IFPR is Just 100 Days Away: Are You Ready?

Author

Martin Lovick

Publish Date

Type

Compliance Alert

Topics

  • Compliance
  • Managed Services

Today marks 100 days until the UK's Investment Firm Prudential Regime (IFPR) comes into force – setting in stone a new regime that significantly impacts investment managers, advisors and brokers who provide MiFID services. 

The challenge of understanding and implementing the new requirements in such a short amount of time should not be underestimated. 

Despite the onus placed on preparing for its implementation, recent polls taken at ACA’s Fall Conference, held on 21 September 2021, show that only 10% of firms feel they are ready and capitalised for the new regime, with 45% seeing compliance systems and resources as their top priority.

With the publication of the FCA’s second Policy Statement, there is no longer a valid excuse to delay implementation. We recommend that you address how this new prudential framework will impact you and plan now for capital and other prudential resource needs.  

100 days is just enough time to tackle the new requirements. By acting now, you can comply with the changes whilst causing minimal disruption to your business.

Download our checklist that captures 13 key considerations for firms implementing the required changes ahead of the 1 January 2022 deadline.

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Questions? 

Our experienced prudential team are on hand with a wide range of solutions designed to help make your IFPR and regulatory reporting obligations as simplified and seamless as possible. Complete this form or call +44 (0) 20 7042 0500 to connect with us.

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How we help

Our prudential experts can help you with:

  • Understanding the new rules: The FCA has already published one Discussion Paper and two Consultation Papers on IFPR, to be followed shortly by a 3rd Consultation Paper and a final Policy Statement. Rooted in a firm grasp of the detail and underlying objectives of the new regime, our IFPR Implementation Planner and other briefing documents boil these requirements down to the essential details.
  • Implementing the changes: We will take you step-by-step through embedding the changes into your financial control and compliance frameworks. This will include documentation such as the new ICARA and regulatory reporting formats, revised remuneration policies, plus supporting compliance and monitoring collateral. Our aim is to support you through the  changes whilst causing minimal disruption to your business.
  • Regulatory reporting: ACA offers a comprehensive reporting solution that addresses all your FCA obligations on an on-going basis.

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