PIMFA
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The FCA is designing a new prudential framework specifically for UK MiFID firms, but influenced by the Investment Firm Regulation and Investment Firm Directive being introduced in EU member states. The UK regime has been termed the Investment Firms Prudential Regime (IFPR) and will take effect from 1 January 2022.
It presents a range of challenges for firms covering capital, liquidity, risk management, remuneration, group consolidation, disclosure and reporting. In this 2 half-days virtual event, experts from PwC will share their insights with attendees on everything you need to know to ensure you are ready.
Discounts are available for group bookings of three or more, contact the the Events team on events@pimfa.co.uk
You can see the agenda for Day 1 & 2 below which took place on February 4th and May 19th. When you book a ticket you will have access to recordings of all presentations from Day 1 & 2.
It is expected that the FCA will be releasing a further consultation paper this Summer – once this is released and reviewed we will be announcing dates and details for Day 3 of this event which will cover the latest CP. If you have any questions please contact events@pimfa.co.uk.
Attendees who book for this event will automatically have access to all sessions and all event days for no additional cost.
Welcome and Introduction
12:00 - 12:15
Welcome and Introduction
12:00 - 12:15
David is a Partner who leads PwC UK’s Asset and Wealth Management Risk and Regulation Practice.
David leads teams delivering prudential regulatory support to PwC’s investment firm clients and is the partner responsible for new Investment Firm Prudential Regime across the UK.
David’s recent projects include delivering impact assessments of the IFPR on firms business models, helping clients understand the regulatory capital implications of legal entity restructuring,, reviewing firms regulatory reporting and helping firms develop enhanced governance processes around all elements of their ICAAPs and regulatory capital calculations. David also supports clients with their planning for SREP visits. Prior to joining PwC, David was a supervisor at the FSA.
Mark is a Director in the Asset and Wealth Management Risk and Regulatory Practice, focussing on the Wealth Management and Private Banking sector. He has over 22 years of financial services experience predominantly in wealth management and banking.
Mark has supports a range of large mainstream, alternative and smaller clients in the banking, payments, asset management and wealth management sectors. Recent projects include: Governance framework reviews; Board effectiveness reviews; Conduct risk and controls; Assessing risk management frameworks; Designing and implementing risk remediation programmes; Regulatory visit preparation; and prudential assessments.
Andrew is a Director in PwC’s Financial Services Regulatory Insights team, leading on the asset and wealth management sectors. The team monitor forthcoming regulatory issues, and help clients to understand the implications of those regulations on their businesses. FSRI also produces technical insights and communications including podcasts, newsletters and bulletins for firms on topical regulatory initiatives.
Andrew is leading the FSRI support on the IFPR, including liaising with regulators during and prior to consultation. He also engages with other PwC network firms to understand how the European IFR is likely to be implemented.
He also works with David, Oli and Jill to deliver IFPR projects for clients.
Giulia is a Senior Policy Advisor working on a wide range of regulatory and strategy matters such as markets integrity, data protection and digital innovation both at UK and EU level. She is also an active member of the International Regulatory Strategy Group and runs a number of PIMFA Committees and working groups.
Since joining PIMFA (then known as the Wealth Management Association) in February 2015, Giulia has been actively advocating on behalf of the wealth management and financial advice industry with regulators and other government departments and bodies.
Giulia’s previous work experience includes advisory roles in a family office and an international law firm, as well as a short stint as insolvency specialist in her native Italy.
Giulia holds both Italian and English law degrees as well as a postgraduate degree in institutional relations.
Giulia is a Chartered Member of the Chartered Institute of Securities and Investments.
Prudential Consolidation and the Group Capital Test
12:15 - 12:45
Prudential Consolidation and the Group Capital Test
12:15 - 12:45
This session will cover:
| ● The draft regulatory consolidation rules per the FCA’s consultation paper CP 20/24
● How to identify a regulatory consolidation group and which entities are in and out of scope of consolidation; ● The potential regulatory capital calculation for a consolidated group, as well as other regulatory considerations; and ● Walk through some examples of the Group Capital Test calculations and how the test applies to firms. |
David is a Partner who leads PwC UK’s Asset and Wealth Management Risk and Regulation Practice.
