The Investment Firms Prudential Regime (IFPR) came into effect on the 1st January 2022 as a new regime for UK firms authorised under the Markets in Financial Instruments Directive (MiFID). The IFPR was implemented by the FCA as prudential regulation within “MIFIDPRU”, which seeks to address the potential harm posed by investment firms to their clients and the markets they operate in.

Under the IFPR Framework, investment firms are split into three categories:

  1. Designated Investment Firms - firms designated by the Prudential Regulation Authority (“PRA”) under article 3 of the PRA-regulated Activities Order.
  2. Non small and non-interconnected (“non-SNI”) firms - firms that do not meet definition of a small and non-interconnected (“SNI”) investment firm, which are subject to full IFPR requirements.
  3. SNI firms - firms which meet all the required SNI thresholds and conditions set out by the FCA, will be subject to reduced IFPR requirements.

The IFPR framework applies:

  1. Minimum capital and liquidity requirements;
  2. Additional own funds requirements calculated based on additional risks as identified by MLSS or relevant authority; and
  3. For non-SNI firms, a public disclosures requirement.

Morgan Lloyd SIPP Services Ltd (MLSS) is a non-SNI MIFIDPRU firm and is subject to full IFPR requirements implemented by the FCA via the MIFIDPRU Prudential sourcebook.

MLSS is an investment firm prudentially authorised and regulated in the UK by the Financial Conduct Authority (“FCA”).

MLSS’s disclosure as of 30 April 2024 has been prepared on a standalone basis. The disclosure fulfils MLSS’s regulatory obligation to disclose key pieces of information on its governance arrangements, risk management objectives and policies, own funds, own funds requirements and remuneration policies under MIFIDPRU.

The Investment Firms Prudential Regime (IFPR) rules state that a MIFIDPRU investment firm must publicly disclose the information specified under MIFIDPRU 8 annually (or more frequently in the event of a major change to our business model).

A firm must publish the information required by the FCA Handbook (MIFIDPRU 8) in a manner that:

  1. is easily accessible and free to obtain;
  2. is clearly presented and easy to understand;
  3. is consistent with the presentation used for previous disclosure periods or otherwise allows a reader of the information to make comparisons easily; and
  4. highlights in a summary any significant changes to the information disclosed, when compared with previous disclosure periods.

Disclosures are appropriate to the size, internal organisation and nature, scope, and complexity of MLSS.

This information has been made publicly available on MLSS’s website as soon as practicably possible after the annual accounts are filed.

This document has been prepared according to, and to meet, the rules set out by the FCA.

mlss-mifidpru-disclosures-report-april-2024.pdf