Client Assets Technical Committee
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Firms need to comply with the requirements from the FCA Handbook for Client Assets under Business Standards, which are designed to ensure that customers assets are fully protected and that firms have adequate systems and controls in place. This requires evidencing and continual maintenance which must then stand up to scrutiny from external annual audits. The rules can be complex and regulatory expectations are high in ensuring there has been no consumer detriment.
Benefits to consumers
CONSUMERS WILL BE REASSURED THAT THEIR MONEY AND ASSETS ARE SAFELY HELD BY FIRMS IN STATUTORY TRUSTS, IF THE FIRM FAILS AND EXITS THE MARKET, THE ASSETS ARE RETURNED
THE COMMITTEE, IN ALL ITS CASS RELATED ACTIVITIES, IS FOCUSED ON THE BEST INTERESTS OF CONSUMERS OF RETAIL FINANCIAL SERVICES IN THE UK
Benefits to industry
COMMON UNDERSTANDING FO THE RULES FOR FIRMS, INCLUDING REGULATORY EXPECTATIONS
CONSISTENCY IN REPORTING AND RECONCILIATIONS, ENSURING BETTER OUTCOMES FOR FIRMS AND THEIR CUSTOMERS
PRODUCTION OF A CASS BEST PRACTICE GUIDE
THE INITIATIVES FORMULATED AND PURSUED IN RELATION TO CLIENT ASSETS ARE DESIGNED TO FACILITATE BENEFICIAL CHANGE
Benefits to UK economy
CONSITENT APPROACH BY INDUSTRY RAISES STANDARDS, IMPROVES COMPLIANCE AND IMPROVES OUTCOMES FOR CUSTOMERRS
HELP INVESTORS TO BETTER UNDERSTAND ANY RESTRICTIONS ON ACCESS TO THEIR INVESTMENTS AND THE CIRCUMSTANCES IN WHICH RESTRICTIONS WILL BE PLACED ON FUNDS
Client Assets Technical Committee
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PS 14-9 Review of the client assets for investment business ‘Best Practice Statements’
The Best Practice Statements are a guide to TISA users in connection with the requirements of PS14/9.
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