Regulatory Alerts2023-11-28
Added · Updated
CP23/24: Capital deduction for redress: personal investment firms
The Financial Conduct Authority proposes to require personal investment firms to quantify potential redress liabilities and deduct these amounts from their capital resources through a new capital deduction in Chapter 13 of the Interim Prudential Sourcebook for Investment Businesses. Firms that cannot set aside sufficient capital to cover these liabilities will be subject to an asset retention requirement to prevent the depletion of existing capital. The consultation seeks comments on these proposals by 20 March 2024, with expected rules coming into force in the first half of 2025.
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