We are consulting on proposed changes to the Client Assets sourcebook (CASS) on depositing client money in unbreakable deposits.
Some investment firms are experiencing difficulty depositing client money at banks in accordance with CASS requirements. The proposals in this paper are intended to address the potential harm to consumers resulting from this.
We are seeking feedback on the following proposed changes to CASS:
Our proposals are intended to enhance our client assets regime and improve consumer outcomes by ensuring client money continues to be appropriately protected when it is held by firms.
This consultation principally affects or is of interest to:
Please send us your comments by 1 November 2017:
You can also:
After considering all feedback, we aim to publish a policy statement making final rules. Our current expectation is for the rules to come into force concurrent to the Handbook changes required by the Markets in Financial Instruments Directive II (MiFID II) coming into force.