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Prepare for the new UK prudential regime: Book a IFPR Readiness Assessment

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Prepare for the new UK prudential regime: Book a IFPR Readiness Assessment

The Financial Conduct Authority (FCA) is introducing a new UK Investment Firm Prudential Regime (IFPR) which will bring about significant changes for many investment firms from 1 January 2022.

Whilst the FCA’s final policy position regarding the IFPR is still under consultation there is enough certainty to enable firms to start preparing to meet requirements from 1 January 2022 and beyond.

The introduction of the new regime will impact all firms currently classed as Exempt CAD, BIPRU, IFPRU and CPMI. The changes include potentially holding increased regulatory capital (at individual and parent level); additional liquid assets, enhanced regulatory reporting and robust governance frameworks on financial resilience.

How to prepare for IFPR and remain compliant

Newgate Compliance offers a Readiness Assessment outlining what actions needs to be done under the IFPR. It will send a report setting out a gap analysis of your firm’s current framework against the new requirements under IFPR and provide practical guidance on the steps your firm needs to take to ensure compliance.

Under our Readiness Assessment service, we will:

  • Ascertain your firm’s classification under IFPR;
  • Clarify whether you will be subject to group consolidation requirements;
  • Sense check your current stock of eligible regulatory capital;
  • Assist in the calculation of your new capital and liquidity requirements;
  • Prepare you for the new Internal Capital and Risk Assessment (“ICARA”) Process which will be the expected centrepiece of your firm’s risk management framework;
  • Provide you with a suite of templates such as prudential policy, ICARA and compliance monitoring framework;
  • Arrange training for your senior managers, Compliance and/or Finance Teams on what actions they are required to undertake under IFPR;
  • Confirm what additional reporting requirements are due under the new regime and when these need to be submitted to the FCA.

For more information about the implications of the IFPR, access our IFPR readiness series of articles at the bottom of this page.

Book your Readiness Assessment

To book your Readiness Assessment or obtain a free consultation on what Newgate's Readiness Assessment service will cover, please click here.

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