What is the Group Capital Test?

14 January 2022

At the start of January 2022, the IFPR came into effect, with the goal to simplify and streamline the prudential requirements for MiFID investment firms that are FCA regulated i...

At the start of January 2022, the IFPR came into effect, with the goal...

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The IFPR Impact on Matched Principal Broker Firms

14 January 2022

Since 1st January 2022, there has been a new UK prudential regime for MiFID investment firms, the IFPR. This new prudential regime affects all UK investment firms but has a spec...

Since 1st January 2022, there has been a new UK prudential regime for ...

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Simplifying tax policies may not always be helpful for a Fund Manager LLP

7 January 2022

A typical conversation with clients who are thinking of incorporating an LLP is around the way in which members of LLPs are taxed during the opening two to three years of trade....

A typical conversation with clients who are thinking of incorporating ...

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The importance of data within the FCA focus on financial resilience

14 December 2021

In September 2021, the FCA issued a letter to wealth management and stockbroking firms with a reminder to CEOs to ensure they keep focus on ‘key harms’ in their sector. Thes...

In September 2021, the FCA issued a letter to wealth management and st...

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SFC bring in changes to Financial and Regulatory Reporting requirements

1 December 2021

Additional detailed data required in SFC FRR submissions SFC-regulated businesses have become accustomed to their regular financial and regulatory reporting (“FRR”) requirem...

Additional detailed data required in SFC FRR submissions SFC-regulated...

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The regulatory reporting mailer explained - Part 2

30 November 2021

This series sets out to help investment firms understand what to expect regarding regulatory reporting in relation to the IFPR (Investment Firm Prudential Regime) when it comes...

This series sets out to help investment firms understand what to expec...

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The regulatory reporting mailer explained - Part 1

20 November 2021

It is a FCA requirement for all UK investment firms to submit regulatory returns on an ongoing basis. However, a new prudential regime has been defined by the FCA (Financial Con...

It is a FCA requirement for all UK investment firms to submit regulato...

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Wheelhouse Advisors participating in social responsibility

19 November 2021

COP26, the 26th United Nations Climate Change conference, was held in Glasgow at the beginning of this month. A member of the Wheelhouse team was lucky enough to not only visit ...

COP26, the 26th United Nations Climate Change conference, was held in ...

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Remuneration requirements under the IFPR

17 November 2021

The IFPR defines a set of three different remuneration requirements (RemCode) for UK investment firms. These three sets are classified as Basic, Standard, and Extended remunerat...

The IFPR defines a set of three different remuneration requirements (R...

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Financial Capital requirements under the IFPR

17 November 2021

The Investment Firms’ Prudential Regime, or IFPR for short, aims to simplify and streamline the regulatory framework for UK MIFID investment firms. It requires firms to take g...

The Investment Firms’ Prudential Regime, or IFPR for short, aims to ...

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IFPR Categorisation Explained

17 November 2021

Under the Investment Firms Prudential Regime, or IFPR for short, firms are categorised as either SNI - small and non-interconnected, or non-SNI. SNI firms are those which fall b...

Under the Investment Firms Prudential Regime, or IFPR for short, firms...

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Concentration Risk under the IFPR

17 November 2021

Under the Investment Firms Prudential Regime, or IFPR for short, investment firms have obligations in respect of concentration risk, geared towards to levels of exposure on thei...

Under the Investment Firms Prudential Regime, or IFPR for short, inves...

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Group structure consolidation under the IFPR

17 November 2021

Under the IFPR, the FCA will supervise some group structures on a consolidated basis, to ensure they take into account the risks they pose collecively. The group consolidation r...

Under the IFPR, the FCA will supervise some group structures on a cons...

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What does public disclosure mean under the IFPR?

17 November 2021

The IFPR defines the requirements for public disclosures, which should be made annually and freely available, either in statutory accounts or via a website. SNI firms need only ...

The IFPR defines the requirements for public disclosures, which should...

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Understanding ICARA reporting

17 November 2021

The Investment Firms’ Prudential Regime, or IFPR for short, has proportionality in mind in addressing risk faced and posed by investment management firms. At the core of the r...

The Investment Firms’ Prudential Regime, or IFPR for short, has prop...

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K Factors Explained

17 November 2021

The Investment Firms’ Prudential Regime, or IFPR for short, brings a new level of proportionality to investment management firms, when addressing risks. The IFPR calls indicat...

The Investment Firms’ Prudential Regime, or IFPR for short, brings a...

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Liquidity under IFPR

17 November 2021

Under IFPR all investment firms are required to have a minimum level of liquid assets on the balance sheet to fund its ongoing business and ensure it can fund a wind-down proces...

Under IFPR all investment firms are required to have a minimum level o...

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IFPR Reporting Explained

17 November 2021

For many investment firms, regulatory reporting is the only line of regular communication with the regulator.  The IFPR regulatory reporting framework is designed to give the ...

For many investment firms, regulatory reporting is the only line of re...

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Annex IV Reporting under AIFMD Article 42

15 October 2021

According to the EU’s AIFMD, UK AIFMs are now categorised as ‘third-country managers’. Those UK AIFMs which retained their registrations under national private placement r...

According to the EU’s AIFMD, UK AIFMs are now categorised as ‘thir...

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What you need to know about IFPR before 1 January 2022

28 September 2021

With less than 100 days to go before the Investment Firms’ Prudential Regime goes live, Wheelhouse Advisors hosted two breakfast briefings, where attendees heard a rundown of ...

With less than 100 days to go before the Investment Firms’ Prudentia...

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