In this policy statement we report on the main issues arising from CP15/17: Capital resources requirements for personal investment firms (PIFs) and publish the final rules.
On 28 May 2015, we published a consultation paper (CP15/17: Capital resources requirements for personal investment firms) proposing changes to our Handbook of rules and guidance to introduce new capital resources requirements for personal investment firms (PIFs). These provisions are in Chapter 13 of the Interim Prudential sourcebook for Investment Businesses (IPRU (INV)).
In this policy statement, we summarise the feedback we received on CP15/17 and give our responses. We also set out the final rules, most of which which will come into force on 30 June 2016.
This policy statement will be relevant to:
All PIFs should review the changes to our Handbook set out in Appendix 1 of this policy statement to establish how the new rules will affect their business and to identify any changes they may need to make to comply with them.
The majority of Handbook changes set out in Appendix 1 of the policy statement will come into force on 30 June 2016. Further changes to the requirements for PIFs with permission to establish, operate, or wind up a personal pension scheme will be made on 1 September 2016 to coincide with the new capital framework for self-invested personal pension (SIPP) operators.
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