On this page 
- Why we have introduced the IFPR
- Who is subject to the IFPR
- Final rules and guidance
- Remuneration Policy Statement templates
- IFPR newsletter
- IFPR webinars
- IFPR set-up questionnaire
- IFPR resources
Why we have introduced the IFPR
The IFPR aims to streamline and simplify the prudential requirements for MiFID investment firms that we prudentially regulate in the UK (FCA investment firms).
In line with our objectives and Mission, it refocuses prudential requirements and expectations away from the risks firms face, to also consider and look to manage the potential harm firms can pose to consumers and markets.
Who is subject to the IFPR
The IFPR applies to:
- MiFID investment firms authorised and regulated by us
- Collective Portfolio Management Investment Firms (CPMIs)
- regulated and unregulated holding companies of groups that contain either of the above
The IFPR will not apply to PRA-designated investment firms. They will remain subject to prudential supervision by the PRA.
Final rules and guidance
The final rules from our first and second policy statements are in the legal instrumentsFCA 2021/38andFCA 2021/39. You can read asummary of minor updatesmade since we published the near-final versions of the instruments inPS21/9. The final rules from our third policy statement are in the legal instrumentsFCA 2021/49andFCA 2021/50.
Firms that may be part of a financial conglomerate should also refer to our related amendments inFCA 2021/51to certain technical standards under the onshored Financial Conglomerates Directive regime.
The IFPR rules are in ourHandbook:
- The new MIFIDPRU sourcebookisin the Prudential Standards block
- TheMIFIDPRU Remuneration Code (SYSC 19G)is in the SYSC sourcebook,withinintheHigh LevelStandards block
In 2021, wepublishedgeneral guidance on the application of ex-post risk adjustment to variable remuneration. This guidance explains our expectations on malus and clawback, including on how they should be invoked in an effective, timely, consistent and transparent way. Weconsultedon whether to extend theexisting guidance to FCA investment firms.
Remuneration Policy Statement templates
We have published templates for Remuneration Policy Statements (RPS) which FCA investment firms may (but do not have to) use to record how their remuneration policies and practices comply with the MIFIDPRU Remuneration Code:
- RPS template
- Table of material risk takers (MRTs)
IFPR newsletter
You can sign up to ourIFPR newsletter by emailing[emailprotected]with ‘sign up’ in the subject line.The IFPR newsletter provides updates on the IFPR, IFPR resources and on any upcoming regulatory deadlines.
IFPR webinars
We hosted two IFPR webinars on 30 November 2021. The first webinar covered more technical aspects of the IFPR, such as groups and own funds requirements. The second webinar focused on some more practical aspects of the regime such as the ICARA process, reporting, and the applications and notifications process.
Both webinars are available to re-watch here. You will need to register to access the recording. The slides will be available to view once you have registered.
IFPR set-up questionnaire
We are in the process of analysing responses to the IFPR set-up questionnaire and assisting firms with their queries. It is mandatory for firms to complete and return the set-up questionnaire. The output from the questionnaire provides us with vital data needed for the purpose of setting firms up on our systems, including their reporting schedules.
If your firm has not yet responded to the questionnaire, please do so as soon as possible.
If you have not received the questionnaire but believe you should have, please email[emailprotected].
IFPR resources
| Publication | Date |
|---|---|
| CP22/4: Quarterly Consultation Paper No. 35 (See chapter 7) | March 2022 |
| PS21/17: A new UK prudential regime for MiFID investment firms | November 2021 |
| CP21/26: A new UK prudential regime for MiFID investment firms | August 2021 |
| PS21/9: Implementation of Investment Firms Prudential Regime | July 2021 |
| PS21/6: Implementation of Investment Firms Prudential Regime | June 2021 |
| CP21/7: A new UK prudential regime for MiFID investment firms | April 2021 |
| CP20/24: A new UK prudential regime for MiFID investment firms | December 2020 |
| DP20/2: Prudential requirements for MiFID investment firms | December 2020 |
Page updates
: Editorial amendment page update as part of website refresh
: Information added
: Information changed Updates to reflect the IFPR coming into force on 1 January 2022
: Information added New MIFIDPRU forms content.
: Link changed webinar link updated
: Link added Final rules from third policy statement added.
: Link added Link to amendments to IFPR Instrument 2021 added
: Information added MIFIDPRU applications and notifications
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On this page
- Why we have introduced the IFPR
- Who is subject to the IFPR
- Final rules and guidance
- Remuneration Policy Statement templates
- IFPR newsletter
- IFPR webinars
- IFPR set-up questionnaire
- IFPR resources
In this section
IFPR reporting, applications and notifications
Amendments to the IFPR Instrument 2021 since publishing the near-final version
