Do You Intend to Hold Client Money?
Do you intend to hold client money? If you are authorised by the FCA and the answer to this question is yes, read on! Regulated firms holding client money must comply with the rules set out in the Client Assets Sourcebook (CASS). These apply to firms who hold or control client money or safe custody assets as part of their business. The aim is to keep client money and assets safe should a firm exit the market.
CASS is an area of high importance to the FCA. They have made significant changes in this area over the past few years, strengthening the regulations and firming up their guidance. Principle 10, is a ‘Principle for Business’ and says “A firm must arrange adequate protection for clients’ assets when it is responsible for them”.
You should have a CASS Manual and Resolution Pack within your compliance program to document your policies, procedures, measures and controls. These policies and controls should ensure the security, adequate protections and safeguarding of client money and client assets.
Exclusive CASS Manual Pack
- Comply with CASS 10 & 11
- Includes CASS Resolution Pack
- Aligned with the Client Assets Rules
- Excel & Word Formats for RP
- Policy templates for Client Assets & Client Money
- Fully Customisable
- Instant Download After Payment