This policy statement makes changes to the rules in Client Assets sourcebook (CASS).
In our consultation paper CP13/5: Review of the client assets regime for investment business we proposed changes to the rules in CASS to address specific risks, to clarify the requirements firms must comply with and to enhance our client assets regime to achieve better results for consumers and increase confidence in financial markets.
This policy statement summarises the feedback we received to the consultation paper, provides our response and sets out our final rules.
This policy statement affects all firms that are subject to CASS because they conduct investment business and hold client money, custody assets, collateral and/or mandates in relation to that investment business (or rely on an exemption contained within CASS). This includes loan-based crowdfunding firms who recently became subject to the client money rules in CASS 7 through the changes published in PS14/4.
This policy statement will also be of interest to:
All investment firms to which the CASS sourcebook applies should review the instrument set out in Appendix 1 in detail and establish how the changes we are making will affect their business. If these changes affect your firm, you will need to comply with the new rules by the dates set out in Chapter 2 in Table 1.
Copyright © 2016 FCA. All Rights Reserved.