Under CASS rules, firms must implement the systems and controls required to meet obligations and maintain accurate records and accounts. This is particularly important in relation to safe custody assets held for clients.
And recently, the regulator’s expectations for record-keeping and retention have become even greater. This is to ensure that controls are in place and operating effectively, so clients are protected.
The FCA’s continued focus on client protection highlights the need for robust, automated financial control regimes.
Comply with CASS 6 custody rules
To comply with CASS 6, FCA-regulated firms must: maintain client-specific custody asset records, undertake an internal custody check at least once a month, and carry out an external custody reconciliation at least monthly – or daily where client assets are held electronically with a central securities depository.
To help firms comply with CASS safe custody asset segregation and protection requirements, we’ve put together a whitepaper on the fundamentals of reconciliations and reporting – and how automating processes can reduce ‘noise’ to maintain clean records.
In this paper, we explore the following:
- Common issues that arise with custody asset reconciliations and reporting
- An overview of the asset reconciliation and reporting process
- How CASS 6 regulations for custody assets can be met by automating manual reconciliations and reporting processes – while saving your firm time, money, and resources
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