LAST UPDATED: October 10, 2026
For the period: 1 January 2025 to 31 December 2025
1. Introduction
iCapital UK Services Limited (“iCapital” or the “Firm” or “we”) is a MIFIDPRU investment firm authorised and regulated by the Financial Conduct Authority (“FCA”) (FRN: 1032566).
The Firm is classified as a small and non-interconnected MIFIDPRU investment firm (“SNI MIFIDPRU Investment Firm”) for the purposes of the Investment Firms Prudential Regime (“IFPR”) set out in Chapter 8 of the FCA’s Prudential sourcebook for MiFID Investment Firms (“MIFIDPRU 8”).
The Firm is required to comply with the MIFIDPRU Remuneration Code under IFPR, which aims to ensure that we: (i) have risk-focused remuneration policies that are consistent with, and promote, sound and effective risk management in the long-term interests of the Firm and our clients, and (ii) do not expose the Firm or our clients to excessive risk.
iCapital was authorised by the FCA on 9 July 2025. The remuneration figures disclosed below reflect total remuneration awarded to all staff for the financial year ending 31 December 2025, and have not been adjusted to reflect the period prior to the Firm’s authorisation.
2. Qualitative Disclosures
2.1 Approach to remuneration
The Firm’s approach to remuneration is set out in its remuneration policy (the “Remuneration Policy”), which has been developed and adopted by the Firm’s board (the “Board”) in accordance with the MIFIDPRU Remuneration Code. We consider the appropriate balance between fixed and variable remuneration as well as the constraints in place to avoid a conflict of interest between staff incentives and the best interests of clients.
2.2 Objectives of financial incentives
The objectives of our financial incentives are to:
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- Ensure that remuneration structures do not conflict with the Firm’s duty to act honestly, fairly, and professionally in the best interests of its clients.
- Encourage responsible business conduct.
- Promote risk awareness and prudent risk taking.
- Promote sound and effective risk management and discourage risk-taking that is inconsistent with the Firm’s risk profile and risk appetite.
- Ensure remuneration and performance assessments appropriately account for conduct, including non-financial misconduct, consistent with the FCA’s Conduct Rules.
2.3 Decision-making procedures and governance
The Board is ultimately responsible for approving and overseeing the implementation of the Remuneration Policy, including conducting a formal review at least annually to ensure it remains appropriate and effective. As iCapital is classified as an SNI MIFIDPRU Investment Firm, it is not required to establish a separate remuneration committee and, therefore, the Board fulfils the responsibilities that would otherwise be carried out by such a committee. The Firm’s compliance officer (SMF16) is responsible for monitoring compliance with the Remuneration Policy and advising the Board on whether the Firm’s remuneration arrangements create, or could create, conflicts of interest or incentives that may encourage the mis-selling of products or services.
2.4 Key characteristics of the Firm’s remuneration policies
All employees of the Firm receive fixed remuneration and are eligible for discretionary variable remuneration.
Components of remuneration
The different components of remuneration awarded by the Firm are categorised as follows:
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- Fixed remuneration
Fixed remuneration reflects an employee’s professional experience and organisational responsibility, as set out in the employee’s job description and terms of employment. It is permanent, pre-determined, non-discretionary, non-revocable, and not dependent on performance.
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- Variable remuneration
Variable remuneration is based on performance or, in exceptional circumstances, other conditions, and includes discretionary bonuses and discretionary pension benefits.
Financial and non-financial performance criteria
The following performance criteria are used across the Firm in determining variable remuneration:
Where remuneration is performance-related, the total amount of variable remuneration awarded to an employee will be based on a combination of:
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- the assessment of the individual employee’s performance;
- the performance of the relevant business unit (where applicable, given the size of the Firm); and
- the overall results of the Firm.
When assessing individual performance, both financial and non-financial (qualitative) criteria will be taken into account.
Non-financial criteria include, without limitation: adherence to iCapital’s risk management and compliance policies; the fair treatment of clients; the quality of client service; compliance with the FCA’s Conduct Rules; and the absence of any non-financial misconduct.
- Quantitative Disclosures
For the financial year 1 January 2025 to 31 December 2025, the total amount of remuneration awarded to all staff was as follows:
| £ | |
| Fixed remuneration | 1,473,642.31 |
| Variable remuneration | 604,444 |
| Total remuneration | 2,078,086.31 |
