Category: Compliance & AML · Reviewed by Chrissie Anderson, Client Executive · Last reviewed June 2026
A family of FCA Handbook sourcebooks setting prudential requirements for particular sectors not yet migrated to the consolidated prudential regimes — currently IPRU(INV) for legacy investment firms, IPRU(INS) historically for insurers, and IPRU(FSOC) for friendly societies.
IPRU is shorthand for several “Interim” Prudential sourcebooks left in place when the FSA consolidated the bulk of prudential rules into GENPRU, BIPRU and (subsequently) MIFIDPRU. The most commonly cited member of the family is IPRU(INV) — Interim Prudential sourcebook for Investment Businesses — which contains capital and reporting rules for legacy regime investment firms not captured by MIFIDPRU.
Made under FSMA sections 137A and 138, with subject-matter specific provisions in primary insurance and friendly society legislation. IPRU(INS) was largely superseded by the Solvency II Directive (Directive 2009/138/EC) and the PRA Rulebook for UK insurers.
For an insurance intermediary, IPRU is rarely the operative sourcebook. The intermediary looks to MIPRU. IPRU(INV) chapter 13 historically applied to personal investment firms (now Article 3 IDD-MiFID) before MIFIDPRU. IPRU(INV) chapter 5 applied to financial advisers with limited permissions. IPRU(FSOC) sets the residual prudential framework for friendly societies under the Friendly Societies Act 1992.
A firm may sit in IPRU(INV) and MIPRU simultaneously where it conducts investment business and insurance distribution. The MIPRU 4 capital calculation then operates alongside the IPRU(INV) calculation and the higher of the two governs.
A general insurance broker is not subject to IPRU. A financial adviser firm holding only insurance distribution permissions and pension scheme permissions on a limited basis would look at MIPRU 4 first, and only at IPRU(INV) 5 / 13 if separate permissions extend its scope.
FCA Handbook, Interim Prudential sourcebook for Investment Businesses (IPRU(INV)). Financial Services and Markets Act 2000, sections 137A and 138. Friendly Societies Act 1992. Solvency II Directive (Directive 2009/138/EC) as retained in UK law.
By Matt Bartlett, Director, on 2026-06-11.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-11. Apex Insurance Brokers Limited, FCA FRN 724952, Companies House 07014570. Not regulated advice — consult your broker on your specific position.
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