​​​​​ICARA and wind-down planning: practical implementation and guidance

Date: 6 July 2022

Format: Recorded Webinar

Webinar Recorded on: 6th July 2022

Webinar Recording

The Investment Firms’ Prudential Regime (IFPR) came into force on 1st January 2022 and it includes a new capital adequacy and risk assessment, the Internal Capital and Risk Assessment (ICARA). We have now assisted many clients and spoken to a large number of firms on the implementation of IFPR through our series of webinars on the topic, and it has become clear that firms are struggling to either adopt the new rules or adapt their previous to the ICARA.

The FCA expect senior management to be fully involved in and ultimately accountable for the ICARA process. The ICARA has to form part of ongoing governance and risk management processes, rather than a once-a-year exercise, therefore it is important that firms get it right

Furthermore, one of the key components of the ICARA and essential for establishing a Firm’s capital requirements is the wind-down plan. All firms are now required to prepare a wind-down plan which is outlines not only the costs of carrying out an orderly wind-down, but also provides detail on the practical process of how a business would be closed down.


To assist you with your ICARA, our Prudential specialists provided the latest guidance about the ICARA and shared the lessons they have learned from helping firms implement this new process. In this webinar we covered the following:

  • Practical implementation and embedding into management processes;

  • How to document your processes and findings;

  • Integration of risk and harm analysis through to your recovery actions and capital / liquidity assessment;

  • Interaction between the wind down plan and the ICARA;

  • Common issues and ways to overcome them.


The webinar was hosted by two of our leading IFPR Prudential experts, Harpartap Singh and Jonathan Aseervatham:

  • Harpartap Singh is a recognised regulatory capital and liquidity specialist and is responsible for the development and expansion of Compliancy Services’ Prudential Services offerings and client service delivery.

  • Jonathan Aseervatham joined Compliancy Services in September 2021. He is a Director of our Prudential Services team with responsibility for delivery of our range of Prudential Services including ICARAs advice and consultancy.

Who is this webinar aimed at?

All FCA prudentially regulated MiFID investment firms, including principal brokers and matched principal brokers; investment managers; and adviser/arranger firms categorised as ‘exempt-CAD’ are required to have ICARA.

Webinar Recording


Jonathan Aseervatham

Jonathan is a Director of our Prudential team, where he specialises in helping our clients to assess their regulatory capital and liquidity requirements; to implement IFPR including developing ICARAs and wind down plans; and to assist with their regulatory reporting obligations.

Contact Jonathan

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