SOLD OUT: Client Assets Conference

An essential conference on embedding an effective CASS regime, in association with Workiva

The fundamental purpose of the UK’s CASS rules is to protect client assets in the event of a firm’s failure and subsequent insolvency. However, CASS and insolvency rules are based on legal entities, and this creates serious challenges for financial institutions that often arrange their businesses along product or service lines.

The aim of the BBA’s Client Assets Conference is to discuss some of today’s CASS challenges. Attendees at this event will hear from a variety of speakers across the industry and have the opportunity to raise questions, challenge assumptions and share ideas with peers.

This conference is aimed at those senior managers and technical experts within banking firms who face increasing regulatory pressure as well as competition from FinTech companies and need to satisfy customers’ expectations while ensuring that their firms remain financially viable.

Speakers include:

  • Richard Andrews, CASS Partner, KPMG
  • Dennis Cheng, Director, Banking and Capital Markets Team, Deloitte
  • Alex Duff, EMEA Securities Services Team Director for Client Asset Protection, Citibank NA
  • Constantine Kokolis, Senior Manager of Strategic Customer Initiatives, Workiva
  • Elaine Rogers, Senior Vice President, Head of Client Assets, Northern Trust
  • Piyali Williams, Head of Liabilities, Santander

Topics on the agenda include:

  • How CASS audits have changed
  • Key CASS challenges for firms in 2017
  • Working towards implementation

09:00 Registration
09:25 Opening remarks

Sam Mannion, Policy Advisor, BBA

09:30 Auditor Panel: How CASS audits have changed
  • Impact of FRC requirements
  • Rule and control mapping – CASS breaches versus CASS control gap
  • How auditors keep up to date in relation to client assets

Moderator: Susan Wright, Director, Technical & Training, EMEA Client Asset Oversight Office, Citi
Richard Andrews,
CASS Partner, KPMG
Dennis Cheng
, Director, Banking and Capital Markets Team, Deloitte
Ben Higgin,
Partner, PWC
Mduduzi Mswabuki, Partner, EY

10:15 Industry Panel: Key CASS challenges for firms in 2017
  • How can firms provide evidence of adequate risk controls?
  • Managing oversight of CASS in a global operation, including outsourced or offshore operations
  • Have firms’ risk appetite for CASS changed?

Moderator: Susan Wright, Director, Technical & Training, EMEA Client Asset Oversight Office, Citi
Alex Duff,
EMEA Securities Services Team Director for Client Asset Protection, Citibank NA
Elaine Rogers, Senior Vice President, Head of Client Assets, Northern Trust
Tracey Sampson, Vice President, GS UK Custody Compliance Manager, State Street Bank and Trust Company
Piyali Williams, Head of Liabilities, Santander

11:00 Refreshments break
11:30 Presentation: Optimise your CASSRP documentation processes

Constantine Kokolis, Director of Strategic Customer Initiatives, Workiva

12:00 MiFID II Panel: Working towards implementation
  • Key MiFID changes for client assets
  • Additional reporting requirements
  • Hints and tips

Moderator: Susan Wright, Director, Technical & Training, EMEA Client Asset Oversight Office, Citi
Mike Browning,
CEO, Browning Treasury
Austin Copp,
Global Head of Client Money and Assets Compliance, HSBC
Charlotte Hill
, Partner, Covington & Burling LLP
Richard Wilding, Head of Collateral and Risk, Deputy Head of Business Development, Eurex Clearing

12:45 Closing remarks

Sam Mannion, Policy Advisor, BBA

12:50 Close of conference and lunch

Richard Andrews

CASS Partner, KPMG

 

