What are the 11 FCA principles?
The FCA’s 11 principles of business
- Integrity. A firm must conduct its business with integrity.
- Skill, care and diligence.
- Management and control.
- Financial prudence.
- Market conduct.
- Customers’ interests.
- Communications with clients.
- Conflicts of interest.
What is the Cass banking exemption?
The CASS rules allow for monies credited to an account at a deposit taking institution to not be treated as Client Money.
What are the CASS rules?
The principal objective of the FCA’s CASS Rules is to keep Client Assets safe in the event of a firm’s failure. A fundamental requirement of the CASS Rules is that firms must keep client money separate from firm money in segregated client money bank accounts and register custody assets appropriately.
What does Cass stand for?
CASS
| Acronym | Definition |
|---|---|
| CASS | Computer Aided Schematic System |
| CASS | Customer Access Support System (Sprint) |
| CASS | Centralized Aircraft Support System |
| CASS | Common Air Satellite Structure |
What are the FCA conduct rules?
Conduct Rules
- Rule 1: You must act with integrity.
- Rule 2: You must act with due skill, care and diligence.
- Rule 3: You must be open and cooperative with the FCA, the PRA and other regulators.
- Rule 4: You must pay due regard to the interests of customers and treat them fairly.
What are the 3 core tenets of Cass compliance?
Our handbook gives you three key responsibilities: (i) ensuring the submission of accurate CMARs; (ii) producing CASS Resolution Packs and providing annual confirmations to your boards that these are up-to-date; and, most importantly, (iii) ensuring adequate systems and controls are in place to allow compliance with …
What is client money under CASS rules?
CASS Rules & FCA Timeline Client Money is money that a Firm holds or receives for or from a client and can be of any currency.
What is in a CASS resolution pack?
A CASS Resolution Pack is a collection of records and documentation relating to a firm’s holding of client money and safe custody assets.
Do you need to be regulated to hold client money?
You must ensure that you comply with the Money Laundering Regulations 2017. An unregulated firm will need to comply with the Regulations if, for example, they: Hold client money as part of a transaction (i.e. estate administration) Open new companies for clients.
What is Cass safeguarding?
The Children’s Advice and Support Service (CASS) provides a single point of contact for members of the public and for professionals who want to raise concerns about a child. All professionals who work with children have a responsibility to safeguard them and will know how to help.
What types of firms are covered by the conduct rules?
The Conduct Rules apply to a firm’s regulated and unregulated activities (including any related ancillary activities) and are applicable to all Senior Managers; those carrying out Certified Functions; all Non-Executive Directors and any other employee not designated ancillary staff (i.e. HR admin, catering, cleaners.
What should be included in a CASS 7 Annex 2 letter?
For example, in the space provided in the template letter in CASS 7 Annex 2 which allows a firm to include the account title and a unique identifier for each relevant account, a firm should include a statement to the following effect:
What is the purpose of Cass 7.11.57 R?
The purpose of CASS 7.11.57 R is to allow a firm to pay away to charity client money balances of (i) £25 or less for retail clients or (ii) £100 or less for other clients when those balances remain unclaimed. If a firm follows this process, the money will cease to be client money (see CASS 7.11.34 R (10).
What is Cass 7.11 treatment of client money?
If a firm wishes to cease to hold client money for a client it must comply with CASS 7.11.34 R (Discharge of fiduciary duty) or, if the balance is allocated but unclaimed client money, CASS 7.11.50 R (Allocated but unclaimed client money) or CASS 7.11.57 R (De minimis amounts of unclaimed client money).
When to stop using exemption under CASS 7.11?
If the payment or delivery by the firm to the client has not occurred by the close of business on the third business day following the date on which the firm makes use of the exemption under (1), the firm must stop using that exemption for the transaction.