CASS – Managing Client Money and Assets

Course description

The collapse of Lehman Brothers exposed a multi-billion shortfall in segregated client accounts, forcing much stricter rules on how a firm should separate client money from its own cash.

In 2014 the FCA reviewed the client assets regime and made material changes to the rules. The aim was and is to continue to offer better protection and speed up the recovery of client assets if the business collapses.

The subject of Client money and Client assets remains high on the FCA’s agenda, actions against firms continue to be taken by the FCA. Most notably the £126 million fine of a US banks London branch for failure to segregate client and company cash. Fines and their reputational damage aside, the new rules post significant commercial and operational challenges.

This very practical 1 day course conducted by an expert with over 20 years of experience within the sector will provide a thorough overview of the CASS regulation, its scope and requirements and prepare participants to effectively comply with it. You will learn about the principles of clients’ money and asset protection, how to segregate and hold funds and keep records. You will also learn about the reporting requirements and how to set up all the processes and operations in order to stay compliant.

What will you learn

By the end of this course you will learn about:

  • Recognise the FCA’s concerns regarding Client Assets
  • Understand your firm’s responsibilities when handling Client Money
  • Assess the practical implications of your firm’s Client Asset responsibilities
  • Consider the effectiveness of your current processes in the light of the enhanced regulation
  • Identify the work required in complying with the December changes to regulation
  • Investigate the application of the rules, drawing on lessons learned and good industry practice

 


Main topics covered during this training

  • The background to client asset protection
  • CASS rules, scope and significance
  • Defining client money and assets
  • Defining CASS firm
  • CASS Resolution Pack
  • Common issues with managing clients money and assets
  • Record keeping and reporting requirements
  • Reconciliation requirements
  • Governance process

Who should attend

The course is suitable for investment management companies, banks and firms providing supporting services and in particular professionals from the following departments:

  • Compliance
  • Audit
  • Operations
  • Product Development
  • Risk Management
  • Accounts and Finance
  • Legal
  • Client Services
  • IT

CASS CLIENT MONEY AND CLIENT ASSETS - A 1 DAY COURSE

CASS fundamentals

  • Understanding the background and drivers to CASS?
  • An insight into FCA principles and objectives
  • FCA enforcement
  • CASS rule and Guidance

High level requirements

  • Protection of clients’ needs
  • Identification of money and assets
  • Segregation of accounts and required documentation
  • Acknowledgement of trust letters
  • Reconciliation arrangements
  • Reporting requirements and responsibilities

FCA requirements

  • Practical application of the rules
  • Client money distribution
  • Client assets and custody reconciliation
  • Mandates (written and non-written)

The importance of oversight and reporting

  • The FCA CASS unit
  • Allocating CASS operational oversight functions – CF10a
  • Client money and Asset return (MAR)
  • CASS resolution pack

Introducing systems and controls

  • Implementing policies and procedures
  • Third party agreements: service level agreements and KPIs
  • Management information
  • The governance role

Action planning

Consider how your firm’s policies, processes and procedures can be enhanced to ensure they continue to support an effective and compliant CASS regime

Summary and course close

 

Trainer

Paul is a regulatory expert with 20 years of experience in the financial services. Previously a Compliance Director with one of the country’s largest Investment Management firm, before moving into consultancy and holding interim roles as Head of Compliance and MLRO as well as leading a number of projects that took firms such as Dresdner Kleinwort Wasserstein, Axa and Deustche Bank through authorisation and responding to the FCA sanctions. 

His professional experience includes the development and implementation of compliance processes and procedures that include areas such as: governance and oversight, effective systems and controls, client on-boarding and market conduct projects. His area of expertise includes Financial Crime, Client Assets, Conduct Risk, Governance and Oversight, Senior Management Regime and Effective Compliance Monitoring.

He has worked closely with the FCA, Financial Ombudsman Service and the Finance and Lease Association on complaint handling and management and continues to work with Financial Service firms in negotiations with the FCA. He has recently taken on Head of Compliance, Money Laundering Reporting Officer and Head of Client Money Client Assets positions for a Portfolio Management firm and an emerging Peer to Peer platform.

 

FAQ

We offer banking and finance courses as well as soft skills and business management training. You can either attend an open public course in London or Dubai or arrange customised in-house training to be delivered in any of your offices worldwide.

Most of our public courses are run over 2 full days. Some programmes are offered as a 1 or 3 day training.

In-house training is tailored to client’s requirements and can be organised over 1 day, 2-3 weeks or longer.

Public courses are organised mainly in London and Dubai. Occasionally we organise courses in other centres like Paris or New York. Check our public course calendar for the current list of programmes. We use a range of training venues, all in the centre of the cities and with excellent transport links to the airports and train stations.

In London we use venues in the centre (near Oxford Circus station or in Mayfair) or in the City (near Liverpool Street or Moorgate stations).

In Dubai our courses are organised in one of 4-5* hotels in the Deira district. Once you register we will send you detailed information together with accommodation options if required.

Our in-house courses can be delivered anywhere in the world. We work with over 25 trainers worldwide. Contact us do discuss your requirements. Check our list of available programmes.

Our courses are run in central locations from 9 a.m until 5-5.30 p.m. There are 2 coffee breaks and a lunch break. Lunch is always provided in the venue.

Dress code is smart casual.

All our programmes are taught by senior specialists who have spent many years in their respective sectors, working as senior managers and head of departments, so they understand very well the market and the challenges you are facing.

