Skip to content

FSA Update on RRP and CASS RP

On 25 February 2013, the FSA published Policy Development Update Number 156 detailing forthcoming publications from the FSA on a wide range of issues, including: RRP: Policy Statement to CP11/16 and PS12/5 on recovery and resolution planning.  This is expected to be published in Q2 2013; and CASS RP: Policy Statement to CP 12/20, “Review […]

Update on Client Money

On 25 January 2013, the FSA published Policy Development Update Number 155 detailing forthcoming publications from the FSA on a wide range of issues.  Among the client money related updates to be expected during the course of 2013 are: Policy Statement relating to Part 2 of CP12/22, introducing the concept of multiple client money pools within the CASS […]

CASS Resolution Pack Compliance: Don’t Expect Sympathy From the FSA

On 20 November 2012, the FSA published a speech given by Richard Sutcliffe, Head of the Client Assets Unit at the FSA on the background and purpose of the unit he leads and its future policy initiatives. The speech underlined the priority given by the FSA to improving the client assets regime.  Mr Sutcliffe noted […]

Congratulations on the Completion of your CASS Resolution Pack! Now comes the hard part…

Introduction Today marks the deadline for completion of a CASS Resolution Pack with respect to every investment firm to which CASS Chapter 6 (custody rules) or Chapter 7 (client money rules) applies. The CASS Resolution Pack regulations are documented in PS12/6, published by the FSA in March 2012.  They require a firm to collate certain […]

CASS Resolution Pack Seminar

I will be presenting a half-day workshop on CASS Resolution Packs on 29 November 2012 as part of the Infoline Client Assets & Client Money Protection Conference.  The workshop will address a number of topics, including: The background to CASS RP; The CASS RP regulations; Implementing a CASS RP; The form of a CASS RP; […]

Recent Developments Highlight the Importance of the CASS Resolution Pack

Introduction The FSA regards the protection of client money and assets (CASS) as one of the fundamental issues facing the financial services industry.  The failure of Lehman Brothers and MF Global served only to force the subject of CASS compliance yet higher up the FSA’s list of priorities.  Two recent events have brought CASS issues […]

BBA Seeks Clarification on CASS RP from FSA

On 3 September 2012, the British Bankers’ Association (“BBA”) published a letter to the Client Assets Unit of the FSA seeking clarification with respect to several sections of the recently finalised CASS Resolution Pack rules contained within Chapter 10 of the FSA’s Client Assets Sourcebook, specifically: CASS 10.3.1(11): Retail and Professional Agreements – whether a […]

FSA Consults on CASS Resolution Packs for Insurance Intermediaries

On 28 August, the FSA published Consultation Paper CP12/10, “Review of the client money rules for insurance intermediaries”. The Consultation Paper is aimed at all insurance intermediaries to which CASS 5 applies.  It attempts to address a number of concerns which arose during the FSA’s review of CASS 5, including: inappropriate controls around the use […]

CASS Resolution Pack Requirements Unaffected by FSA CASS Consultation Paper

On 25 July 2012, the FSA published consultation paper CP 12/15 on “Client Assets Firm Classification, Oversight, Reporting and the Mandate Rules”.  CP 12/15 is open for comment until 30 September 2012, and consults on possible changes in the following areas: CASS firm classification and operational oversight: clarifying that firms which only arrange safeguarding and […]

Webinar on CASS Resolution Packs Now Available to Watch Online

If you have an interest in Cass Resolution Packs and missed the Webinar which took place on 21 June with Derivsource, a video of the presentation is now online and available here. The presentation provides a brief background to CASS RP and summarises the law in this area before explaining in detail the practicalities and challenges of […]

Press enter or esc to cancel