The FCA has published the findings of its ongoing review of multiple firms as they implement IFPR (Investment Firms Prudential Regime).
The FCA has published findings from its review on how firms are implementing IFPR (Investment Firms Prudential Regime), specifically looking at capital adequacy and risk assessment (ICARA) reporting.
Based on their findings, the FCA has made a number of observations and recommendations. One of the key observations related to data quality, and the fact that some firms are providing inaccurate or incomplete data submissions.
The FCA believes that the poor quality of regulatory data submissions is an indicator of weaknesses within the firms’ systems and controls, and could be a breach of senior managers’ SM&CR responsibilities.
Expected standards related to data accuracy were outlined by the FCA in previous ‘Dear CEO’ letters in February 2018 (‘Quality of Prudential Regulatory Returns’) and in February 2021 (‘Transforming data collection’).
With the FCA placing such an emphasis on data quality, and the stakes being high for reporting entities, ensuring the accuracy of submitted data should be a priority for firms in the scope of IFPR.
How Invoke can help
The Invoke Analyzer solution helps firms guarantee the quality and accuracy of data, to avoid the need for resubmissions and penalties imposed by the FCA.
Analyzer provides a format-agnostic validation engine that gives users a 360-degree view of data quality, running regulatory controls and additional business checks on centralized data irrespective of its technical format.
These functionalities combined mean users can have total confidence in the accuracy of their data and the knowledge that it has been validated at every stage.
Contact us today to find out more.