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Financial resilience has always been a key focus area for the FCA’s supervision of investment firms. However, with the grace period following the implementation of the IFPR now well and truly over, the FCA expects all investments firms to maintain adequate financial resources at all times, not just when reporting on their financial position through periodic RegData returns.
We have seen an increasing number of firms be challenged by the FCA where they have failed to identify breaches in a timely manner. On notification to the FCA, these firms have found themselves under increased scrutiny in respect of the adequacy of their ongoing monitoring of their financial resources, as well as further scrutiny of their governance and risk management arrangements.
Beyond understanding the ‘point in time’ position the expectation is that firms are able to form a clear view of their forward-looking position. Formalising processes and defining clear escalation routes and recovery actions are a key pillar of any Prudential monitoring framework. This webinar outlined the key principles underpinning a robust prudential monitoring framework and is applicable to all regulated businesses.
Agenda
- The importance of Prudential monitoring
- Risks and Requirements
- Setting appetites, triggers, and thresholds
- Point in time vs. forward looking assessments
- Escalation routes, recovery actions and FCA notifications
