Tag: Client Money
FSA Policy Statement on CASS Resolution Packs
Introduction Following the collapse of Lehman Brother and MF Global, the safety and security of client assets is a stated priority for the FSA. On 26 March 2012, in furtherance of this agenda and as an “initial step in a wider review of the client assets distribution regime”, the FSA published Policy Statement PS 12/6, […]
RRP and the FSA in 2012
Just how serious are the FSA regarding the enforcement of Recovery and Resolution planning in the UK? Judging by the FSA’s Business Plan 2012/13, pretty serious. In his overview, Hector Sants, FSA Chief Executive states that: “…our principal objective is to ensure that major firms whose failure would have significant systemic impact ideally do not […]
CASS Resolution Packs and Client Money
Hi all. Those of you involved in client money matters may find the post below interesting. The proposal arrived as little more than a footnote to the FSA’s August 2011 Consultation Paper CP11/16 on Recovery and Resolution Plans so has flown slightly under the radar. Introduction CP11/16 includes an often over-looked proposal that all firms […]