Topic: Wind-down Planning
This webinar has now passed but is available to watch on demand
In our third webinar in our series that examines the FCA and its ‘Transformation Programme’, we discussed the FCA’s increased focus on wind-down plans. As part of a pledge to make its standards higher, the FCA promised a more intensive assessment and greater scrutiny of firms’ financials and we are certainly seeing evidence of that at Cosegic. Currently, the FCA is assessing firms’ wind-down plans with more scrutiny than ever before, whether it be in a firm’s application for authorisation, or as part of an s165 request.
In this webinar we looked at why the FCA has increased its focus on wind-down plans and provided guidance as to how to best approach a wind-down plan, so it can withstand the FCA’s increased scrutiny.
Agenda:
- Introduction to Wind Down Planning – what’s the objective?
- Overview of wind-down planning requirements
- Common Issues
- ‘How to guide’ – conducting wind-down planning
- Panel Session
Regulatory Background
Wind-down planning has become an increasing area of focus for the FCA. Whilst wind-down planning is a regulatory requirement for MIFIDPRU Investment firms, the regulator has made clear that its Wind Down Planning Guide (‘WDPG’) and its final guidance FG20/1: Assessing adequate financial resources, applies to all firms. Moreover, the FCA’s updated approach to regulating payments firms, Payment Services and Electronic Money – Our Approach (November 2021), also set out the requirement that all payments firms seeking authorisation need to develop a wind-down plan.
Consequently, it’s clear the FCA’s view is that all regulated firms need to understand how they would wind down their business in practice, and the financial and non-financial resources they require to ensure that their exit from the market does not result in harm. Further, the FCA recently published the results of its thematic review into wind-down planning, TR22/1 Observations on wind-down planning: liquidity, triggers & intragroup dependencies, which highlighted a widespread weakness amongst firms’ wind-down planning and set out the need for firms to revisit their wind down planning process and the quality of their documentation.
Speakers:
James Borley: Managing Director, Payment Services
Harpartap Singh: Managing Director, Prudential Services
Jonathan Aseervatham: Director, Prudential Services
Stefan Babic: Senior Consultant, Prudential Services
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- Payment Services & Cryptoassets
- Insurance, Mortgages & Claims
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Series: How to deal with a transforming FCA
Topic: Wind-down Planning
This webinar has now passed but is available to watch on demand
Access Webinar Recording
In our third webinar in our series that examines the FCA and its ‘Transformation Programme’, we discussed the FCA’s increased focus on wind-down plans. As part of a pledge to make its standards higher, the FCA promised a more intensive assessment and greater scrutiny of firms’ financials and we are certainly seeing evidence of that at Cosegic. Currently, the FCA is assessing firms’ wind-down plans with more scrutiny than ever before, whether it be in a firm’s application for authorisation, or as part of an s165 request.
In this webinar we looked at why the FCA has increased its focus on wind-down plans and provided guidance as to how to best approach a wind-down plan, so it can withstand the FCA’s increased scrutiny.
Agenda:
-
Introduction to Wind Down Planning – what’s the objective?
-
Overview of wind-down planning requirements
-
Common Issues
-
‘How to guide’ – conducting wind-down planning
-
Panel Session
Regulatory Background
Wind-down planning has become an increasing area of focus for the FCA. Whilst wind-down planning is a regulatory requirement for MIFIDPRU Investment firms, the regulator has made clear that its Wind Down Planning Guide (‘WDPG’) and its final guidance FG20/1: Assessing adequate financial resources, applies to all firms. Moreover, the FCA’s updated approach to regulating payments firms, Payment Services and Electronic Money – Our Approach (November 2021), also set out the requirement that all payments firms seeking authorisation need to develop a wind-down plan.
Consequently, it’s clear the FCA’s view is that all regulated firms need to understand how they would wind down their business in practice, and the financial and non-financial resources they require to ensure that their exit from the market does not result in harm. Further, the FCA recently published the results of its thematic review into wind-down planning, TR22/1 Observations on wind-down planning: liquidity, triggers & intragroup dependencies, which highlighted a widespread weakness amongst firms’ wind-down planning and set out the need for firms to revisit their wind down planning process and the quality of their documentation.
Speakers:
James Borley: Managing Director, Payment Services
Harpartap Singh: Managing Director, Prudential Services
Jonathan Aseervatham: Director, Prudential Services
Stefan Babic: Senior Consultant, Prudential Services