What is CASS requirement?

What is CASS requirement?

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.

What is Cass protection?

CASS protects consumers’ assets and money when a firm fails. CASS enhances the integrity of the financial system by giving participants confidence that their money is protected upon insolvency; and.

What is audit Cass?

CASS stands for Client Assets Sourcebook and the rules around this are in place to safeguard client assets. This is an area of huge interest to the FCA and a CASS audit gives them an independent view of your firm’s compliance with the CASS rules.

What is Cass reconciliation?

CASS 7.15.21G 01/06/2015. The purpose of an external client money reconciliation is to ensure the accuracy of a firm’s internal records and accounts against those of any third parties by whom client money is held.

What do CASS 7 rules cover?

A firm must make and retain a written record of any election it makes under CASS 7.10.7AR including:

  • (a) the date from which the election is to be effective; and.
  • (b) if it cancels the election, the date from which the election is to cease to be effective.

What is the Cass 8 mandate?

The CASS 8 mandate rules apply in the situation where a Firm receives and retains a “means” by which it can issue instructions that affect assets of a Client (or the indebtedness of the Client) that the Firm itself does not hold.

How often should client money be reconciled?

every 25 business days
In order to check whether sufficient funds are held in the client money bank accounts the insurance intermediary is required by the FCA to reconcile (at least every 25 business days) regularly their accounting records (‘the client money requirement’) to their banking records (‘the client money resource’).

How often should a CASS audit be completed?

You must complete the CASS classification questionnaire every year within 15 working days of 31 December.