The IA Investment Firms Prudential Regime (IFPR) Briefing 2021
The Investment Association is pleased to invite you to its Investment Firms Prudential Regime (IFPR) Briefing on Monday, 13 December.
Description
Following the publication of the FCA’s final Policy Statements on the Investment Firms Prudential Regime (IFPR), the Investment Association is pleased to invite you to its Investment Firms Prudential Regime (IFPR) Briefing on Monday, 13 December.
The FCA is due to implement this prudential regime for MiFID investment firms from the 1 January 2022. The IFPR aims to streamline prudential requirements to ensure a more appropriate and proportionate regime to investment firms’ risk profiles and business models. It will also enable better regulatory supervision regarding capital, liquidity, remuneration and other risk management rules.
During this event, we will talk you through the K-Factor calculations, Internal Capital and Risk Assessment (ICARA), regulatory reporting and specific requirements for smaller firms.
AGENDA
10:00-10:10 Welcome
Pauline Hawkes-Bunyan, Director of Business: Risk, Culture & Resilience, The Investment Association
10:10-10:30 Presentation
Of particular interest to smaller investment firms, this session will outline the new rules for all firms and will highlight learning points from Wheelhouse Advisors' work with clients along with key actions firms should take to be IFPR-ready, covering:
- Classification thresholds and consolidation
- Capital and liquidity resources and requirements
- Governance and remuneration
- Public disclosure
Mike Chambers, Head of Prudential, Wheelhouse Advisors
10:30-10:50 From ICAAP to the ICARA Process
A look at the key elements to consider for the process, the assessment, and the review document.
Aaron Ghobarah, Director of Financial Services Compliance and Regulation, Kroll
10:50-11:10 Reporting Requirements - what firms need to know
This session will focus on the scope of the reporting obligations for FCA investment firms as introduced by the new prudential regime.
Kwame Frimpong, Regulatory Product Manager, Wolters Kluwer
11:10-11:55 Overcoming Challenges in Implementing IFPR
The panel of regulatory experts will discuss the key issues and concerns that firms need to consider as they navigate the new rules and what common pitfalls should be avoided.
Moderator: Pauline Hawkes-Bunyan, Director of Business: Risk, Culture & Resilience, The Investment Association
Mike Chambers, Head of Prudential, Wheelhouse Advisors
Kwame Frimpong, Regulatory Product Manager, Wolters Kluwer
Andrew Lowin, Technical Director, Prudential Advisory Services, Financial Services Compliance and Regulation, Kroll
David Morrey, Partner, Grant Thornton UK LLP
11:55-12:00 Closing Remarks
Pauline Hawkes-Bunyan, Director of Business: Risk, Culture & Resilience, The Investment Association
SPEAKERS
In order of programme appearance:
Mike Chambers, Head of Prudential, Wheelhouse Advisors
Mike is Head of Prudential at Wheelhouse Advisors. He leads the delivery of prudential consulting and regulatory reporting services to clients, with responsibility for technical interpretation of new and existing rules, and internal and external prudential training. In particular, IFPR in the UK and IFR/IFD across the EEA have presented the most recent of these challenges.
A chartered accountant, Mike has over 10 years’ experience providing accounting and prudential compliance advice to clients, including fund managers, investment advisers, corporate finance and brokers. He is an active member on Investment Association's Prudential Committee.
Mike and his team specialise in designing effective and efficient solutions for clients to meet the increasing regulatory reporting and prudential burden. The new prudential regimes are no exceptions to this, with investment firms keen to understand the impact to their firm and how they can best prepare for change management and ongoing best practice – including practical solutions for prudential monitoring, regulatory reporting and the ICARA process.
Aaron Ghobarah, Director of Financial Services Compliance and Regulation, Kroll
Aaron Ghobarah is a director within the Financial Services Compliance and Regulation Practice, based in the London office. He specializes in advising financial services firms on prudential risk: capital, liquidity and risk governance.
Prior to joining the firm, Aaron worked at the FCA and its predecessor, the FSA, for 10 years, specializing in prudential risk across a variety of business models within the financial services sector. Most recently, Aaron helped oversee and contributed to the development of the FCA’s framework for assessing adequate financial resources (Finalized Guidance 20/1) and provided input on the UK’s implementation of the new Investment Firm Prudential Regime. Additionally, during his time at the regulator, he was responsible for the oversight of prudential reviews and the provision of technical advice across a range of financial services firms from small domestic to major international firms including: platforms, trading firms, brokers, payments firms, e-money firms, wealth managers, asset managers, peer-to-peer firms and insurance brokers.
Aaron received an MBA from Manchester Business School, University of Manchester, and an honours BA in economics from the University of Toronto.
Kwame Frimpong, Regulatory Product Manager, Wolters Kluwer
Kwame Frimpong is a Regulatory Product Manager at Wolters Kluwer’s. He is responsible for guiding the development and strategy for the OneSumX Regulatory Reporting solution for Investment Firms. Prior to joining Wolters Kluwer, Kwame has had a wealth of experience in the regulatory technology field within firms such as Goldman Sachs, Barclays and IHS Markit. Kwame has an MSc in Investment and Finance from Queen Mary University of London.
David Morrey, Partner, Grant Thornton UK LLP
David Morrey is a partner in the Grant Thornton UK LLP Financial Services Group (FSG) regulatory risk management practice where he helps clients dealing with the challenges of current regulation or emerging requirements. He’s one of the most active individuals in the UK carrying out 'Skilled Person Reviews' instigated by the regulator, alongside which he also frequently advise firms on how to respond to a regulatory investigation.
His expertise in a wide range of prudential and conduct matters in the investment management sector and he has been active over many years in client asset and client money issues and investment firm prudential requirements.
David has spent 10 (of 25-plus) years working in the industry in senior risk and regulatory management roles in some major organisations and has a very good sense of what regulated firms can accomplish in practice, as well as a strong sense of what the regulator needs to see.
PARTNER
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To ensure smooth communication and partnership with our clients in every location, we know that regional knowledge and in particular, regulatory variations in local jurisdictions, as well as language capabilities are key factors in working together and providing meaningful insights
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Partners
Kroll is the world’s premier provider of services and digital products related to valuation, governance, risk and transparency. We work with clients across diverse sectors in the areas of valuation, expert services, investigations, cyber security, corporate finance, restructuring, legal and business solutions, data analytics and regulatory compliance. Our firm has nearly 5,000 professionals in 30 countries and territories around the world.
Wheelhouse Advisors is a strategic partner to the financial services community, enabling our clients to focus on their strengths and core business. We have specialised in supporting investment firms for over 20 years, latterly as part of the Cordium and ACA Compliance groups, and now as an independent specialist provider of prudential management, regulatory reporting, accounting, tax, and human resources consultancy and outsourcing solutions.
Our specialist, experienced team steers clients through their complex regulatory and fiscal requirements, including preparing for the imminent Investment Firm’s Prudential Regime and helping them thrive.
Wolters Kluwer Finance, Risk & Reporting (FRR), which is part of Wolters Kluwer’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions, supporting regulated financial institutions in meeting their obligations to external regulators and their own boards of directors.
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.