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 us
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 rules will affect your business and the changes you need to make.
In preparing recovery plans, firms should observe the guidelines and technical standards on recovery plans published by the European Banking Authority (EBA).
Even though we are no longer a member of the EU we expect financial institutions and other market participants to continue to apply the Guidelines and Recommendations adopted by the European Supervisory Authorities, as they did before Brexit.
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 future recovery plans as they are submitted, and may provide further updates on our observations where appropriate.