CASS Compliance - Where Are We Now?

Introduction

The FCA still regards compliance with the Client Assets (‘CASS’) regime and the protection of assets held on behalf of customers as a strategic priority.

It expects firms to have rigorous controls in place as well as high standards of CASS governance and oversight, including a robust three lines of defence model.

Where the FCA sees behaviours from firms which lead it to consider that the firm is not taking its CASS compliance obligations seriously, or if it identifies significant CASS failings, it has the power in its regulatory toolset to require a firm to commission a Skilled Person’s report under s166 of the Financial Services and Markets Act 2000.

It has confirmed during 2022 that such cases are on the increase.

This new virtual classroom seminar is suitable for those individuals currently responsible for CASS compliance within regulated firms of varying sizes as well as their advisers.

This includes SME firms within the investment, insurance intermediation and debt management sectors, and is aimed at Senior Managers with the Prescribed Responsibility for CASS compliance, CASS oversight managers, heads of risk and compliance, or external advisers to firms.

Having a good understanding of the CASS requirements and the firm’s obligations is clearly a key requirement for such individuals, in particular those who have not attended a CASS seminar previously.

The session will cover how CASS firms should address the FCA’s regulatory expectations.

What You Will Learn

This live and interactive session will cover the following:

• Why the FCA is focusing on CASS compliance
• How the FCA sets its expectations, assesses firms, and the supervision process
• CASS culture, governance, and organisational arrangements
• Three lines of defence
• The CASS control environment
• The CASS audit process
• Consequences of failing to meet the FCA’s expectations
• Actions firms should take

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.