The experience of our trainers allows us to create very practical programmes, focused on current market trends and challenges. You can be sure that you will gain the knowledge which can be instantly applied in your workplace after the course. You will be analysing real life case studies, take part in group exercises and discussions as well as role plays, whenever applicable.

We want our courses to be as practical and interactive as possible so we limit the number of participants in order to optimise your time with the trainer and allow you to ask questions which are important for you.

In order to understand your requirements and expectations, we will send you a pre-course questionnaire.

You will also receive post-course support so if you have any questions after you left the training, you are welcome to contact us.

There are 2 easy ways to register:

  1. Go to the course of your choice and click Register Now button to fill the registration page
  2. Email us to enquiry@eurekafinancial.com

After you register, we will send you registration confirmation and an invoice so you can arrange the payment. Please note that your place is not confirmed until we receive it.

If you register within Early Bird discount period, there’s limited time to arrange the payment in order to be eligible for the discount. You will find all the details on the invoice.

We don’t advise to make any travel and hotel arrangements until you receive full course confirmation from us.

We will send you venue and course details as soon as possible but most likely about 3-4 weeks prior to the course commencement.

You can pay by:

  • Making a bank transfer
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  • Cheque payable to Eureka Financial Ltd. - only within UK

Just mark preferred paying option on the registration form. Whichever form of payment you choose we will always send you an invoice.

If you pay by card, a 2.2% processing fee will be added. We will send you authorisation form so you can give us your card details.

Included in the price of a public course are:

  • Course tutorial
  • Take away course materials
  • Course Certificate
  • Lunch on the days of the training as well as drinks and snacks throughout the course

The price doesn’t include accommodation, flights, transfers and any additional costs outside of the training venue.

Yes, we always offer Early Bird discount, so the sooner you register the more savings you can make. We also offer group discounts and if you register for 2 or more programmes at the same time.

If you are a full time student or unemployed, we offer a 25% discount of the full price of the training. Student ID or unemployment status confirmation is required to claim this discount.

If you attend one of our courses you will be entitled to a special discount for a year after the last course you attend with us. Also, if you have attended and recommended us to a friend, both you and your friend will receive a special discount. You will receive more information about it after you attend the course.

See our Customer Loyalty Discounts page for more details.

All our courses based in the UK are subject to the VAT charge of 20%. This fee is irrespective of the country of residence of the delegates.

You can, however, claim the VAT back by contacting UK tax office - HMRC, and filling the relevant form, as long as you comply with the following rules:

For Delegates coming from the EU countries

If you represent a registered business in another EU country, you can use the Refund Scheme to reclaim VAT you pay in the UK as long as all of the following apply:

  • You're not registered for VAT in the UK and don't have to, or can't be, registered here
  • You don't have a place of business or a residence in the UK
  • You don't make any supplies in the UK

You can find some more information here. In order to claim the VAT you have to fill Form 65.

For the Delegates from Non EU countries

If you represent a registered business in a non-EU country, you can use the Refund Scheme to reclaim VAT you pay in the UK as long as all of the following apply:

  • You're not registered for VAT in the UK and don't have to, or can't be, registered here
  • You don't have a place of business or a residence in the EU
  • You can only use the Refund Scheme if your own country operates a similar scheme and makes it available to UK businesses. If your country has its own Refund Scheme but doesn't let UK businesses use it, you can't claim under the UK Refund Scheme.
  • You don't make any supplies in the UK

If the following rules apply to you, please fill the 65A form and send it to HMRC.

If you are unable to attend the course, you can either send a replacement at no extra charge or, up to 20 working days before the training, you can transfer your booking to another course within the next 6 months for an additional fee of 25% of the full course value. Please note that you can only transfer once.

Alternatively, for cancellations requests received more than 20 working days before the course date we will offer a refund less an administration fee of 10% of the course price.

We regret that no refunds can be given after this period. Non-attendance without any notification will be charged at full rate.

Cancellations must be made in writing and reach our office 20 working days prior to the course date.

Your place on a course is not guaranteed until we receive the payment. All payments must be made in full before the course date.

All our trainers have been working for many years in their respective sectors before they begun to teach so they bring a wealth of practical experience to the classroom.

Most of them used to work for 15 or more years in the financial sector and corporate world, and were holding positions of Directors, VP and Senior Managers. Some of them have published books and have written articles for specialised magazines and newspapers including FT, The Independent, The Times etc. You can find detailed biography of each trainer on the page of the course you want to register for.

Yes, you will receive a Certificate of Attendance at the end of the course you attend.

If you have to apply for a Visa to attend a course in the UK, we will issue a letter to support your application. The letter will be issued only after the payment for the course has been made.

It is delegate’s responsibility to obtain a Visa and failure to do so will not make the participant exempt from the cancellation policy.

Anyone suspected of applying for a training course simply to gain a Visa letter will be reported to their embassy.

We will need the following information to issue an invitation letter:

  • Full name as it appears on your passport
  • Date of birth
  • Passport number
  • Passport issue date
  • Passport expiry date

25 Mar 2020, London

Register by 28 Feb to save £125

Early bird price £825 + VAT

Regular price £950 + VAT


10% discount for 3 people.


This topic can be arranged on in-house basis. If you have a group of 4 or more we can customise it and deliver in any location worldwide. Contact us to discuss your requirements


WHAT PAST DELEGATES SAY

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