The Financial Conduct Authority (FCA) is stepping up efforts to ensure firms are meeting its client money rules, according to a consultant.
Bovill said the regulator is scrutinising firms' compliance with the Client Asset Sourcebook (CASS), after discovering that many issues identified by the FCA's predecessor, the Financial Services Authority (FSA), as far back as 2010 persisted today. Most financial advisory business are not authorised to hold client money, but platforms and discretionary investment managers are affected, as well as banks, building societies and insurance companies. Previously, the FSA has fined Integrated Financial Arrangements, which owns one of the UK's largest platforms, Transact, a total of £3.5m f...
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