ICARA
Implemented on 1 January 2022, The Investment Firms Prudential Regime (IFPR) is the FCA’s prudential regime for MiFID investment firms.
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Foolproofing ICARAs for 2024 checklist
We have comprised this list by bringing together our observations on good and bad practice from the second iteration of ICARAs and feedback received directly from the FCA at recent roundtable discussions.
What is ICARA?
ICARA (Internal Capital Adequacy and Risk Assessment) is an essential risk management framework within the IFPR (Investment Firms Prudential Regime). The FCA considers the ICARA process to be an essential part of a firm’s internal systems and procedures for ensuring that the firm’s business is run prudently. It is a key requirement of the regulatory system for MIFIDPRU investment firms.
Who is ICARA relevant to?
ICARA is relevant to all authorised MiFID investment firms, as well as the UK-based parent entities of investment firm groups, Collective Portfolio Management Investment Firms (CPMIs) and regulated and unregulated holding companies of groups that contain either of the above.
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- Years of experience advising clients on navigating ICARA.
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