On 28 May 2021, FIA responded to the second FCA consultation on a new UK prudential regime for MiFID investment firms (CP21/7). In its response, FIA focused on three areas, namely on (i) the proposed requirements that will apply to firms acting as clearing members or clients that provide clearing services, (ii) the new internal capital and risk assessment (ICARA) process and (iii) the proposed remuneration rules, with comments and requests for clarification on the extended remuneration requirements in particular.
