Tag Archives: CASS

FCA Regulation round – up for August

This month’s edition of Regulation round-up discusses: the consultation to extend SM&CR to all financial services firms; the Threshold Conditions Team taking enforcement action and cancelling the authorisations of 207 firms; FCA’s agenda and priorities for consumer credit; contingency planning for firms that do not have their MIFID II permissions in place by 3 January […]

FCA consults on CASS change for unbreakable deposits

FCA is consulting on a change to CASS to help firms that are having difficulty placing deposits with banks because of a combination of a current CASS rule that prevents firms placing client money in bank accounts with unbreakable terms of longer than 30 days, while the banks say the cost of liquidity requirements associated […]

FCA publishes new rules – CASS 7A & the special administration Regime Review Policy Statement (PS17/18)

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 […]

FCA makes new rules

At FCA’s July Board meeting it made several new rulebook instruments. Key changes are: to make minor changes to approved persons application forms with effect from 12 September; to set the fees payable to the PSR from 21 July; to amend COBS in respect of pension projections from 24 July so firms can prepare risk […]

FCA publishes Regulation Round-up

FCA’s latest “Regulation Round up” focuses on: some big issues FCA plans to address in 2017, such as the progress of the FAMR, the extension of the SMR and the closure of lending reviews; the interim report on the Asset Management Market Study, reminding that the consultation period for responding on the remedies FCA proposed […]

FCA consults further on CASS 7A changes

FCA is consulting on changes to CASS chapter 7A and, in particular, on proposed changes affecting the return of client assets.  The consultation follows Treasury’s proposals on changes to the Special Administration Regime for investment firms. Among the key proposed changes are: amendments to allow certain transfers of the client money pool (CMP) not permitted […]

FCA fines Aviva for client money failings

FCA has fined Aviva Pension Trustees UK Limited and Aviva Wrap UK Limited £8,246,800 for failings in oversight of outsourced service providers for client assets. It found that Aviva had not put appropriate controls in place over its third party administrators and, as a result, had not been able properly to challenge the providers’ controls, […]