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CLIENT MONEY
CASS FIRM TYPES:
CASS Firm Types: CASS Large Firms vs CASS Medium Firms
Section 1A.2 of the Client Assets Sourcebook (CASS) provides details of the different types of CASS Firm and the how they are classified.
What is a CASS Large Firm?
A CASS Large Firm is classified so if the firm’s highest total amount of client money is or was more than £1 billion either:
- held during the firm’s last calendar year; or
- it is projected that the firm will hold more in the current calendar
In addition, a firm will be classified as a CASS Large Firm if the holder a total value of client assets (safe custody assets) is more than £100 billion either:
- held during the firm’s last calendar year; or
- it is projected that the firm will hold more in the current calendar
What is a CASS Medium Firm?
A CASS Medium Firm is classified so if the firm’s highest total amount of client money is or was an amount between £1 million and £1 billion:
- held during the firm’s last calendar year; or
- it is projected that the firm will hold more in the current calendar
In addition, a firm will be classified as a CASS Medium Firm if the holder a total value of client assets (safe custody assets) is an amount between £1 million and £1 billion:
- held during the firm’s last calendar year; or
- it is projected that the firm will hold more in the current calendar
What is a CASS Small Firm?
CASS Small Firms are those that have held less than £1 million in client money during the firm’s last calendar year, or projected to hold less than that during the current year.
With regards to the levels of client assets (safe custody assets) held by CASS Small Firms, this would be less than £10 million – again during the firm’s previous calendar year or projected to hold during the current year.
Table showing CASS firm types
(Source: FCA Client Assets Sourcebook CASS 1.A.2.7)
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.
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CASS firm type
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Highest total amount of client money held during the firm’s last calendar year or as the case may be that it projects that it will hold during the current calendar year
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Highest total value of safe custody assets held by the firm during the firm's last calendar year or as the case may be that it projects that it will hold during the current calendar year
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CASS Large Firm
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more than £1 billion
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more than £100 billion
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CASS Medium Firm
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an amount equal to or greater than £1 million and less than or equal to £1 billion
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an amount equal to or greater than £10 million and less than or equal to £100 billion
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CASS Small Firm
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less than £1 million
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less than £10 million
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