  • Richard has over 19 years of regulatory and accounting advisory and audit experience with KPMG.  He leads the banking regulatory team within FS Assurance services (“FSAS”) providing regulatory advisory services to retail and investment banking clients focused on  providing regulatory advice in relation to capital, liquidity, client asset and regulatory reporting.
  • Richard is one of KPMG’s CASS partners and leads the FS Audit team of technical CASS specialists, providing technical support, developing audit tools and training to support KPMG’s role as a CASS auditor. He is a member of KPMG’s technical panel, which considers the most difficult technical issues.
  • Richard chairs the ICAEW’s CASS Working Party which has involved working closely with both the Financial Conduct Authority (‘FCA’) and Financial Reporting Council (‘FRC’) in considering both technical CASS issues and challenges in implementing the new CASS Assurance Standard for the profession.
  • Richard supported a number of firms with their PS14/9 implementations, worked and is working with a number of clients as they prepare to be audited under the new CASS Assurance standard requirements. He has advised several clients on compliance with CASS including a number of end-to-end CASS compliance reviews and has significant experience in s166 engagements in relation to CASS.
  • Richard has also led a number of projects to advise clients on capital and liquidity reporting and conduct end to end reviews over the regulatory reporting process including significant reviews of RWA reporting and Leverage for major banks for the regulator.
  • Richard was appointed a Specialist Advisor to the House of Commons, Treasury Select Committee in July 2011 to May 2015. He served as an embedded advisor to the Committee from September 2011 to February 2012.
  • Richard is a member of the ICAEW Risk and Regulation Committee and has contributed to working parties emerging regulatory and accounting issues including numerous CASS working parties and round-tables since 2010. He regularly contributes as a conference speaker on these areas

Mike Browning

CEO, Browning Treasury

 

Mike Browning, the founder of Browning Treasury, provides bespoke consultancy, training and project management, across a wide range of global regulations and operations. Browning Treasury’s objective is to assist with embedding compliance into process and people to support its diverse network of financial services’ clients across banking, asset management, wealth management, fund hosting, platforms, treasury products and life insurance. Mike has been at the forefront of fulfilling this objective by developing compliant systems, controls, organisational structure, risk management, training and culture.

 

Mike has been responsible for client money and client assets for twenty five years, on boards and in consultancy. He developed and presented the client money and client assets’ training course at the Chartered Institute for Securities & Investment (CISI) in 2013 and thereafter tailored and presented the course for the Investment Association (IA) from 2014 onwards with Susan Wright. He has also developed and presented the Systems & Controls training course for the IA with his colleague Andrew McCrindle.

 

Mike was co-opted onto FSA MiFID and FCA client money working groups and is an enthusiastic educationalist, writing and reviewing lots of CPD material for the CISI for its diploma qualifications and professional refresher modules.

Dennis Cheng

Director, Banking and Capital Markets Team, Deloitte

 

Dennis is a Director in Deloitte’s Banking and Capital Markets team in London. He has over ten years’ experience advising clients in the banking, capital markets and investment management industry on the UK Financial Conduct Authority CASS rules. In that time, he has provided CASS audit, assurance and advisory services to a wide range of businesses such as custody banks, prime brokers, broker-dealers, wealth and private banking, registrars, third party administrators, corporate trust and depositories, securities financing and listed derivatives houses. Most recently he provided advice on implementing CASS risk and control framework under the FRC’s Client Assets Assurance Standard. Dennis also acts as Deloitte’s CASS technical specialist where he carries out engagement quality review for CASS audit engagements at a number of CASS Large and CASS Medium firms.

Austin Copp

Global Head of Client Money and Assets Compliance, HSBC

 

Austin Copp is Global Head of Client Money and Assets Compliance at HSBC having 20 years’ experience in regulation, both as supervisor and supervised. As Senior Associate at FCA, Austin worked for 3 years in the then newly formed CASS unit before leaving to head up Logistic Compliance at RBS. Prior to this he held senior positions as CF1, 10 and 11 at Close Brothers as well as time JP Morgan Private Bank and James Capel Investment Management. Austin is a chartered member of the CISI and an Industry Specialist for CASS on the examination panel for the Investment Operations Certificate in Client Money and Assets.

Alex Duff

EMEA Securities Services Team Director for Client Asset Protection, Citibank NA

 

Alex Duff works at Citi London, as the EMEA Securities Services team Director for Client Asset Protection reporting into the EMEA Head of Securities Services. Alex has over 20 years of Financial Services experience, over the last six years Alex has focused her career on European based Client Asset regulations including CASS, CAP and IMR. Alex’s strength is her ability to compliment her rules based knowledge with the practical application of these rules into the operational processes. Her abilities cover the first and second line of defence to ensure CASS compliance, CASS risk mitigation through the development of a CASS control framework, while providing first line bespoke CASS Training and direction on Client Asset oversight requirements and governance.

