Aggregated News From Investment Management Regulators

FCA seeks industry views on a new prudential regime for UK investment firms

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Christopher Woolard, interim Chief Executive of the FCA, said:

‘We have long advocated for a bespoke prudential regime for investment firms.

‘A new UK regime would represent a significant improvement in the prudential regulation of investment firms. For the first time, it would deliver a regime that has been designed with investment firms in mind.’

The information in the Discussion Paper will be of interest to all solo-regulated investment firms that are currently authorised under MiFID. It will also be of interest to Collective Portfolio Management Investment Firms and those investment firms authorised by the Prudential Regulation Authority.

Investment firms and other interested stakeholders will have until 25 September to respond.

Notes to editors:

  • Currently most investment firms follow very similar prudential rules as deposit taking credit institutions agreed through the Basel framework.
  • Last year the EU published its requirements for a regime specifically designed for investment firms, the Investment Firm Directive and Regulation, due to be implemented in the EU by the end of June 2021. Whilst the UK was a member of the EU, the relevant UK authorities were involved in the development of the EU’s regime.
  • As the regime will be introduced after the scheduled end of the UK’s transition period to exit the EU, the UK will introduce its own prudential regime for investment firms, as announced in the Chancellor’s statement in the Budget in March.

Regulator Information

Regulator Name: Financial Conduct Authority
Abbreviation: FCA
Jurisdiction: United Kingdom

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