Financial services firms are subject to extensive, strict regulations when it comes to protecting clients’ money and assets, including Client Assets Sourcebook (CASS) rules. They are in place to ensure that client assets are protected should a firm collapse.

If your business fails to protect client money and assets and comply with CASS rules, you can face penalties, fines and enforcement. Fines can total millions of pounds, depending on the value of the unprotected assets.

CASS is a priority for the Financial Conduct Authority (FCA), and it closely scrutinises firms’ CASS arrangements, in particular segregation of client money and appropriate allocation of assets. Firms that hold and control assets on behalf of their clients are also required to regularly submit client money and asset returns (CMAR) to the FCA.

How can we help you follow CASS rules?

Our specialist financial services risk and regulation team can work with you to ensure your CASS arrangements are fit for purpose and compliant. We will support you with:

• Understanding your CASS requirements;
• Conducting assurance reviews to assess compliance;
• Carrying out forensic analysis to evidence CASS compliance;
• Preparing annual CASS audits;
• Reviewing and enhancing operational processes to ensure you have the controls in place to adhere to CASS rules and are securely managing client money and assets;
• Reviewing internal CASS reporting and management information; and
• Reviewing existing and developing new CASS resolution packs.

Whether we deliver programmes of work or standalone projects, we will collaborate with your teams to provide a tailored service that meets your needs.

If you would like to know more about how we can help you protect and securely manage your clients’ money and assets, please contact Paul Jennings or Catherine Brittain.