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What is the Dormant Assets Scheme (DAS)? The Dormant Assets Scheme (DAS) allows financial institutions to transfer unclaimed assets to Reclaim Fund Limited (RFL), a government-overseen entity. Expanded by the Dormant Assets Act 2022, DAS now includes various financial products, requiring firms with CASS permissions to accurately reconcile, manage, and attempt to return dormant assets before transferring them to the RFL. 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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