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Automating IFPR Reporting

FPR (Investment Firm Prudential Regime), which takes effect on 1 January 2022, is a new regime put forward by the FCA and authorised under MiFID (Markets in Financial Instruments Directive). From January, there will be a single prudential regime for all FCA investment firms, which should result in improved competition between firms whilst reducing barriers to entry.

There are significant changes with IFPR, and this will inevitably create a lot of additional reporting and extra drain on company resources. With the introduction of the new regime quickly approaching, firms need a fast, efficient and accurate method of presenting their reports.

Save Time and Money 

By using bespoke automation tools you can remove much of the legwork associated with manual compliance reporting. For example, final reports can be issued at a click of a button, rather than having to manually aggregate the data from different sources. This saves time, and consequently money, by freeing up employees to work on other tasks.

Avoid Human Error and Delays   

With the number of manual hours needed to compile complex reports, and the time-critical importance of meeting IFPR’s new requirements, human mistakes are inevitable. By using fast and accurate report automation tools, you can reduce risks and present your reports with confidence.

Gain a Competitive Advantage  

Regulatory compliance is becoming ever more complicated for financial service companies. However, you can stay ahead of your competitors by employing compliance automation. This allows you to lead the way with efficiency and cost savings and lets you position your business as trustworthy to prospects and partners.

Remove the Burden of IFPR Compliance  

IFPR is a burden for many companies that need to adhere to the myriad of new requirements. Using automation tools ensures you’re more prepared, organised and confident in the event of an audit. What’s more, automation is the future, and those that invest early in streamlining their processes will stay ahead of the competition.

   

Request Your Assessment and Download Our Ultimate IFPR Guide  

Although complying with IFPR will require a significant amount of work, the good news is the process can be made simpler through reporting automation.

Synetec has recently helped several companies prepare for IFPR by building a bespoke tool that allows them to efficiently pull reports and ensure compliance.

Come have a complimentary assessment meeting and let us help you transition to the new regime.

Also, you can dive into a more exhaustive list of changes by downloading our Ultimate Guide to IFPR today.

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