We thought it would be prudent to send one final reminder regarding the change to the Capital Resource Requirements that come into force 31/12/13.
The new capital requirements under IPRU for Personal Investment Firms (PIF’s) to be implemented over a three year period are:
| Deadline | EBR | Minimum Requirement |
| 31 December 2013 | 1 month (4 weeks) | £15,000 |
| 31 December 2014 | 2 months (8 weeks) | £15,000 |
| 31 December 2015 | 3 months (13 weeks) | £20,000 |
EBR is your ‘Expenditure Based Requirement’ i.e. the amount of fixed expenditure you need to hold as capital. The calculation is not straightforward so please speak to your ATEB consultant if you are unsure.
Note the changes affect all firms giving investment advice, those of you that only advise on mortgage and insurance business will still be governed by the MIPRU rules that are not changing.
If you have subordinated loans then refer to your ATEB consultant for clarification how these are treated.
Consumer Duty – FCA Live and Local events
Richard Foster Compliance EBI, FCA, Mortgage, Register
The FCA have advised they will be hosting a series of Live and Local events across the United Kingdom on the Consumer Duty from 21 February 2023 to 15 June 2023. Aimed at small and medium sized firms, the events will focus on the Retail Investment and Mortgage sectors and compliance consultants are also […]