David leads teams delivering prudential regulatory support to PwC’s investment firm clients and is the partner responsible for new Investment Firm Prudential Regime across the UK.
David’s recent projects include delivering impact assessments of the IFPR on firms business models, helping clients understand the regulatory capital implications of legal entity restructuring,, reviewing firms regulatory reporting and helping firms develop enhanced governance processes around all elements of their ICAAPs and regulatory capital calculations. David also supports clients with their planning for SREP visits. Prior to joining PwC, David was a supervisor at the FSA.
Oli is a Senior Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Oli has supported clients with preparing for the implementation of the new Investment Firm Prudential Regime, by undertaking impact assessments and forecasting potential capital requirements, conducting detailed analysis of k-factors calculations, and has spoken at industry events on the IFPR.
Oli previously supported firms with the implementation of AIFMD and CRD IV
Own Funds and Transitional Rules
13:00 - 13:30
Own Funds and Transitional Rules
13:00 - 13:30
This session will cover:
| ● The new own funds (capital resources) calculation set out in the FCA’s consultation paper CP 20/24
● Highlight changes from current rules and key changes that we see are affecting wealth managers ● The FCA’s proposed transitional rules for Pillar 1 capital requirements and how they will apply to firms |
Oli is a Senior Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Oli has supported clients with preparing for the implementation of the new Investment Firm Prudential Regime, by undertaking impact assessments and forecasting potential capital requirements, conducting detailed analysis of k-factors calculations, and has spoken at industry events on the IFPR.
Oli previously supported firms with the implementation of AIFMD and CRD IV
Ravi is a Senior Associate in PwC’s Asset and Wealth Management Risk and Regulation Practice.
Ravi advises Asset and Wealth Management firms on capital, liquidity and other prudential requirements. He has recently been involved in a number of projects supporting firms with their implementation plans in relation to the UK implementation of the IFPR.
Outside of his recent experience, Ravi is also responsible for reviewing both BIPRU and CRD IV firm’s regulatory returns, providing ICAAP support, reviewing risk frameworks and implementing capital monitoring infrastructure solutions.
Remuneration Update
13:45 - 14:15
Remuneration Update
13:45 - 14:15
This session will cover:
Overview of the remuneration requirements for significant and non significant firms, including a summary of the FCA proposals so far and discussion of the implications of the recently published draft EBA Guidelines on Sound Remuneration Policies under IFR for the FCA’s implementation
Duncan is a partner in PwC’s Financial Services Reward and Employment practice. He is a senior reward and HR advisor to a large number of financial services organisations and their remuneration committees. Duncan has experience across financial services, with a particular focus on investment management, advising a diverse range of public and private businesses both in the UK and globally on management incentive and remuneration regulatory issues.
Jill is a remuneration advisor specialising in asset and wealth management. She has extensive experience advising organisations on a range of remuneration and HR issues including executive compensation, incentive design, performance management, and governance.
Jill also co-leads our financial services remuneration regulatory team and has spent time on secondment to the FCA’s team of remuneration specialists.
Jill is currently working with a number of asset and wealth management clients across the industry to help them prepare for the new IFPR.
K-Factor Requirement and Concentration Risk
14:30 - 15:00
K-Factor Requirement and Concentration Risk
14:30 - 15:00
This session will cover:
- Introduction to the k-factor calculations and how they are expected to be applied based on the FCA’s discussion paper DP 20/2 and consultation paper CP20/24.
- Risk to Customer k-factors and highlight common difficulties firms are having in calculating K-AUM, K-COH, K-CMH and K-ASA.
- K-factor calculations in the FCA’s consultation paper CP20/24 and highlight key issues relevant to wealth managers
- Concentration risk and key points relevant to wealth managers
Andrew is a Director in PwC’s Financial Services Regulatory Insights team, leading on the asset and wealth management sectors. The team monitor forthcoming regulatory issues, and help clients to understand the implications of those regulations on their businesses. FSRI also produces technical insights and communications including podcasts, newsletters and bulletins for firms on topical regulatory initiatives.
