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The New CASS Resolution Pack CP24/20 sets out comprehensive safeguarding rules for Payment and E-Money firms. Our latest article discusses resolution packs and describes how Grath’s GRC solution supports compliance of these CASS chapters through document aggregation, continuous review and updates to ensure accuracy at all times. Read more to stay ahead of these regulatory changes. The New CASS Chapter 15: Enhanced Safeguarding Rules and Notification Requirements for Payment Firms The FCA’s new Chapter 15 introduces enhanced safeguarding rules and stricter notification requirements for payment firms. This article outlines key obligations, including breach notifications, reconciliation discrepancies, and new escalation management processes to ensure compliance and consumer protection. FCA Introduces Stricter Due Diligence Rules SUP 3A: Extending the CASS Style Audit Approach to Payment & E-Money Firms The FCA's CP24/20 introduces stricter safeguarding rules for Payment and E-Money firms, extending the CASS Audit framework's approach to control effectiveness and substantive testing. Firms must enhance their risk management and control systems to ensure compliance, as rigorous audits will assess the effectiveness of these safeguards.
Product Update | GRC What’s New at Grath | Governance, Risk & Compliance At Grath, we continuously strive to evolve and enhance our platform based on your feedback. We are pleased to introduce the latest updates to the GRC module, designed to streamline your processes, improve data integrity, and enhance your overall experience.
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CASS6 CASS 6 Challenges – Getting Your Custody Reconciliations Right Chapter 6 of the Client Asset Sourcebook (CASS) mandates that firms accurately and completely hold and reconcile client assets, ensuring internal records match actual holdings to protect clients and meet regulatory requirements. Although CASS 7 has more detailed rules on client money, the fundamental controls like segregation, record accuracy, maintenance, and reconciliation are consistent across both chapters. CASS and Safeguarding: 10 Key Considerations When Transitioning from Spreadsheets to Automated Solutions CASS and Safeguarding: 10 Key Considerations When Transitioning from Spreadsheets to Automated Solutions The article discusses the challenges firms face in transitioning from spreadsheet-based to automated systems for CASS (Client Assets Sourcebook) and Safeguarding reconciliations, which are crucial for compliance audits. As firms enhance their governance and operational models for client assets and customer funds, system and process automation becomes essential. This migration is complex due to the critical nature of reconciliations and the stringent notification requirements from the FCA in case of failures. Successful migration requires careful management and alignment among stakeholders to ensure accuracy and reliability. With all of that, here are 10 key considerations when transitioning from spreadsheets to automated solutions that you should keep in mind.

CASS 7 reconciliations – Common fallacies and rule misconceptions CASS 7 reconciliations – Common fallacies and rule misconceptions Navigating the intricacies of CASS 7 reconciliations involves understanding common fallacies and rule misconceptions. Holding client money isn't a regulated activity per se but requires FCA permission. Firms must adhere to strict rules to protect client money, ensuring accurate reconciliations and compliance with FCA regulations. This article delves into defining approaches, prudent segregation, interest allocation, post-insolvency activities, reconciliation frequency, and audit trails, providing insights into managing CASS 7 obligations effectively.
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