IPRU-INV 13.9 FINANCIAL RESOURCES TESTS FOR CATEGORY B FIRMS WHOSE PERMISSION INCLUDES ESTABLISHING, OPERATING OR WINDING UP A PERSONAL PENSION SCHEME
Application
1This section applies to a personal investment firm which is a category B firm whose permission includes establishing, operating or winding up a personal pension scheme.
Requirement
- (1)
financial Resources Test 1 (the Own funds Test) calculated in accordance with section 13.10;
- (2)
financial1 Resources Test 1A (the Adjusted Net current assets Test) calculated in accordance with section 13.111; and
- (3)
financial1 Resources Test 2 (the Expenditure-based Test) calculated in accordance with section 13.121.
Table 13B is a summary of the financial resources tests1 for a firm1
Table 13B.1 This table forms part of IPRU-INV 13.9.1R1.
SUMMARY OF FINANCIAL RESOURCES FOR CATEGORY B FIRMS |
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Type of firm |
Financial Resources Test 1 Own funds Test |
Financial Resources Test 1A Adjusted Net current assets Test |
Financial Resources Test 2 Expenditure-based Test |
Rule/section References |
All category B firms1 that do not hold client money or assets, but are permitted to establish, operate or wind up a personal pension scheme. |
£10,000 |
Adjusted net current assets of £1 |
Adjusted capital equal to the highest of 6/52 of relevant annual expenditure, £400 per adviser, £10,000 |
13.10 13.11 13.12.1G1 13.12.2 to 13.12.5A |
All Category B firms that hold client money or assets and are permitted to establish, operate or wind up a personal pension scheme. |
£10,000 |
Adjusted net current assets of £1 |
Adjusted capital equal to the highest of 13/52 of relevant annual expenditure, £400 per adviser, and £10,000 |
13.10 13.11 13.12.1G 13.12.2 to 13.12.5A |