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IPS Capital LLP (“the firm”) is authorised and regulated by the Financial Conduct Authority (“the FCA) in the UK. The firm is an investment firm as defined in the Markets in Financial Instruments Directive (“MiFID Investment Firm”), which provides investment managements services to its clients.
The firm is classified as a Small and Non-Interconnected Firm (“SNI Firm”) under the FCA’s Investment Firm Prudential Regime (“IFPR”) which sets out the prudential governance requirements for MiFID Investment Firms. The firm is subject to the requirements set out in Chapter 8.6 of the FCA’s MiFIDPRU Sourcebook. MiFIDPRU 8.6 requires firms to disclose information regarding its remuneration arrangements. The firm does not have any additional Tier 1 instruments in issue.
This disclosure document has been prepared in line with MiFIDPRU 8.6 and is approved by the Partners of the firm. It covers the firm’s latest full financial period from 01 April 2024 to 31 March 2025 and, unless otherwise stated, references figures from the firm’s most recent financial year-end on 31 March 2025.
Governance
The firm does not operate a Remuneration Committee due to its nature, scale and complexity. The Partners within the firm have responsibility for ensuring that remuneration policies and procedures promote effective risk management, appropriate conduct and are consistent with the firm’s business model, strategy, objectives and long-term interests. This includes:
•Culture, conduct and alignment to the firm’s values,
•Risk appetite
•Effects on strategic and investment decisions on long-term growth and stability.
The Partners seek regular input from various stakeholders as part of remuneration considerations.
Remuneration Policy
The firm is required to comply with the MIFIDPRU Remuneration Code set out in Chapter 19G of the Senior Management Arrangements, Systems and Controls Sourcebook (“SYSC 19G”) in the FCA Handbook.
The firm has developed a Remuneration Policy addressing all key aspects of the requirements in a manner which is proportionate to the size and scale of the firm and the risks associated with its business model. The policy sets out the firm’s approach to remuneration including its approach to fixed and variable remuneration to ensure that it:
•Promotes equality,
•Avoids conflicts of interest,
•Balances risk with appropriate conduct and encourages responsible conduct, and
•Promotes risk awareness.
The firm’s Remuneration Policy is presented to and approved by the Partners on at least an annual basis.
Remuneration Structure
Employees within the firm are rewarded through a mix of fixed and variable remuneration.
The fixed element of remuneration consists of base salary and is tracked against comparable roles in the recruitment market. The variable element consists of a discretionary bonus which is based on the performance of the firm and the performance review of the employee.
The performance review for each employee considers both the performance of their particular role and their conduct, compliance with internal policies and procedures, and compliance with the regulatory requirements the firm is subject to. Input is sought from various stakeholders in determining the outcome of the review.
Remuneration for the year ended 31 March 2025
For the year ended 31 March 2025, the total amount of remuneration awarded to all staff was £1,494,221 of which the fixed remuneration was £1,417,221 and variable remuneration was £77,000.
