Compliance with ‘CASS’ (or the ‘Client Assets Sourcebook’) has been in the spotlight since the failure of Lehman Brothers in 2008. Why the ongoing focus and what do regulated firms need to be aware of?
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. This ensures that client money and custody assets are ring-fenced in the event of the insolvency of the firm.
Ultimately, protecting clients is at the heart of these rules.
CASS has been an FCA priority for the past decade: the regulator has closely scrutinised firms’ arrangements during this
Given the ongoing regulatory attention, added to the fact that individuals will be more accountable than ever under the Senior Manager and Certification Regime (‘SMCR’), means that this is an optimal time to reassess your compliance arrangements.
How KPMG can help
Starting in the boardroom and working across your entire business, effective CASS management processes and controls need to be embedded into the core of your firm. KPMG can help you understand your requirements and enable you to make confident, well-informed choices that deliver outstanding results.
We have a market-leading team, experienced in working closely with the FCA, who have expertise across all types of organisations and in all areas of CASS operations.
So whether you need help in understanding how CASS impacts your firm, where the FCA is focusing or planning for Brexit, our team can help.
For more information about our CASS services, contact our team today.
We provide a wide range of services to a number of firms in the financial services
Join us for our regular CASS industry forums driven by issues faced by clients and latest regulatory developments
Bespoke events driven by current client issues:
These events not only deliver insights into what the industry is focusing on but also allow you to share knowledge and observations within your peer group. In addition to this, KPMG share observations and learnings from our audit and advisory engagements and feedback from our regular contact with the FCA.
To sign up to these events please register your details here.
Keep track of our Partner updates published on this page, where we discuss the ways to optimise opportunity in difficult conditions and ensuring your business doesn't fall foul of enhanced regulatory measures.