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The FCA’s CASS (‘Client Assets Sourcebook’) rules have been created to ensure that client assets are safeguarded in the event of an investment firm’s failure. If a firm holds or controls their clients’ money or their assets, they must follow the CASS rules. Client money must be kept separate from the firm’s own money in segregated client money bank accounts and custody assets registered appropriately.

The importance of safeguarding client assets is clearly stated in FCA Principle 10 Clients’ Assets – ‘A firm must arrange adequate protection for clients’ assets when it is responsible for them’.

The PIMFA CASS Working Group was formed in 2023, in response to requests from members for a forum to explore the interpretation and application of the CASS rules, to share relevant information and experiences, to identify common breaches and look at solutions, and to hear and learn from CASS auditors on the outcomes of their recent audits.

If you are interested in joining this group, please contact Kevin Sloane.

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