In the FCA’s consultation paper CP17/2: CASS 7A & the Special Administration Regime Review (SAR), it proposed changes to CASS in relation to an investment firm failure and its interaction with the SAR. Collectively, these proposals aim to speed up the distribution of client assets, improve consumer outcomes and reduce the market impact of an investment firm failure
This Policy Statement is relevant to all regulated firms that hold custody assets and/or client money
in relation to investment business and in particular:
• their clients
• their banks and custodians
• market infrastructure firms, including central counterparties, exchanges and
other intermediaries with whom a firm may place client assets, and
• insolvency practitioners and their advisers
The rules set out in Appendix 1 will come into force on 26 July 2017 and investment firms to which CASS applies will need to comply with them from that date in the event of failure or other pooling events.