Andrew is leading the FSRI support on the IFPR, including liaising with regulators during and prior to consultation. He also engages with other PwC network firms to understand how the European IFR is likely to be implemented.
He also works with David, Oli and Jill to deliver IFPR projects for clients.
Oli is a Senior Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Oli has supported clients with preparing for the implementation of the new Investment Firm Prudential Regime, by undertaking impact assessments and forecasting potential capital requirements, conducting detailed analysis of k-factors calculations, and has spoken at industry events on the IFPR.
Oli previously supported firms with the implementation of AIFMD and CRD IV
Ravi is a Senior Associate in PwC’s Asset and Wealth Management Risk and Regulation Practice.
Ravi advises Asset and Wealth Management firms on capital, liquidity and other prudential requirements. He has recently been involved in a number of projects supporting firms with their implementation plans in relation to the UK implementation of the IFPR.
Outside of his recent experience, Ravi is also responsible for reviewing both BIPRU and CRD IV firm’s regulatory returns, providing ICAAP support, reviewing risk frameworks and implementing capital monitoring infrastructure solutions.
Financial Resources Management and Regulatory Reporting
15:15 - 15:45
Financial Resources Management and Regulatory Reporting
15:15 - 15:45
This session will cover:
- What regulatory reporting will look like under the new prudential regime. In doing this we will discuss:
- Reporting templates;
- Data requirements;
- Reporting timeframes
- Further developments.
Oli is a Senior Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Oli has supported clients with preparing for the implementation of the new Investment Firm Prudential Regime, by undertaking impact assessments and forecasting potential capital requirements, conducting detailed analysis of k-factors calculations, and has spoken at industry events on the IFPR.
Oli previously supported firms with the implementation of AIFMD and CRD IV
Ravi is a Senior Associate in PwC’s Asset and Wealth Management Risk and Regulation Practice.
Ravi advises Asset and Wealth Management firms on capital, liquidity and other prudential requirements. He has recently been involved in a number of projects supporting firms with their implementation plans in relation to the UK implementation of the IFPR.
Outside of his recent experience, Ravi is also responsible for reviewing both BIPRU and CRD IV firm’s regulatory returns, providing ICAAP support, reviewing risk frameworks and implementing capital monitoring infrastructure solutions.
Industry Status and Steps to a Successful Implementation
16:00 - 16:30
Industry Status and Steps to a Successful Implementation
16:00 - 16:30
This session will cover:
- Overview of the industry status and level of preparation
- The steps which will be required to achieve a successful implementation
David is a Partner who leads PwC UK’s Asset and Wealth Management Risk and Regulation Practice.
David leads teams delivering prudential regulatory support to PwC’s investment firm clients and is the partner responsible for new Investment Firm Prudential Regime across the UK.
David’s recent projects include delivering impact assessments of the IFPR on firms business models, helping clients understand the regulatory capital implications of legal entity restructuring,, reviewing firms regulatory reporting and helping firms develop enhanced governance processes around all elements of their ICAAPs and regulatory capital calculations. David also supports clients with their planning for SREP visits. Prior to joining PwC, David was a supervisor at the FSA.
Mark is a Director in the Asset and Wealth Management Risk and Regulatory Practice, focussing on the Wealth Management and Private Banking sector. He has over 22 years of financial services experience predominantly in wealth management and banking.
Mark has supports a range of large mainstream, alternative and smaller clients in the banking, payments, asset management and wealth management sectors. Recent projects include: Governance framework reviews; Board effectiveness reviews; Conduct risk and controls; Assessing risk management frameworks; Designing and implementing risk remediation programmes; Regulatory visit preparation; and prudential assessments.
Oli is a Senior Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Oli has supported clients with preparing for the implementation of the new Investment Firm Prudential Regime, by undertaking impact assessments and forecasting potential capital requirements, conducting detailed analysis of k-factors calculations, and has spoken at industry events on the IFPR.
