Compound Growth Ltd 2016 -
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CLIENT MONEY CORE PRINCIPLES
Client Money: Core Principles
With respect to client money under the CASS Requirements, there are some core principles that your firm should consider, these are:
- Identification: Have you identified where client money may arise in your business?
- Segregation: Do you adequately segregate client money when it arises?
- Reconciliation: Do you perform both internal and external reconciliations and with appropriate frequency?
- Trust: Have you established and obtained acknowledgement of trust status over client money accounts?
When you’ve determined that parts of your business fall within the scope of the client money requirements, then the appropriate identification of where client money may arise in the firms’ business should then found the basis of the firm’s systems, processes, controls and review of client money.
If you would like help in considering these core principles in relation to your own business or require assistance with your Client Money & Assets Reporting (CMAR), then please get in touch with the friendly and helpful consultants at Compound Growth Ltd.
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.
