This eLearning course provides a comprehensive introduction to the FCA's Client Assets Sourcebook (CASS), which sets out the rules and requirements for firms that hold or control client money and safe custody assets. The course is essential for anyone working in a firm that deals with client assets, as failure to comply with CASS can result in significant regulatory consequences and, more importantly, harm to clients.
The course begins by explaining the fundamental principles behind the CASS regime — why client asset protection matters and what the FCA expects of firms. It covers the different CASS classifications (CASS 4, CASS 5, CASS 6, CASS 7 and CASS 8), helping learners understand which rules apply to their firm's activities. Key concepts including client money segregation, the designation of client bank accounts, and the rules around custody assets are explained clearly.
The training addresses the practical obligations that arise under CASS, including record-keeping requirements, reconciliation procedures, and the governance and oversight arrangements that firms must have in place. It also covers the requirements around client money distribution rules and what happens in the event of a firm's failure. The course emphasises the importance of accurate and timely reconciliation, proper authorisation of payments, and the separation of client assets from the firm's own assets.
Upon completion, learners will understand the CASS framework and their firm's obligations, be able to identify potential compliance issues, and appreciate the critical importance of safeguarding client assets. The training supports firms in maintaining the high standards of client asset protection expected by the FCA.