Oli previously supported firms with the implementation of AIFMD and CRD IV
Closing Remarks
16:30 - 16:45
Closing Remarks
16:30 - 16:45
David is a Partner who leads PwC UK’s Asset and Wealth Management Risk and Regulation Practice.
David leads teams delivering prudential regulatory support to PwC’s investment firm clients and is the partner responsible for new Investment Firm Prudential Regime across the UK.
David’s recent projects include delivering impact assessments of the IFPR on firms business models, helping clients understand the regulatory capital implications of legal entity restructuring,, reviewing firms regulatory reporting and helping firms develop enhanced governance processes around all elements of their ICAAPs and regulatory capital calculations. David also supports clients with their planning for SREP visits. Prior to joining PwC, David was a supervisor at the FSA.
Andrew is a Director in PwC’s Financial Services Regulatory Insights team, leading on the asset and wealth management sectors. The team monitor forthcoming regulatory issues, and help clients to understand the implications of those regulations on their businesses. FSRI also produces technical insights and communications including podcasts, newsletters and bulletins for firms on topical regulatory initiatives.
Andrew is leading the FSRI support on the IFPR, including liaising with regulators during and prior to consultation. He also engages with other PwC network firms to understand how the European IFR is likely to be implemented.
He also works with David, Oli and Jill to deliver IFPR projects for clients.
Mark is a Director in the Asset and Wealth Management Risk and Regulatory Practice, focussing on the Wealth Management and Private Banking sector. He has over 22 years of financial services experience predominantly in wealth management and banking.
Mark has supports a range of large mainstream, alternative and smaller clients in the banking, payments, asset management and wealth management sectors. Recent projects include: Governance framework reviews; Board effectiveness reviews; Conduct risk and controls; Assessing risk management frameworks; Designing and implementing risk remediation programmes; Regulatory visit preparation; and prudential assessments.
Giulia is a Senior Policy Advisor working on a wide range of regulatory and strategy matters such as markets integrity, data protection and digital innovation both at UK and EU level. She is also an active member of the International Regulatory Strategy Group and runs a number of PIMFA Committees and working groups.
Since joining PIMFA (then known as the Wealth Management Association) in February 2015, Giulia has been actively advocating on behalf of the wealth management and financial advice industry with regulators and other government departments and bodies.
Giulia’s previous work experience includes advisory roles in a family office and an international law firm, as well as a short stint as insolvency specialist in her native Italy.
Giulia holds both Italian and English law degrees as well as a postgraduate degree in institutional relations.
Giulia is a Chartered Member of the Chartered Institute of Securities and Investments.
Welcome & K-Factor Requirement update and FOR
12:00 - 12:45
Welcome & K-Factor Requirement update and FOR
12:00 - 12:45
This session will cover:
- Introduction and agenda for event
- Overview of IFPR timeline, current consultation process and developments.
- Update on the K-factor requirement calculations based on the FCA’s consultation paper CP21/7. In particular focusing on K-AUM, K-COH, K-CMH and K-ASA
- Introduction to and work through of the Fixed Overhead Requirement (“FOR”) and how it should be calculated
David is a Partner who leads PwC UK’s Asset and Wealth Management Risk and Regulation Practice.
David leads teams delivering prudential regulatory support to PwC’s investment firm clients and is the partner responsible for new Investment Firm Prudential Regime across the UK.
David’s recent projects include delivering impact assessments of the IFPR on firms business models, helping clients understand the regulatory capital implications of legal entity restructuring,, reviewing firms regulatory reporting and helping firms develop enhanced governance processes around all elements of their ICAAPs and regulatory capital calculations. David also supports clients with their planning for SREP visits. Prior to joining PwC, David was a supervisor at the FSA.
Mark is a Director in the Asset and Wealth Management Risk and Regulatory Practice, focussing on the Wealth Management and Private Banking sector. He has over 22 years of financial services experience predominantly in wealth management and banking.
