In Consultation Paper ‘CP13/5: Review of the client asset regime for investment business’ here, the FCA proposed changes to the rules in CASS to address specific risks, to clarify the requirements firms must comply with and to enhance the client assets regime to achieve better results for consumers and increase confidence in financial markets.
The Policy Statement ‘PS14/9: Review of the client assets regime for investment business’ here, followed on from the consultation and summarised the feedback the FCA received, provided their response and set out final rules.
In the May 2015 issue of their Regulation Round-Up, the FCA reminded firms of the timescales for complying with the changes and, to help firms understand the changes, they published a recording of a CASS briefing held in January for CASS medium firms.
This is a useful video which you can watch here.
FCA provide guidance on SMF16/17 appointments
Richard Foster Compliance FCA, ML, PI, training
Firms should have heads of compliance and money laundering reporting officers (MLROs) who are suitably competent and capable of effectively performing the roles. It is appropriate to carefully consider how individuals can demonstrate this ahead of seeking regulatory approval. The FCA have recently issued guidance which should help firms decide if an individual candidate is […]