Wragge Lawrence Graham & Co

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The Financial Conduct Authority’s overhaul of client assets regime

By Dianne Bell

Around 1,500 firms regulated by the Financial Conduct Authority (FCA) (collectively holding more than £10tn of custody assets and more than £100bn of client money) are subject to the client assets regime and must now get to grips with substantial changes coming into effect under the FCA’s Client Assets rules (CASS).

Last week, the FCA released its long-awaited final policy and rules, namely PS 14/9 Review of the Client Assets Regime for Investment Business (PS14/9). Its provisions come into effect in stages from next month and through to June 2015.

This review considered a complete overhaul of the FCA’s rules on client money and client assets in order to arrive at a package of changes that would achieve three outcomes: faster return of money and assets to clients; lower shortfalls of client money and client assets returned to clients; and greater market stability in event of firm failure…

Click on the link below to read the rest of the Wragge Lawrence Graham & Co briefing.

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