Mark has supports a range of large mainstream, alternative and smaller clients in the banking, payments, asset management and wealth management sectors. Recent projects include: Governance framework reviews; Board effectiveness reviews; Conduct risk and controls; Assessing risk management frameworks; Designing and implementing risk remediation programmes; Regulatory visit preparation; and prudential assessments.
Andrew is a Director in PwC’s Financial Services Regulatory Insights team, leading on the asset and wealth management sectors. The team monitor forthcoming regulatory issues, and help clients to understand the implications of those regulations on their businesses. FSRI also produces technical insights and communications including podcasts, newsletters and bulletins for firms on topical regulatory initiatives.
Andrew is leading the FSRI support on the IFPR, including liaising with regulators during and prior to consultation. He also engages with other PwC network firms to understand how the European IFR is likely to be implemented.
He also works with David, Oli and Jill to deliver IFPR projects for clients.
Oli is a Senior Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Oli has supported clients with preparing for the implementation of the new Investment Firm Prudential Regime, by undertaking impact assessments and forecasting potential capital requirements, conducting detailed analysis of k-factors calculations, and has spoken at industry events on the IFPR.
Oli previously supported firms with the implementation of AIFMD and CRD IV
Liquidity
12:55 - 13:25
Liquidity
12:55 - 13:25
This session will cover:
- Introduction to and work through of the liquidity requirement and liquid resources
- Key liquidity issues relevant to wealth managers
Oli is a Senior Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Oli has supported clients with preparing for the implementation of the new Investment Firm Prudential Regime, by undertaking impact assessments and forecasting potential capital requirements, conducting detailed analysis of k-factors calculations, and has spoken at industry events on the IFPR.
Oli previously supported firms with the implementation of AIFMD and CRD IV
Ravi is a Senior Associate in PwC’s Asset and Wealth Management Risk and Regulation Practice.
Ravi advises Asset and Wealth Management firms on capital, liquidity and other prudential requirements. He has recently been involved in a number of projects supporting firms with their implementation plans in relation to the UK implementation of the IFPR.
Outside of his recent experience, Ravi is also responsible for reviewing both BIPRU and CRD IV firm’s regulatory returns, providing ICAAP support, reviewing risk frameworks and implementing capital monitoring infrastructure solutions.
Remuneration
13:35 - 14:05
Remuneration
13:35 - 14:05
This session will discuss:
- Overview of the remuneration requirements for significant and non significant firms, including a summary of the FCA proposals based on the FCA’s consultation paper CP21/7
Jill is a remuneration advisor specialising in asset and wealth management. She has extensive experience advising organisations on a range of remuneration and HR issues including executive compensation, incentive design, performance management, and governance.
Jill also co-leads our financial services remuneration regulatory team and has spent time on secondment to the FCA’s team of remuneration specialists.
Jill is currently working with a number of asset and wealth management clients across the industry to help them prepare for the new IFPR.
Duncan is a partner in PwC’s Financial Services Reward and Employment practice. He is a senior reward and HR advisor to a large number of financial services organisations and their remuneration committees. Duncan has experience across financial services, with a particular focus on investment management, advising a diverse range of public and private businesses both in the UK and globally on management incentive and remuneration regulatory issues.
Q&A with PwC
14:05 - 15:00
Q&A with PwC
14:05 - 15:00
An Introduction to the ICARA Process
15:00 - 15:45
An Introduction to the ICARA Process
15:00 - 15:45
This session will offer an introduction to the ICARA process
Andrew is a Director in PwC’s Financial Services Regulatory Insights team, leading on the asset and wealth management sectors. The team monitor forthcoming regulatory issues, and help clients to understand the implications of those regulations on their businesses. FSRI also produces technical insights and communications including podcasts, newsletters and bulletins for firms on topical regulatory initiatives.
Andrew is leading the FSRI support on the IFPR, including liaising with regulators during and prior to consultation. He also engages with other PwC network firms to understand how the European IFR is likely to be implemented.
He also works with David, Oli and Jill to deliver IFPR projects for clients.
