Zsuzsanna Schiff reports on the Financial Services Faculty’s CASS seminar, outlining the key points of discussion.
The ICAEW Financial Services Faculty held a client asset (CASS) seminar that was designed to provide specific and practical information to professionals in the industry. It was chaired by Amarjit Singh of EY, member of both the ICAEW Investment Management Committee and CASS working party.
The seminar opened with a keynote speech by Jane Moore, head of CASS policy at the Financial Conduct Authority (FCA). She pointedly reminded the audience of the need for firms to adhere to Principle 10 of the FCA’s principles of business – to ensure adequate protection for the £111bn of client money and £12tn custody assets that are reported to the FCA. The supervisor’s particular focus this year will be the riskiest areas: trust letters, reconciliations and oversight over third-party agents.