Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.


Status: This chapter was amended on 31 December 2020 as a result of Brexit. However, it is subject to the FCA Prudential Transitional Direction, which means that firms should not comply with these provisions yet. Instead, firms must follow this link and continue to comply with pre-IP completion day requirements https://www.handbook.fca.org.uk/handbook?date=31-12-2020&timeline=True (unless specified otherwise in the Direction). To see a full list of Handbook modules affected, please see Section B of the Annex to the Direction.

IPRU-INV 5.3 Financial resources

Own funds

IPRU-INV 5.3.1RRP

1A firm must calculate its own funds in accordance with IPRU-INV 5.8, unless the firm has a Part 4A permission for acting as trustee or depositary of a UK UCITS2. .

IPRU-INV 5.3.2RRP

For a firm that has a Part 4A permission for acting as trustee or depositary of a UK UCITS2, own funds has the meaning in article 4(1)(118) of the EU CRR.

Liquid capital

IPRU-INV 5.3.3RRP
  1. (a)

    A firm must calculate its liquid capital in accordance with IPRU-INV 5.8.

  2. (b)

    In addition to the above, a firm whose permitted business includes establishing, operating or winding up a personal pension scheme must comply with:

    1. (i)

      the requirements in relation to the realisability of liquid capital found in Note 2 of IPRU-INV 5.9.1R; and

    2. (ii)

      the limitation in respect of Item 14 of IPRU-INV 5.8.2R, not to include net trading book profits in the firm’s liquid capital calculation.