Stefan is a Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Stefan has worked closely with a broad range of Asset and Wealth Management clients as they prepare for the impact of the new regime. In particular he has focussed on helping firm’s assess and prepare for the impact of the new regime on their approach to risk, capital and liquidity management. This work has followed several years of supporting firms as they continue to develop and enhance their Internal Capital Adequacy Assessment Process and Pillar 2 Methodology.
Stefan is also a chartered accountant with the ICAEW and has a background in financial statements and CASS auditing for Asset and Wealth management firms.
Technology & Data
15:55 - 16:25
Technology & Data
15:55 - 16:25
This session will offer an attendees insights into how technology tools can help you.
David is a Partner who leads PwC UK’s Asset and Wealth Management Risk and Regulation Practice.
David leads teams delivering prudential regulatory support to PwC’s investment firm clients and is the partner responsible for new Investment Firm Prudential Regime across the UK.
David’s recent projects include delivering impact assessments of the IFPR on firms business models, helping clients understand the regulatory capital implications of legal entity restructuring,, reviewing firms regulatory reporting and helping firms develop enhanced governance processes around all elements of their ICAAPs and regulatory capital calculations. David also supports clients with their planning for SREP visits. Prior to joining PwC, David was a supervisor at the FSA.
Oli is a Senior Manager in PwC UK’s Asset and Wealth Management Regulatory Practice focusing on prudential regulation.
Oli has supported clients with preparing for the implementation of the new Investment Firm Prudential Regime, by undertaking impact assessments and forecasting potential capital requirements, conducting detailed analysis of k-factors calculations, and has spoken at industry events on the IFPR.
Oli previously supported firms with the implementation of AIFMD and CRD IV
Closing Remarks followed by Q&A
16:25 - 17:30
Closing Remarks followed by Q&A
16:25 - 17:30
David is a Partner who leads PwC UK’s Asset and Wealth Management Risk and Regulation Practice.
David leads teams delivering prudential regulatory support to PwC’s investment firm clients and is the partner responsible for new Investment Firm Prudential Regime across the UK.
David’s recent projects include delivering impact assessments of the IFPR on firms business models, helping clients understand the regulatory capital implications of legal entity restructuring,, reviewing firms regulatory reporting and helping firms develop enhanced governance processes around all elements of their ICAAPs and regulatory capital calculations. David also supports clients with their planning for SREP visits. Prior to joining PwC, David was a supervisor at the FSA.
Andrew is a Director in PwC’s Financial Services Regulatory Insights team, leading on the asset and wealth management sectors. The team monitor forthcoming regulatory issues, and help clients to understand the implications of those regulations on their businesses. FSRI also produces technical insights and communications including podcasts, newsletters and bulletins for firms on topical regulatory initiatives.
Andrew is leading the FSRI support on the IFPR, including liaising with regulators during and prior to consultation. He also engages with other PwC network firms to understand how the European IFR is likely to be implemented.
He also works with David, Oli and Jill to deliver IFPR projects for clients.
Mark is a Director in the Asset and Wealth Management Risk and Regulatory Practice, focussing on the Wealth Management and Private Banking sector. He has over 22 years of financial services experience predominantly in wealth management and banking.
Mark has supports a range of large mainstream, alternative and smaller clients in the banking, payments, asset management and wealth management sectors. Recent projects include: Governance framework reviews; Board effectiveness reviews; Conduct risk and controls; Assessing risk management frameworks; Designing and implementing risk remediation programmes; Regulatory visit preparation; and prudential assessments.
At PwC, our purpose is to build trust in society and solve important problems. It is this focus which informs the services we provide and the decisions we make.
Demonstrating genuine leadership is more important to us than size or short term revenue growth.
To achieve our aim to be recognised as the ‘the leading professional services firm’ we must be innovative, responsible and attract outstanding people.
Our strategy is therefore built around five priorities:
1. be technology enabled;
2. deliver exceptional value to our clients;
3. empower our people;
4. lead by example;
5. invest in sustainable growth.
Attracting the right talent continues to be paramount and as a progressive employer we will continue to develop a diverse and agile workforce.
