Client Money and Assets (CASS)
The FCA’s Client Asset Unit carries out specialist and intensive supervision of client assets ensuring the swift return of client assets in the event of firm insolvency.
The FCA’s Client Asset Unit carries out specialist and intensive supervision of client assets, with the aim of ensuring that firms have robust systems in place to ensure the swift return of client assets in the event of firm insolvency.
The FCA’s formula for enforcement for client money breaches is driving heavy fines as well as significant remedial costs.
Typical failures in firms include the following:
- failure to identify client money as client money, particularly in relation to;
- intra-group arrangements; and
- third party arrangements
- failure to put trust letters in place
- failure to train staff appropriately.
Protecting your clients protects your firm
Waystone has the expertise to:
- review your CASS policies, procedures and control framework
- assist you with the design of robust CASS systems and controls
- review your governance arrangements to ensure proper control and reporting
- provide guidance on the interpretation and application of the CASS rules.
Contact our prudential rules specialists using the form below to discuss your CASS requirements.