Client assets

The Client Assets Sourcebook (CASS) is the section of the FCA Handbook containing the requirements relating to holding client assets and client money. There have been substantial changes in this area as set out in the FCA’s Policy Statement 14/9 and the proposals outlined in HM Treasury’s SAR review (Bloxham report).

The FCA’s Business Plan 2015/16 highlights that further changes in this area are on the agenda; this includes further proposals on client money distribution rules.

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FCA: PS14/9 (with final rules) published - relates to all firms that are subject to CASS because they conduct investment business and hold client money, custody assets, collateral and or mandates in relation to that investment business. This includes loan-based crowdfunding firms who became subject to client money rules in CASS 7 by the changes published in PS14/4. CASS rules changes following PS14/9 came into force in three phases: 1 July 2014, 1 December 2014 and 1 June 2015. Firms could choose to begin complying with any of the requirements introduced by PS14/9 before the relevant requirement came into force. FCA Business Plan 2016/17 notes client assets is part of ongoing work. Moreover, in March 2016, HM Treasury and the FCA have lauched consultations relating to the Bloxham report and SAR.

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