CASS - Managing Client Money & Assets

Join this very practical 1 day course to learn about the FCA CASS Rules conducted by a senior FCA expert with over 30 years of experience.

The subject of Client Money and Client Assets remains high on the FCA’s agenda, actions against firms continue to be taken by the FCA. Most notably the £126 million fine of a US bank London branch for failure to segregate client and company cash. Fines and their reputational damage aside, the new rules post significant commercial and operational challenges.

This very practical 1 day course conducted by an expert with over 30 years of experience within the sector, will provide a thorough overview of the CASS regulation and CASS rules, their scope and requirements, and prepare participants to effectively comply with them. You will learn about the principles of clients’ money and asset protection, how to segregate and hold funds and keep records. You will also learn about the CASS reporting requirements and how to set up all the processes and operations in order to stay compliant.

Course Content

Timing: 9 a.m. until 5 p.m.

CASS fundamentals

Understanding the background and drivers to CASS?

An insight into FCA principles and objectives
FCA enforcement
CASS rule and Guidance

High level requirements

Protection of clients’ needs

Identification of money and assets
Segregation of accounts and required documentation
Acknowledgement of trust letters
Reconciliation arrangements
Reporting requirements and responsibilities

FCA requirements

Practical application of the rules

Client money distribution
Client assets and custody reconciliation
Mandates (written and non-written)

The importance of oversight and reporting

The FCA CASS unit

Allocating CASS operational oversight functions - CF10a
Client money and Asset return (MAR)
CASS resolution pack

Introducing systems and controls

Implementing policies and procedures

Third party agreements: service level agreements and KPIs
Management information
The governance role

Action planning

Consider how your firm’s policies, processes and procedures can be enhanced to ensure they continue to support an effective and compliant CASS regime
Summary and course close

Speaker

Paul is a regulatory expert with 30 years of experience in the financial services. Previously a Compliance Director with one of the country’s largest Investment Management firm, before moving into consultancy and holding interim roles as Head of Compliance and MLRO as well as leading a number of projects that took firms such as Dresdner Kleinwort Wasserstein, Axa and Deustche Bank through authorisation and responding to the FCA sanctions.

His professional experience includes the development and implementation of compliance processes and procedures that include areas such as: governance and oversight, effective systems and controls, client on-boarding and market conduct projects. His area of expertise includes Financial Crime, Client Assets, Conduct Risk, Governance and Oversight, Senior Management Regime and Effective Compliance Monitoring.

He has worked closely with the FCA, Financial Ombudsman Service and the Finance and Lease Association on complaint handling and management and continues to work with Financial Service firms in negotiations with the FCA. He has recently taken on Head of Compliance, Money Laundering Reporting Officer and Head of Client Money Client Assets positions for a Portfolio Management firm and an emerging Peer to Peer platform.