The subject of Client Money and Client Assets remains high on the FCA’s agenda, actions against firms continue to be taken by the FCA. Most notably the £126 million fine of a US bank London branch for failure to segregate client and company cash. Fines and their reputational damage aside, the new rules post significant commercial and operational challenges.
This very practical 1 day course conducted by an expert with over 30 years of experience within the sector, will provide a thorough overview of the CASS regulation and CASS rules, their scope and requirements, and prepare participants to effectively comply with them. You will learn about the principles of clients’ money and asset protection, how to segregate and hold funds and keep records. You will also learn about the CASS reporting requirements and how to set up all the processes and operations to stay compliant.
What will you learn
By the end of this course you will learn about:
- Recognise the FCA’s concerns regarding Client Assets Protection
- Understand your firm’s responsibilities when handling Client Money Protection
- Assess the practical implications of your firm’s Client Asset Protection responsibilities
- Consider the effectiveness of your current processes in the light of the enhanced CASS regulation
- Identify the work required to comply with the CASS regulation
- Investigate the application of the FCA CASS rules, drawing on lessons learned and good industry practice
Course Content
- The background to client money protection
- CASS rules, scope and significance
- Defining client money and assets
- Defining CASS firm
- CASS Resolution Pack
- Common issues with managing clients money and assets
- Record keeping and reporting requirements
- Reconciliation requirements
- Governance process
Speakers
Paul is a regulatory expert with 30 years of experience in the financial services. Previously a Compliance Director with one of the country’s largest Investment Management firm, before moving into consultancy and holding interim roles as Head of Compliance and MLRO as well as leading a number of projects that took firms such as Dresdner Kleinwort Wasserstein, Axa and Deustche Bank through authorisation and responding to the FCA sanctions.
His professional experience includes the development and implementation of compliance processes and procedures that include areas such as: governance and oversight, effective systems and controls, client on-boarding and market conduct projects. His area of expertise includes Financial Crime, Client Assets, Conduct Risk, Governance and Oversight, Senior Management Regime and Effective Compliance Monitoring.
He has worked closely with the FCA, Financial Ombudsman Service and the Finance and Lease Association on complaint handling and management and continues to work with Financial Service firms in negotiations with the FCA. He has recently taken on Head of Compliance, Money Laundering Reporting Officer and Head of Client Money Client Assets positions for a Portfolio Management firm and an emerging Peer to Peer platform.
Who Should Attend
The course is suitable for investment management companies, banks and firms providing supporting services and in particular professionals from the following departments:
- Compliance
- Audit
- Operations
- Product Development
- Risk Management
- Accounts and Finance
- Legal
- Client Services
- IT
