FCA implements 'fundamental rethink' of client money rules

The changes to the Client Assets sourcebook (CASS) outlined in a policy statement on Tuesday will require firms to provide enhanced information for consumers about how monies are held and how they are protected. The FCA said it wants firms to improve their systems and controls around segregation, record keeping and reconciliations and set out how investment firms must address client assets risks within their business. The changes will affect about 1,500 FCA regulated firms that carry out investment business, including investment advisers, and who collectively hold over £100bn of clien...