Compound Growth Ltd 2016 -
We use cookies, if you consent to this use, please continue to browse our site.
Client Money Support & Compliance Assistance
Compound Growth can assist firms of all sizes to ensure they have the necessary procedures in place to remain compliant with the regulator’s rules pertaining to client money and client assets as set out in the CASS Sourcebook.
In particular we can support your firm in establishing suitable accounting systems as well as developing client money policies in line with industry best practice and the FCA’s guidance.
If you would like to discuss client money or client assets further, please feel free to contact us or email enquiries@compoundgrowth.co.uk.
Preparing for a FCA Client Money Audit
The recent overhaul of the client assets regime means that it is inevitable the Financial Conduct Authority will look to increase visits to firms to assess their compliance with CASS.
FCA visits can take place at very short notice. It could be that your firm is notified just before close of business that the FCA will be inspecting your firm the following morning, thus it is imperative that your firm has adequate systems and controls in place to protect client money and that these are continually monitored and reviewed.
Firms should always be ready for an immediate FCA Client Money Audit.
Not only should your firm undertake a client assets review or Client Money Health Check as part of your firm’s ongoing Compliance Monitoring Programme, but a key part of the client assets regime is the requirement to create and maintain a Client Money and Assets Resolution Pack also known as CASS RP.
As the recent £176 Million regulatory fine received by Bank of New York Mellon for client money failings showed, not having the correct client money controls in place can prove to be extremely costly.
Client Money Key Questions:
Have you reviewed your Client Money systems and controls?
Completing a Client Money Health Check can help firms identify areas of weakness within their business. Your CASS RP must also be up-
What is a Client Money Healthcheck?
The following article on Completing a Client Money Healthcheck helps to provide some basic questions you should ask about your business.
Who can help?
If you need help preparing or reviewing your Client Assets Resolution Pack or in undertaking a Client Money Health Check, the compliance Specialists at Compound Growth can help.
FCA Client Money Audits…
Are you ready?
Further Client Money Reading:
Client Money & UK Bank Ring-Fencing Legislation
The UK’s biggest Banks must comply with all aspects of the ring-