FCA IFPR Questionnaire – What to expect?
The introduction of the IFPR regime is fast approaching (January 2022), and the FCA are taking steps to contact firms in preparation of launch. The FCA will shortly be sending out to firms a questionnaire, collecting the data they require to set-up firms reporting requirements in RegData.
Earlier this year, the FCA has sent out the “IFPR Financial Resources Transitional Questionnaire” to collect data from FCA investment firms with individual guidance. The new FCA Questionnaire will be sent out to all existing FCA investment firms in November 2021.
The IFPR will include firms that are currently subject to BIPRU, IFPRU, and will incorporate exempt CAD firms. For information, on whom IFPR applies to click here.
IFPR Questionnaire – what to expect
The questionnaire will ask for core information including:
- Expected SNI (or non-SNI) status
- Investment firm group membership / composition
- Expected ICARA reporting date (the replacement for ICAAP)
The responses to the questionnaire will be analysed by the FCA and used to set up the prudential reports and reporting schedule in RegData. It will be a short questionnaire of 2 or 3 pages, but it is essential for firms to complete in advance of IFPR’s launch.
The FCA have indicated that firms with a reporting deadline at the end of 31st December 2021 will still need to complete their current reports to RegData – until the new reports have been set up post IFPR’s launch. There will be a period of overlap between the current and new prudential regimes.
IFPR Questionnaire – why is this important
The FCA will be communicating the questionnaire to firms, including newsletters, emails and its website, in advance of the questionnaire being issued. It is likely that the FCA will provide an email inbox and a guidance document on the questionnaire – this will be confirmed in due course.
All firms sent the questionnaire should complete in full, to ensure that they receive the right reporting schedule when IFPR launches.
Information about IFPR
For details on IFPR and the changes being introduced, information can be found in an earlier article.
How can Complyport help?
If this article has raised any questions or you think your firm may require assistance meeting the new requirements under the new IFPR, please contact Jonathan Greenstein now, via email@example.com, and book in a free consultation.
Our teams are ready to support your firm in meeting the new requirements, putting together the ICARA, the calculation of K-Factors and more.
Complyport IFPR services:
Complyport is a market leading consulting firm supporting the UK financial services industry for over 20 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.
Complyport advises and assists firms to become authorised and to comply with the rules and requirements of regulators on an ongoing basis. Our vision is to be there for our clients every step of the way, helping them change, grow, and excel through expertise, insight and innovation, and in so doing to become our clients’ most valued supplier and trusted advisor.
We have successfully assisted over 1000 firms to become authorised with the FCA and EU and are providing regulatory support to over 600 regulated firms on an ongoing basis globally. With presence in the UK and EU, as well as via our Associates Network, Complyport can assist firms across multiple jurisdictions.
Complyport’s multidisciplinary consultants possess deep expertise in their field, having acted in FCA skilled person reviews, as expert witnesses in legal cases and as expert investigators for firms or their legal advisers.
Day to day, we conduct audits and reviews of a firm’s products, processes, policies and procedures to identify scope for business, to determine the impact of regulatory developments and to verify compliance with local regulations. Our clients tell us we live our values; we are driven, agile and collaborative.