Board Oversight for Client Money and Assets (CASS)

In October 2016, the Financial Conduct Authority (FCA) fined an insurer £8,246,800 for failings in its oversight of its outsourced providers in relation to the protection of client assets.

Mark Steward, Director of Enforcement and Market Oversight at the FCA said ‘Other firms with similar outsourcing arrangements should take this as a warning that there is no excuse for not having robust controls and oversight systems in place to ensure their processes comply with our rules when CASS functions are outsourced’.

With the FCA ever more pressing on firms over their handling of client money and custody assets, senior managers of regulated firms have to be fully on top of the obligations applicable to them.

This three hour briefing is aimed at the Senior Leadership team for Client Money and Assets. The briefing is delivered by a recognise authority on CASS, will provide you with an overview of CASS, and an understanding of the FCA’s approach to supervising firms’ compliance with CASS and importantly how they impact on your firm.

By attending this session you will:

  • Understand the Regulatory Approach to the Protection of Client Money and Assets in the UK.
  • Illustrate the practical implications of your firm’s CASS Responsibilities including identification, segregation, maintaining records and controls and performing reconciliations.
  • Identify the key risks to stakeholder management across the firm
  • Grasp the implications of CASS due to regulatory change including the Markets in Financial Services Directive (MiFID II) and the new Financial Reporting Council Assurance Standard.

 

Who will benefit

This session will benefit individuals in all firms who are involved in, or responsible for, the safe custody of Assets and holding Client Money. Notably anyone who is likely to be affected by the MiFID Client Money and Assets Regime, including the CF10a, senior management, legal, compliance and those employees.

Session I:  The Client Money & Asset Story So far…….

  • Re-Cap on the application of Client Money and Asset Regime to the Financial Services Industry in the United Kingdom and the European Union.
  • Explain the Regulatory concerns regarding client money and assets (Client Assets).
  • Clarify the Financial Conduct Authority’s (FCA) Approach to the oversight of CASS protections.

 

Session II:  Practical CASS

  • An assessment of the practical implications of your firm’s CASS Responsibilities including identification, segregation, maintaining records and controls and performing reconciliations.
  • Illustrate real world examples of CASS enforcement action.
  • Clarify what a CASS breach is and describe the outcomes based approach to ensuring the protection of CASS

 

Session III:  Governance & Management Oversight

  • State the Regulatory Principles and risks related to governance oversight and management.
  • Identification of the roles and responsibilities of the CF10a and the introduction of the Conduct Certification Regime
  • Discuss how to address operational risks arising including due diligence when outsourcing to third parties.
  • Summarise the requirements for the CASS Resolution Pack, The Client Money and Asset Return, and a firm’s responsibility for reporting to clients.
  • State the new regulatory requirements for the FRC’s Client Asset Assurance Standrd.
  • Explore successful management information its value as a tool to measure conduct of business compliance.

Registration: 13:30
Start: 14:00
Close: 17:00

*Please note that the programme sequence and/or subject matter may differ from what is presented herein; the programme is constantly being updated to embrace new ideas and developments – as they evolve.

This workshop uses a combination of trainer input and knowledge sharing with interactive syndicate work and case studies. Group size is kept to a maximum of 16 to facilitate delegates sharing experiences.

Approach to training

This session uses a combination of trainer input, knowledge sharing with interactive syndicate work and case studies. Group size is kept to a maximum of 16 to facilitate sharing of experience amongst the delegates.

Viv Bannigan

BBA Approved trainer Viv Bannigan has had a seat on all sides of the table as a regulator, a consultant, an Operations Compliance Director and most recently being the BBA’s lead policy director members response to MiFID II.

Take this workshop in-house

If you have five or more delegates who wish to attend this course, it may be more cost effective to run it in-company. To find out more about in-company training, please contact Philip Allen Director of Learning on 0207 216 8843 or philip.allen@bba.org.uk