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Funds-Axis

UNITED KINGDOM: Implementation of Investment Firms Prudential Regime

News Source
Atlas
Country
UK
Focus
General - Fund Regulation
Type
General

The FCA have published a policy statement on the implementation of Investment Firms Prudential Regime. The policy statement is about the UK Investment Firm Prudential Regime (IFPR), a single prudential regime for all FCA investment firms that simplifies our current approach. The IFPR will shift the focus of prudential requirements and expectations away from the risks that firms face, to address the harm that firms can pose to consumers and markets.

In April 2021 the FCA consulted, in CP21/7, on the second set of our proposals to introduce the IFPR. This is a new prudential regime for UK investment firms authorised under the UK Markets in Financial Instruments Directive (MiFID). This is the second policy statement (PS) the FCA are issuing to introduce the IFPR.

The new regime represents a major change for FCA investment firms and it is critical that they adequately prepare for the regime.

The FCA expect the IFPR to take effect in January 2022.

Click on the above link for further information.