The FCA released the second Policy Statement PS21/9 on the implementation of the new IFPR regime yesterday. With the implementation date of January 2022 looming, this statement is essential reading for all firms caught by the new regime, as it includes the near final rules.
The paper follows close on the heels of the first statement issued last month, which focused heavily on group requirements. PS21/9 has a much broader scope and aims to answer and clarify a number of queries and confusions raised by the original Consultation Paper 21/7, released in April.
This includes clarifications around the remuneration regime, the ICARA process and deductions from the fixed overhead requirement amongst others.
The Policy Statement can be found here: https://www.fca.org.uk/publications/policy-statements/ps21-9-implementation-investment-firms-prudential-regime Head straight to Chapter 15 to see a full list of amendments, including an explanation of why they occurred. Appendix 1 includes the full text of the near final rules and amalgamates adjustments made from the previous policy statement.