Client case study
A MIFIDPRU Investment Firm Group approached our team to prepare their ICARA process prior to their first MIF007 (ICARA assessment questionnaire) submission to the FCA. The deadline for the MIF007 submission provided tight timelines to prepare the ICARA documentation from start to finish.
Our team utilised the Investment Firm Group’s previous ICAAP submission and latest audited financial accounts and developed an ICARA document template to comply with the IFPR rules in MIFIDPRU and align with our observations of industry best practice. In developing the ICARA, our team had frequent meetings and discussions with senior management across the Investment Firm Group to ensure the assessments were tailored to the size, complexity, risk profile and operations of the Investment Firm Group.
Our team performed and documented capital and liquidity planning, a risk of harms assessments, stress testing, recovery planning and wind down planning. The team also developed bespoke aspects of the ICARA to align with industry best practice, such as developing a communication plan for wind-down.
The engagement resulted in the ICARA being fully documented, reviewed by senior management and the MIF007 submitted prior to the regulatory deadline. The FCA raised no regulatory findings or concerns to the Investment Firm Group following their submission. The Investment Firm Group provided very positive feedback for the quality of the work performed and meeting the required deadlines
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Our experienced prudential regulation and risk management specialists team draws upon their detailed understanding of prudential changes, regulatory expectations, and best practices to provide high-quality services tailored to support your transition to IFPR.