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 […]

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 […]

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 […]

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; […]

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 […]

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 […]

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 […]

With the 1 October 2012 deadline for CASS RP beginning to loom large, DRS, in association with Derivsource, is giving a free webinar on the law and practice relating to CASS RP on 21 June 2012 (10 am EST / 3pm BST).  We will be looking at such topics as: Background to CASS RP (CP11/16 […]

Introduction Any UK firm which is subject to CASS 6 (custody rules) and/or CASS 7 (client money rules) is obliged to have a CASS Resolution Pack in place by 1 October 2012. CASS Resolution Packs form part of the FSA’s wider review of the client assets regime in the UK and represent the point where […]