Handling Client Money in General Insurance

Outline & Objectives

The FCA views client money handling by general insurance intermediaries as a key risk, central to consumer protection and managing wholesale conduct risk. But the Client Assets rules (CASS 5) are complex and continue to be a source of misunderstanding, especially for smaller brokers. Rigorous supervision continues to reveal breaches and enforcement action has ramped up against both small and large firms, and executives within them.

This one-day workshop is a forum to analyse and explore CASS 5, and discuss the practical application of a rule based “zero tolerance” regime with other client money professionals. The significant enforcement actions are also discussed.

This in an interactive course with full support notes combining visuals and “plain English” narrative explanations as a post course reference.

Attending will enable you to:

• Explain the responsibilities of firms, and their senior managers, when handling client money
• Outline the FCA's High Level Standards that impact on handling client money
• Define the key requirements of the CASS sourcebook
• Examine how the rules apply in practice, drawing on industry good practice
• Determine what should be covered within formal procedures, competence and "the client money file"
• Identify which breaches are notifiable to the FCA: the “must” v the “should”
• Highlight specific FCA concerns and practical solutions
• Assess the operational implications within your own firm and identify changes that may be required
• Learn the lessons from FCA enforcement actions

Who will benefit?

This event will be of value to Directors and Senior Managers with client money responsibilities, (direct or oversight) Accounting staff and supervisors, Compliance officers and Internal Auditors.

Course Agenda

Topics covered may include but are not limited to:

• The High-Level Standards: PRIN and SYSC implications for client money
• The CASS sourcebook rules in detail
• Practical “mapping” of the client money process
• Conduct risk: applying best practice to your own procedures
• Senior management responsibilities for governance and oversight
• Exploring enforcement actions: clarifying application - what can we learn?