Compound Growth Ltd 2016 -
Both medium and large firms that fall under the Client Assets sourcebook (CASS) have to undertake a Client Money and Assets Return – also known as a CMAR – each month through the FCA’s GABRIEL reporting system.
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The FCA’s GABRIEL reporting system collects, validates and stores regulatory data and the CMAR report provides the regulator – the FCA -
Reporting firms will receive emailed reminders for the CMAR GABRIEL reporting dates both eight and three days before submissions deadlines..
And, the CMAR data is not only important to the regulator, but to the Board of those firms that must report.
For the firm, the data included within the Client Money and Assets Return will provide the Board with information so that they may understand their own CASS position better and it will also be of interest to those responsible for holding the controlled CASS oversight operation function (CF10a).
It should be noted that it is the responsibility of a firm’s CF10a to ensure the CMAR form is completed both fully and accurately and submitted by the FCA’s monthly submission deadline.
Firms that have to submit a CMAR must do so within 15 business days of the end date of the reporting period.
In addition, firms must only enter data from the reporting period end date – this being the first day of the next calendar month. So for example, firms needing to submit a June CMAR return can only enter data from the 1st July up until the submission deadline.
Those firms that only hold client money for general insurance mediation activity (i.e. those for whom CASS 5 applies) will not have to undertake this particular return and will instead need to complete section C or a Retail Mediation Activities Return or the FSA039 return -
Related Reading: See also >> CMAR Questions
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 email@example.com.