WDPG App 1.1 Overview
This QRG is written for all solo-regulated firms, but it may be particularly helpful to those carrying out wind-down planning for the first time.
You are viewing the version of the document as on 2021-05-04.
This QRG is written for all solo-regulated firms, but it may be particularly helpful to those carrying out wind-down planning for the first time.
1A firm will have to wind down if continuing its business is no longer viable. A business is no longer viable if the firm does not have adequate resources to meet its regulatory requirements (e.g. the threshold conditions) and contractual obligations.
A firm needs to be careful not to leave the decision to wind down so late that it no longer has adequate resources or liquidity to allow it to wind down in an orderly manner.
The obligation on firms to treat customers fairly continues to apply during the wind-down period. This includes, where relevant, considerations relating to client monies and custody assets or the needs of potentially vulnerable customers.