We have created a suggested template for firms to submit individual and group recovery plans subject to simplified obligations to us.
We have created a suggested recovery plan submission template to be used by:
- non-significant IFPRU firms subject to the requirement in IFPRU 11.2.7R for an individual recovery plan subject to simplified obligations
- firms and qualifying parent undertakings that are subject to the requirement in IFPRU 11.3.9R for a group recovery plan subject to simplified obligations
This template is not intended to be used by:
- firms and qualifying parent undertakings that are not subject to simplified obligations for their individual or group recovery plan
- firms and qualifying parent undertakings that are required to submit a group recovery plan to an authority other than the FCA
Firms are free to develop their own report structure and don’t have to adopt the format suggested in this template. However, adopting this template may be easier and lead to fewer follow-up requests from us.
We expect there to be some variation in the length and format of submissions since firm and group business and risk profiles differ. Your plan should be proportional to the size, nature and complexity of the business.
Use of the template is not a substitute for being aware of the relevant rules in IFPRU 11.
You can refer to supplementary documents such as policies, risk-management frameworks and processes by adding appendices to your document.
What to do next
All firms and qualifying parent undertakings should review our rules on recovery plans in IFPRU 11. You should establish how these new rules will affect your business and the changes you need to make.
We remind firms that the European Banking Authority (EBA) has published guidelines and technical standards on recovery plans. Firms should be aware of these when preparing their own recovery plan.
Recovery plans: initial observations
Following the review of recovery plan submissions received to date, we have published some of our initial observations. We shall be reviewing recovery plans in future as they are submitted and may provide further updates on our observations where appropriate.