Ben Higgin

Partner, PwC

 

Ben is a Partner in our Banking and Capital Markets Regulatory practice leading our CASS team where he is responsible for delivering a number of audits as well as regulatory advice to a number of large clients.  He serves on our CASS and Prudential Technical Panels.

  • Ben has been in audit and consulting for 20 years, focussing mainly on financial services and multiple aspects of regulation (e.g. CASS matters, prudential matters and recovery and resolution);
  • Ben has led a number of CASS engagements including CASS audits, CASS remediation programmes and CASS resolution plan assignments;
  • Ben returned from a three year secondment in Hong Kong in May 2010 where he ran transaction based integration projects relating to financial services clients as well as running a large audit.  Prior to going to Hong Kong Ben specialised in financial instruments in our technical accounting department and also did a 15 month secondment to the Department of Trade and Industry as their Accountancy Advisor.

Charlotte Hill

Partner, Covington & Burling LLP

 

Charlotte Hill is a financial services and regulation partner in the London office. She specialises in advising financial institutions on regulatory and commercial matters.

 

Charlotte has had considerable industry experience during her career, having worked in the enforcement division of the regulator and subsequently, was General Counsel at Threadneedle Investments. This industry experience is invaluable in providing clients with truly commercially focused advice. Her clients range from very large, multi-national conglomerates to specialist boutiques.

 

Charlotte is recognised as a Leading Individual by Chambers UK, who note “her in-depth knowledge of the FCA” and “professional, responsive” approach, as well as Legal 500 UK.

 

Charlotte regularly publishes articles on regulatory topics in a range of industry publications and speaks at both external conferences and seminars and in-house client training events.

Constantine Kokolis

Director of Strategic Customer Initiatives, Workiva

 

Constantine Kokolis is a thought leader and subject matter expert on the power of enterprise documentation process transformation. He’s spent the past three years consulting with some of the largest banks in the world to optimize financial and regulated risk reporting documentation processes, such as CCAR, DFAST, and resolution and recovery planning. He specializes in workflow process improvement, process design and architecture, and creating innovative solutions to complex problems. He also has extensive experience in project management and implementing process improvement strategies using LEAN and Six Sigma methodologies.

Sam Mannion

Policy Advisor, BBA

 

Sam joined the BBA in June 2015 as a Policy Advisor for Capital Markets and Infrastructure. He supports the work of the Policy Directors on issues including capital markets policy, settlement, Capital Markets Union, post-trade policy, MiFID implementation and transaction reporting.

 

Prior to joining the BBA, Sam worked in Parliament as a researcher and advisor to various MPs, focusing particularly on defence policy, public health and sport campaigns, Treasury matters, and changes to pensions and benefits. He also edited and authored various publications – including a paper on suicide prevention policy which was adopted by the Department of Health. Sam holds a BA in History from the University of Sheffield.

Mduduzi Mswabuki

Partner, EY

 

Mduduzi is a partner at EY. He has 15years financial services experience in London and leads the Banking and Capital Markets CASS team. His CASS experience includes audits, advisory projects and delivering skilled persons reviews across broker dealers, custodians and investment banking institutions.

Elaine Rogers

Senior Vice President, Head of Client Assets, Northern Trust

 

Elaine is currently the Head of Client Assets at Northern Trust. She has responsibility for maintaining oversight and governance of Northern Trust’s systems and controls for the protection of client assets. Elaine and her team work across business units and departments globally to enhance current systems and controls, and implement new systems and controls to ensure Northern Trust’s continual compliance with the UK client asset regulations, and changing regulatory requirements and expectations. Elaine is responsible for providing regular updates to senior management and internal governance bodies, as well as being accountable for advising the Financial Conduct Authority and other external parties, including major global clients, on how Northern Trust provides client asset protection.

 

Before joining Norther Trust, Elaine spent over 14 years gaining audit and regulatory assurance experience with one of the Big 4 audit and advisory firms. She specialised in Banking Regulatory advice and her main clients were in the broker dealer, investment banking, funds and asset management industries. She has led and managed teams of Banking Regulatory professionals in providing regulatory assurance advisory services these clients, including addressing the implementation of new regulatory regimes.

