the FCA’s new divisional structure. The session concluded with Megan Butler (Executive Director, Transformation) who discussed the goals of the FCA's transformation, looking at their people, culture and capability.   A highly valuable session, it gave TISA the opportunity to hear the FCA’s areas of focus for the coming year and consider how TISA can gather the appropriate experts from our membership and input into these areas effectively on behalf of our members.
Post-Brexit - what happens next?
The latest of a series of TISA's post-Brexit member briefing notes - brought to you in partnership with our media agency Cicero/AMO - focuses on what happens next. It sets out No.10's economic and business priorities for the rest of the Parliamentary term - from realising the opportunities of deregulation post-Brexit to 'building back better' post COVID-19 - and includes a timeline of key dates throughout 2021. You can read the full briefing note here.
Budget wish list
The government will set out their Budget on 3rd March. TISA submitted 4 key proposals to the Chancellor regarding:
  • the adoption of a Digital Identity scheme to help facilitate cross border digital trading post Brexit;
  • increasing mass-market access to better quality financial guidance;
  • improving the Auto Enrolment framework, particularly for low earners;
  • simplifying the ISA regime to make general savings, retirement savings and help to buy saving easier for consumers and the investment industry.
Elsewhere, a briefing note from our media agency Cicero/AMO provides an overview of speculated Spring Budget 2021 announcements - as made by the UK government and those rumoured in the press. It is expected that this Budget (3 March) will focus on Covid-19 spending measures, with the Treasury preferring a second Budget in November with more substantial tax rises to take effect once the recovery is fully under way and with a general election expected in 2024 still safely in the distance. You can read the briefing note here.

Press Release | TISA Budget Submission
TURN - TISA Universal Reporting Network
TURN is a rapidly growing, blockchain based consumer reporting platform that TISA has launched across the EU and will facilitate cross border EU trading post Brexit.  TURN already enables the delivery of MIFID EMT and in the next phase will also support fund standing data and EU compliant ESG reporting. Work on the development of an ESG consumer standard has now commenced.  TURN is supported by major digital platforms, data providers, investment companies together with EU standards bodies / regulators, with the FCA providing their support. 
Our latest demo illustrates how easy the solution when you cannot connect via API.  The User Interface is simple and effective to use for all. Watch the demo here.

Visit the TURN website |  Follow on LinkedIn
New Members
We’re pleased to welcome Optima Consulting Partners Limited and Rigg Wright Associates, who joined TISA in the last month. 

We were also delighted to welcome Fundipedia, the latest FinTech to join TISAtech last month.

Are you new to TISA?
Don't forget to sign-up to our website to access member-only content and preferential member rates for events.
Don't miss our key February events
Financial Advice & Guidance Virtual Conference 
As a result of the coronavirus pandemic, it is more important than ever to emphasise the advantages of financial advice when people are faced with unparalleled financial challenges and concerned about their long-term financial wellbeing. At our Financial Advice & Guidance Conference on 9th February we hear from the regulator and industry practitioners about the latest regulatory developments, market trends and best practices in overcoming the challenges in the financial advice sector.
Annual Retirement Virtual Conference
Speaking about our upcoming Annual Retirement Conference, our Head of Retirement Renny Biggins comments: "There continues to be significant activity in the Retirement space, as Government and industry continue to collectively work collaboratively to improve consumer outcomes and increase engagement. Our Annual Retirement Seminar on 11th February will focus on some of these key areas, where an exceptional line-up of speakers will share their expertise and experience, including keynote speaker Robert Holford, Head of Strategy at The Pensions Regulator.
Events & Training
As COVID-19 restrictions continue, we continue to offer a comprehensive online programme of events and training workshops to ensure you remain informed about the latest industry developments and up to date with regulatory requirements. 
Make sure you sign-in to get the preferential TISA member rate.


Client Money Refresh Workshop: Recap and Update on CASS Requirements
Wednesday 10th February

Innovative Finance ISA Key Facts
Tuesday 16th February

ISA Qualifying Investments
Tuesday 23rd February

ISA Repairs & Voids Online Workshop
Thursday 25th February 2021

Demystifying cyber security in regulated firms
Monday 1st March

Financial Advice & Guidance Conference
Tuesday 9th February 

Annual Retirement Conference
Thursday 11th February 

Virtual Digital Conference
Wednesday 17th March 

Post-Brexit Virtual Forum
Thursday 25th March

ESG Virtual Forum 2021
Tuesday 30th March
Copyright © The Investing and Saving Alliance 2020 All rights reserved.

Our mailing address is:

For our privacy policy please see here

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list here.


This email was sent to <<Email Address>>
why did I get this?    unsubscribe from this list    update subscription preferences
TISA · Dakota House, Falcon Court, Preston Farm Industrial Estate · Stockton-on-Tees , Teesside TS18 3TX · United Kingdom