CASS Client Money and Assets - 20/04/2018
The Training Environment For Financial Services

CASS Client Money and Assets

20 Apr 2018, London

9:30am to 12:45pm

Outline & Objectives

Failure to comply correctly with client money requirements remains one of the major causes of firms falling foul of the regulators . . . and one of the most costly. Following the collapse of Lehmans, the FSA increased its focus and resources in this area and its successor regulator, the FCA, has continued this emphasis and increased its resources in this regard: strengthened its requirements on operational controls, introduced a new CASS oversight function, established a dedicated reporting framework and new notification requirements and incorporated CASS considerations into Recovery and Resolution plans.

The FCA's new rules on the protection of client assets and money for investment firms (PS14/9) came fuly into force on 1st June 2015. The new rules are a significant change to the previous regime and include a complete re-write of the client money rules in CASS 7 and major changes to the custody rules in CASS 6. This practical half day seminar will: 

  1. Review the key CASS requirements and how to comply 
  2. Examine the FCA's changes to the CASS regime and the practical implications for CASS compliance and controls 
  3. Consider the regulator's approach to CASS supervision, including themed visits, and recent regulatory initiatives and actions

Who will benefit

This event will be of value to all those responsible for senior management oversight or the day to day operational processes involved with client money and assets. It will also benefit anyone in compliance or legal functions in the business. This will include: 

  • People holding the Client Money Oversight function, CF10a
  • Board members and Senior Management
  • Compliance, Legal and Risk Officers
  • Operations personnel
  • Custodians

Course Leader

Charlotte Hill is a financial services and regulation partner in the London office of Covington & Burling LLP. She specialises in advising financial institutions on regulatory and commercial matters. Charlotte has had considerable industry experience during her career, having worked at the regulator, IMRO (a predecessor regulator of the FCA) in the enforcement division and subsequently, was Director of Legal at Threadneedle Investments. This industry experience is invaluable in providing clients with truly commercially focussed advice. Her clients range from very large, multi-national conglomerates to specialist boutiques. Charlotte is recognised as a Leading Individual by Chambers UK, who note “her in-depth knowledge of the FSA” and “professional, responsive” approach, as well as Legal 500 UK. She regularly publishes articles on regulatory topics in a range of industry publications and speaks at both external conferences and seminars and in-house client training events.

Seminar Agenda

Session Content
CASS Rules
  • Overview of the CASS Regime
  • An in-depth look at some key rules and how to comply with them
  • Compliance issues and how to resolve them
PS14/9: what has changed?
  • Analysis of the new rules and their implications
  • An in-depth examination of some key changes, including CASS 6 & 7
  • Potential issues and problem areas
  • Compliance and control considerations
Senior management and the CF10a role
  • Senior managers' responsibility for CASS
  • What involvement should senior management have?
  • What is expected of a CF10a?
  • How to report effectively to the Board on CASS
  • Preparing an effective board pack
  • Successful management information
CASS reporting
  • Aims and objectives of reporting
  • Preparing the Client Money and Assets Return (CMAR)
  • Preparing the CASS Resolution Pack
  • Record keeping challenges
The FCA's approach to supervision and CASS visits
  • The regulator's concerns
  • Regulatory initiatives
  • Lessons to be learned from recent actions
  • Protecting yourself - what to do
  • Handling a CASS visit

This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.

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