UK IFPR for MiFID investment firms: Archived implementation timeline - FCA rules, PRA policy and UK legislative measures (2020–2023)

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This Practice Note has been archived and is no longer maintained. On 20 December 2017, the European Commission set out plans to reform the prudential regime for investment firms across the European Union, with the aim of delivering a framework that is more proportionate and more sensitive to risk. Those proposals ultimately resulted in the Investment Firms Regulation (EU) 2019/2033 (EU IFR) and the Investment Firms Directive (EU) 2019/2034 (EU IFD). As the EU regime only started to apply from 26 June 2021 (ie after the end of the implementation period that followed the UK’s withdrawal from the EU), it therefore did not automatically take effect in the UK. In June 2020, HM Treasury outlined, via the Financial Services Bill, its intention to legislate for an Investment Firms Prudential Regime (IFPR) that would broadly mirror the EU IFR and EU IFD while being tailored to the UK. The Financial Services Bill received Royal Assent on 29 April 2021 and became law as the Financial Services Act 2021 (FSA 2021). Implemented through new rules made by the Financial Conduct Authority (FCA), the IFPR came into force on 1 January 2022...

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Web page updated on 20/05/2026

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