Client Assets (CASS)

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

TISA Groups & Resources

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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CASS Publications

CASS News