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.
AR survey
Michael Senior Compliance 2021, complaints, Conduct, email, EU, FCA, scam, Xplan
The FCA is requesting completion of a survey from firms with Appointed Representatives (ARs). Where applicable, firms may already have received this. Given the risk of scams, the FCA now takes care to pre-warn firms that a communication is genuine. We have had confirmation that the following survey and email addresses used are legitimate. […]