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There's an ICAAP to fit everyone; so wear it!

[fa icon='calendar'] 16-Aug-2017 15:19:32 / by Alison Donnelly posted in E-money, FCA, Compliance, Payment services, ICAAP, BIPRU, IFPRU

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Last year, the FCA sent a 'Dear CEO' letter about ICAAP. For those who don't know, the ICAAP is a process a firm follows to assess the risks it’s facing currently and in the foreseeable future and calculate an amount of capital it should hold as a buffer against those risks.

The letter was a warning that the exercise shouldn't be a quick totting up of sums without any real engagement in the process. It went only to IFPRU investment firms, though BIPRU firms also have to do ICAAPs. Payment and e-money institutions don't have to do an ICAAP but as those who are tackling their re-authorisation application know, PSD2 places strong emphasis on understanding and managing risks. 

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