Validating Your CASS Arrangements For Insurance

Are your senior management, CASS oversight team and board members aware of the impact the CASS rulebook could have on your business?

Course Overview

The Financial Conduct Authority (FCA) has made the protection of Client Money and Assets a priority. The relevant rules are to be found in the FCA’s Client Money and Assets Sourcebook (CASS), with CASS 5 being the relevant section for those involved in insurance distribution. Intensive regulation allows the FCA to enforce hefty fines on those who fail to put in place adequate and appropriate management systems and controls.

Implementation of effective CASS procedures, ongoing reviews and maintenance are fundamental to conserving integrity, protecting consumers and ensuring that the risk of reputational damage caused by a failure of management oversight is mitigated.

Regulators expect a firm’s Board and Senior Management to implement strategies that reflect appropriate and effective governance through the application of robust oversight and reporting arrangements.

This training workshop is ideal for oversight staff and senior management who want to explore industry best practice in relation to ‘CASS 5 – Client Money: Insurance Distribution’, examples of enforcement action and the risks that the regulator expects firms to address. This session will enable delegates to:

• Summarise the regulatory concerns in relation to CASS 5.
• Describe key regulatory FCA principles and specific risks associated with handling of Client Money in insurance distribution.
• Explain the practical implications of your firm’s Client Money responsibilities.
• Challenge effectively your current governance and operational oversight framework.

CASS systems and controls. Continual review of your firm’s structure and processes to minimise the risk of non-compliance. Our expert and practical advice will help you to ensure that you implement the necessary systems and controls.

Keep pace with a moving target. Changes in the global regulatory environment, implies a continuing pressure to review and update CASS requirements. In order to keep up with regulation and anticipate future changes, it’s essential to seek expert advice on the regulator’s position as soon as it emerges.

Internal oversight of CASS. Under the Approved Persons Regime, CF10a is the controlled function accountable for the safe handling of Client Money, as well as providing the Board with reassurance that the business is CASS compliant. The new accountability regime (SM&CR) will impose a certification process for the protection of client money.

Course Modules

• CASS 5 – The fundamentals
• High-level requirements
• Operational and regulatory oversight