While it didn't take a handsome Archaeology graduate to know that 2014 was ash, what the industry likes more than anything is cold, hard confirmation from their friendly national supervisor...
...which came today! Julian Adams gave a speech this morning ostensibly about the practical side of implementing the PRA's new approach after they get divorced from their FCA counterparts next year. Worth bulleting the big messages on IMAP;
- Current timetable "completely unrealistic" after Plenary postponement confirmed last week
- 2015 "...likely to prove very challenging"
- FSA will agree a revised landing slot with IMAP participants (presumably just those who have yet to submit?), UP TO A MAXIMUM OF END DECEMBER 2015.
- Will change this to match up with what comes out of Brussels if the two are divergent
- For ICAS, "we will have to live with the current regime for longer than any of us expected"
- The previously stated "aspiration" of potentially replacing ICA with internal model SCR will be formalised into a two step process. First, reconcile ICA with IM SCR (the easy bit!), then once the FSA are sufficiently happy, just produce IM SCR.
- Retain discretion to apply ICG throughout the interim period
- Benefits of this approach will therefore include much meatier pre-application evidence of use.
All in all, these public declarations will be welcomed by everyone who isn't writing a cheque for next year's IMAP activity...