The deadline for changes to IFPR regulation fast approaches—here’s how ComplyPortal can help.

Beyond the festive season lies not only a new calendar year but also the commencement of the new UK Investment Firm Prudential Regime (IFPR). New rules have been confirmed that will come into force on 01 January 2022, and with less than two months to go, FCA-regulated investment firms should be in the process of assessing if and how they are affected, and what changes they may need to make in order to remain compliant.

The FCA has stated that their changes are intended to “refocus prudential requirements and expectations away from the risks firms face, to also consider and look to manage the potential harm firms can pose to consumers and markets.” MiFID investment firms authorised and regulated by the FCA, Collective Portfolio Management Investment Firms (CPMIs), and regulated and unregulated holding companies of groups that contain either of these categories are all impacted by the new rules.

The upcoming changes to IFPR will “create a single, proportionate regime that reflects firms’ size and business” to make regulating investment firms more straightforward and streamlined. As such, firms must make themselves aware of how their business will be affected by any change in their prudential category under the new regime. Liquidity, reporting, risk management, remuneration, concentration, and public disclosure are all areas that should be examined.

With this refresh in regulation, now is a good time to invest in a digital tool that will be updated to match changes in regulations when they occur. Using compliance management or regtech platforms provides firms with a straightforward, secure way to monitor compliance and manage approvals in a way that keeps pace with regulatory change. Additionally, actions like digitising documents in one central location also ensures that staff are kept up to date of changes in policies and procedures and can create clearer audit trails for the regulator.

Managing risk to one’s firm as well as to markets and consumers continues to be a complex demand, however necessary. Yet, compliance professionals can be better equipped to rise to the ever-evolving demands of the regulator by using the right tools. Being informed and updated by seasoned financial compliance and regulation experts means that ComplyPortal’s platform acts as more than software: it acts as a companion which develops in tandem with regulation, so that you and your firm can adapt at pace.

Find out more about how the ComplyPortal platform can help you stay on top of complying with the updated IFPR regulations at https://complyportal.uk/modules

About ComplyPortal:

First developed in 2011 by compliance professionals for compliance officers, ComplyPortal offers workflow, automation, and several modules to help firms with control and regulatory compliance monitoring.

ComplyPortal simplifies financial services regulatory compliance management on an easy-to-use cloud-based comprehensive compliance platform. It enables compliance officers, risk officers and senior management to keep track of their firm’s regulatory responsibilities and workflows. Our platform includes the following modules, among others:

  • Monitoring: a year-round schedule pre-populated with monitoring questionnaires to ease compliance processes.
  • Registers: lists controlled by the Compliance officer, but easy for staff to view.
  • Risk: map and control risk areas to effectively identify and manage risk for your firm.
  • eKYC solution: perform comprehensive searches, including client identity verification, document authenticity, and more for a comprehensive KYC and AML approach

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