Tracey Sampson

Vice President, GS UK Custody Compliance Manager, State Street Bank and Trust Company

 

Tracey spent over 13 years as a Supervisor for the UK Regulator specialising on client money and assets protection and has over 30 years Financial Services experience. While at the UK Regulator Tracey co-wrote the Guide to Client Money for General Insurance Intermediaries and when the FSA formed the new CASS Unit was one of the founding key members of the team.  During her time with the CASS Unit Tracey carried out CASS inspections and thematic visits on a wide range of regulated firms, including investment, custody and insurance firms and implemented the regulators in-house CASS Unit training plan, which included a CASS Training module later incorporated into the FSA New Supervisors Training Program.  Since leaving the FSA Tracey has held senior roles covering CASS Compliance and CASS Oversight with a number of large custodians and is currently the UK Custody Compliance Manager at State Street Bank & Trust where she is responsible for the Compliance Oversight Plan for the UK Custody business. Tracey is also an Industry CASS Specialist and sits on the examination question panel for the Chartered Institute for Securities & Investment (CISI) client money and assets training module.

Richard Wilding

Head of Collateral and Risk, Deputy Head of Business Development, Eurex Clearing

 

Richard Wilding is Head of Collateral & Risk at Eurex Clearing, responsible for access policy, client asset protection, collateral and risk management. Richard has experience on the buy and sell sides, regulatory bodies and at Eurex Clearing. Having a broad range of experience Richard represents the clearing house on a number of industry bodies and regularly speaks at conferences.

 

He was previously the Client Assets Director within the Legal & Compliance function of BlackRock, and has previously worked for Eurex Clearing contributing to the Derivatives area of the clearing house. In particular, he was responsible for developing client segregation solutions and supporting new OTC services, focussing mainly on legal and regulatory issues as well as client consultation and industry initiatives.

 

Richard also worked for the FSA’s Client Asset Unit for a number of years. During that time Richard led a number of firm specific and thematic reviews focussing principally on prime brokerage firms, but also developing expertise across stock brokers, custodians, asset managers and general insurance intermediaries. Richard led a number of FSA policy consultations, including a CP to strengthen and enhance the CASS regime following the financial crisis and the insolvency of Lehman Brothers. In addition to domestic policy reform, Richard has worked for both the Committee of European Securities Regulators and the International Organisation of Securities Commissions on a number of matters.

Piyali Williams

Head of Liabilities, Santander

 

Piyali Williams has spent the last 20 years in financial services, specialising within the Commercial/Corporate segment, with particular focus on liquidity management. She currently works at Santander as Head of Liabilities. She has previously worked at Barclays and HSBC, taking on roles in e-channels, liquidity and change management, delivering on product development and strategic programmes.

 

Her latter role had particular focus on understanding the implications of the regulatory landscape impacting Liquidity and working with Treasury to shape the optimum balance sheet whilst achieving key financial drivers. She has led on key change programmes as the lead business interface in defining key requirements and delivering a pan European end of day sweeping proposition. Piyali also built and delivered the Professionals sector at HSBC, defining and building tailored propositions and solutions for the client base.

Susan Wright

Director, Technical & Training, EMEA Client Asset Oversight Office, Citi

 

Susan Wright is the Director, responsible for Technical & Training, in the EMEA Client Asset Oversight Office at Citi.  Following a career in the public sector Susan moved to asset management to become Head of Regulatory Management at a leading firm.  This was followed by seven years at the Investment Association as a Regulatory & Compliance Specialist.  Susan is a Chartered Member of the CISI, where she acts as an external specialist; she also engages with the BBA and is currently Chair of the BBA Client Asset Committee.

Headline partner:

Workiva (NYSE:WK) delivers Wdesk, an intuitive cloud platform that modernises how people work within thousands of organisations, including over 70% of the 500 largest U.S. corporations by total revenue. Wdesk is built upon a data management engine, offering controlled collaboration, data integration, granular permissions and a full audit trail. Wdesk helps mitigate risk, improves productivity and gives users confidence in their data-driven decisions. For more information, visit workiva.co.uk.