The Financial Conduct Authority has published the final rules that form the Investment Firms Prudential Regime (IFPR).
The Financial Conduct Authority (FCA) has published the final rules for the Investment Firms Prudential Regime (IFPR).
In a statement, the FCA said: “we have now converted the near-final rules from the first two policy statements of the Investment Firms Prudential Regime (IFPR) into final rules.”
IFPR has been introduced by the FCA to “streamline and simplify prudential requirements for solo-regulated UK firms authorised under the Markets in Financial Instruments Directive (MiFID).”
In a change to previous regulations, IFPR moves focus away from the risks that firms face, to considering and managing risks their activities could pose to consumers and markets.
Updates have been made to the Conduct of Business Sourcebook (Assessing Value for Money in Workplace Pension Schemes and Investment Pathways: Requirements for IGCS and GAAS) Instrument, and the Technical Standards (Markets in Financial Instruments Regulation) Instrument.
The final rules are in the legal instruments FCA 2021/38 and FCA 2021/39.
A third policy statement will be published by the end of 2021, before IFPR comes into force on 1 January 2022.
