ICARA and Prudential Risk Support

Our Prudential Services

Internal Capital Adequacy and Risk Assessment (ICARA)

We support investment firms with the preparation, review, and ongoing maintenance of their ICARA, including:

Capital and liquidity planning
Stress testing and scenario analysis
Recovery and wind-down planning

We also assess whether ICARA frameworks are aligned with FCA expectations, including the Overall Financial Adequacy Rule.

Internal Capital Adequacy Assessment Process (ICAAP)

For banks and PRA regulated firms, we provide targeted support on ICAAP, including:

Capital adequacy assessments and documentation
Risk identification and stress testing
Preparation for supervisory review

We take a proportionate, pragmatic approach aligned to PRA expectations.

Consolidated Investment Firm Groups (IFG)

Support with group level capital and liquidity under MIFIDPRU and the CRD, including consolidated assessments and governance.

This includes helping groups understand how risks, capital and resources should be assessed across entities and on a consolidated basis.

Wind-Down and Recovery Planning

We develop credible wind down and recovery plans tailored to a firm’s business model and regulatory permissions.

Our team has extensive experience supporting both investment firms and banks, with a strong understanding of regulatory expectations and supervisory focus in this area.

Prudential Regimes in Practice:
Investment Firms Prudential Regime

The IFPR introduced a requirement for all firms in scope of the regime to complete an internal capital adequacy and risk assessment (ICARA) process. Through the ICARA process, firms identify the risk of harm in their operations and provide appropriate resources to mitigate harm, whether as a going concern or when winding down.

How Thistle Initiatives works

Step 1: Applying MIFIDPRU or CRD to your business model

Capital and liquidity requirements are more than just numbers and calculations. Our prudential services help you interpret the requirements based on your firm’s permissions and activities, whether under the Investment Firms Prudential Regime (IFPR) or the Capital Requirements Directive (CRD), and deliver against regulatory expectations in practice.

Step 2: Supporting ICARA (and ICAAP where relevant)

Preparing your ICARA, ICAAP and prudential regulatory reporting. Our ICARA and ICAAP templates are available as standalone offerings or alongside consulting support, depending on the level of input you need.

Step 3: Independent challenge and regulatory readiness

Reviewing the effectiveness of your ICARA or ICAAP documentation to ensure you have met the overall financial adequacy requirements and are well prepared for regulatory review and challenge.

FCA and PRA Regulatory Reporting

We also support firms with prudential regulatory reporting and submissions, including RegData returns for investment firms and relevant FCA and PRA reporting for banks.

Where firms need ongoing support with FCA regulatory reporting, data quality or RegData processes, this is covered through our dedicated FCA Regulatory Reporting and RegData Support service.

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What Our Investments Clients Say

“Thistle Initiatives provide us with invaluable expertise with their ongoing compliance support and delivered end-to-end assistance with our FCA application to add Alternative Investment Fund Management to our permissions. The service from the team is always on-point and efficient; we highly recommend them.”

London & Oxford Group

“Our experience of working with Thistle Initiatives to add our CASS permissions has been great. Thistle helped to create the application to vary our FCA permissions and helped to respond to the FCA’s detailed questions following submission. Thistle assisted quickly and clearly at all times, including during the more complex aspects of the process.”

Cirdan Capital

“Our experience of working with Thistle Initiatives has been exceptionally good. After due consideration and comparison of various service providers, WMG Advisors engaged Thistle to perform an external review of our systems and controls, our policies and procedures and to provide ongoing training to meet our compliance needs. Thistle deployed serious resources to the project, and provided comprehensive analysis and recommendations. Thistle has responded quickly and clearly to all of our requests to date. We continue to be impressed with both the methodology and the people that we deal with throughout their organisation.”

WMG Funds LLP

ICARA and Prudential Risk Support

Thistle Initiatives supports regulated firms with ICARA, capital adequacy and prudential reporting requirements

1000+

2000+

Our Prudential Services

Internal Capital Adequacy and Risk Assessment (ICARA)

Internal Capital Adequacy Assessment Process (ICAAP)

Consolidated Investment Firm Groups (IFG)

Wind-Down and Recovery Planning

Prudential Regimes in Practice:
Investment Firms Prudential Regime

How Thistle Initiatives works

Step 1: Applying MIFIDPRU or CRD to your business model

Step 2: Supporting ICARA (and ICAAP where relevant)

Step 3: Independent challenge and regulatory readiness

FCA and PRA Regulatory Reporting

What Our Investments Clients Say

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ICARA and Prudential Risk Support

Thistle Initiatives supports regulated firms with ICARA, capital adequacy and prudential reporting requirements

1000+

2000+

Our Prudential Services

Internal Capital Adequacy and Risk Assessment (ICARA)

Internal Capital Adequacy Assessment Process (ICAAP)

Consolidated Investment Firm Groups (IFG)

Wind-Down and Recovery Planning

Prudential Regimes in Practice:Investment Firms Prudential Regime

How Thistle Initiatives works

Step 1: Applying MIFIDPRU or CRD to your business model

Step 2: Supporting ICARA (and ICAAP where relevant)

Step 3: Independent challenge and regulatory readiness

FCA and PRA Regulatory Reporting

What Our Investments Clients Say

Prudential Regimes in Practice:
Investment Firms Prudential Regime