The FCA has published Policy Statement 15/28: Capital resources requirements for personal investment firms (PIFs): feedback on CP15/7 and final rules (PS15/28).

In PS15/28 the FCA sets out its response to the feedback it received to its May 2015 Consultation Paper 15/7: Capital resources requirements for personal investment firms (CP15/7) and publishes final rules.

PS15/28 notes that most respondents agreed with the broad direction of the proposals in CP15/7, and although some ideas to fine-tune the proposed requirements were received, the FCA is of the view that they do present any justifiable reason to change the proposals in CP15/7.

The majority of the final rules, set out in Appendix 1 of PS15/28, will enter into force on 30 June 2016. The FCA notes that further changes to the requirements for PIFs with permission to establish, operate or wind up a personal pension scheme will be made on 1 September 2016 to coincide with the new capital framework for self-invested personal pension operators.

View PS15/28: Capital resources requirements for personal investment firms (PIFs): feedback on CP15/17 and final rules, 8 December 2015