CASS 10 Resolution Pack - Know Your Compliance Limited

The CASS 10 Resolution Pack…if you know, you know!

The Client Assets Sourcebook (CASS) is not one of those things you come across randomly. If you are searching the internet for information on CASS, chances are you are or will be dealing with client assets and/or money within the financial services industry.

The Financial Conduct Authority (FCA) have a whole sourcebook dedicated to CASS. It details, amongst other things, the mandatory requirements to have a Client Money Policy, Client Asset Policy and most importantly, a CASS Resolution Pack (CASS RP).

A Summary of CASS 10

The CASS Sourcebook is part of the FCA Handbook and applies if you or your business holds or controls client money and safe custody assets (‘client assets’). What is the aim of the CASS rules? To protect and safeguard client assets! CASS applies to day to day business as well as being essential if a firm fails or exits the market.

How important is CASS? Well, the FCA have it as one of their Principles for Business! So, very important is the simple answer. Principle 10 advises “A firm must arrange adequate protection for clients’ assets when it is responsible for them”.

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CASS Firm Classification

Firms are classifed into 3 types for client assets regulation and compliance. It is your responsibility to know and understand which category you fall into. This is covered within the Sourcebook, but we have noted it below for reference. As you can see, the types are categorised by annual values of money and/or safe custody assets.

You can find the limits and further guidance in section CASS 1A.2.7 of the FCA Handbook. If you are near to the upper limits of a firm type, you can choose to be assessed as being in the next category up. This is helpful for those firms who may cross into a higher firm type during a calander year.

The CASS System ‘Firm Types’

CASS Firm Type:

Highest total amount of client money held during the firm’s last calendar year:

Highest total value of safe custody assets held by the firm during the firm’s last calendar year:

Large Firm

More than £1 billion

More than £100 billion

Medium Firm

An amount = or > £1 million & < or = £1 billion

An amount = or > £10 million and < or = £100 billion

Small Firm

Less than £1 million

Less than £10 million

What is the CASS Resolution Pack?

Known in the industry as a CASS RP, the resolution pack is a readily available collection of records and documents that act as a tool for complying with the CASS rules. Such records identify clients, third-parties, custody records, policies and procedures, senior management and agreements relating to client money and assets.

The information that must be recorded for each document is noted in the CASS sourcebook and makes creating a template easier. There is also the requirement to have a master document that contains information sufficient to retrieve each record in your CASS resolution pack.

Leading CASS Manual & Resolution Pack

The exclusive CASS Manual & Resolution Pack templates will help you to comply with the FCA’s Client Assets (CASS) Sourcebook. It covers CASS 11 as well as 10 so is suitable for all busines types with CASS obligations. Better still, we have provided the resolution pack templates in both Word adn Excel so you can choose whichever suits your business type.

We’ve included ready to use policy templates for client money and client assets and a CASS manual for documenting objectives and guidelines. We have more than 11,000 organisations using our templates and toolkits and know our compliant, professional CASS Manual & Resolution Pack will help you.