Client assets (CASS) - Financial Conduct Authority

Client assets

Published: 11/04/2013
The client asset specialist unit was specifically created to provide confidence in the UK regulatory regime’s ability to deliver adequate protection of client money and safe custody assets (client assets); a critical component for a successful financial services industry.

The FCA relies greatly on the quality of the protections afforded by the client assets regime because they help to ensure that clients’ assets and money are safe in the event of firms failing and exiting the market. Weaknesses in firms’ client asset systems and controls can cause serious financial detriment to customers and counterparties, as well as reputational damage to the FCA and UK markets.

The Client Asset Unit’s mission is to help minimise the risk of financial loss from control failings and mitigate the damaging effects of such potential failures on consumers, firms and the FCA.

Key objectives

Our Client Asset Unit has the following key objectives:

  • Improve client asset risk identification, assessment and mitigation;
  • Increase firm compliance with the Client Asset Sourcebook (CASS);
  • Enhance our ability to react promptly to firm failure.

Desirable regulatory outcomes

  • Clients to be confident that their assets are being held by firms with robust client asset controls as well as strong risk management;
  • Clients to be assured that their client assets are safe and will be returned within a reasonable timeframe in the event of firm failure; and
  • The UK market to be regarded as a safe place to conduct business and encourage market entrants

Contact us

If you have any client money and assets enquiries, please send any queries to CASSGeneral@fca.org.uk

 

Contact us

If you have any client money and assets enquiries, please email us at cass.queries@fca.org.uk