The Financial Conduct Authority (FCA) places a significant emphasis on the protection of client assets.
In the recent FCA letter to Insurance Intermediaries setting out the FCA’s supervisory strategy they stated, ‘Safeguarding client money is a fundamental requirement and requires SMF Oversight’.
Under the Senior Managers and Certification Regime (SM&CR) responsibility for the firm’s compliance with CASS is a Prescribed Responsibility further demonstrating how important accountability for and, compliance with CASS is.
Despite the continued focus on the importance of safeguarding client money, the FCA have identified that a substantial number of firms have . . .
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