What are the CASS rules?

What are the CASS rules?

The principal objective of the FCA’s CASS Rules is to keep Client Assets safe in the event of a firm’s failure. A fundamental requirement of the CASS Rules is that firms must keep client money separate from firm money in segregated client money bank accounts and register custody assets appropriately.

What are FCA CASS rules?

The FCA’s Client Assets Sourcebook (CASS) provides rules for firms to follow whenever the firm holds or controls client money or safe custody assets. CASS helps ensure the safety of client money and assets if a firm fails and leaves the market.

What are the 3 core tenets of Cass compliance?

Our handbook gives you three key responsibilities: (i) ensuring the submission of accurate CMARs; (ii) producing CASS Resolution Packs and providing annual confirmations to your boards that these are up-to-date; and, most importantly, (iii) ensuring adequate systems and controls are in place to allow compliance with …

What is a Cass breach?

CASS audit regime Businesses that fail to maintain proper accounting records could be in breach of CASS regulations, leading to the breach being identified by the company’s auditor in a client asset report and sent to the FCA, possibly resulting in significant fines.

What do the CASS 6 rules cover?

Source: CASS mandates that firms must put systems and controls in place to meet their obligations to maintain their records and accounts in a way that ensures their accuracy and in particular their correspondence to safe custody assets held for clients.

What is a Cass 8 mandate?

CASS 8.2.1R 01/01/2021. A mandate is any means that give a firm the ability to control a client’s assets or liabilities, which meet the conditions in (1) to (5): (1) they are obtained by the firm from the client, and with the client’s consent; (2)

What is the DvP exemption?

DvP Exemption means the exemption under the FCA Rules which allows a firm to temporarily dis-apply the custody rules or the client money rules in relation to money or assets held where the transaction is conducted on a Delivery vs Payment basis; Sample 1.

Who do CASS rules apply to?

CASS applies to every firm, except as provided for in CASS 1.2.3 R, with respect to the carrying on of:

  • (1) all regulated activities except to the extent that a provision of CASS provides for a narrower application; and.
  • (2) unregulated activities to the extent specified in any provision of CASS.

Who is responsible for Cass?

The Prescribed Responsibility for CASS is PR Z and must be given to the individual who is ultimately responsible within the firm for compliance with the CASS rules. But to add complexity, this could be reflected in different senior management functions.

What does Cass stand for safeguarding?

Cafcass stands for Children and Family Court Advisory and Support Service.

What does mixed remittance mean?

a remittance that is part client money and part other money.