Welcome to CASS Resolution Packs

In March 2012, the FSA published PS 12/6 on CASS Resolution Packs. PS 12/6 requires that all firms which hold safe custody assets and/or client money (“CMA”) to create and maintain CASS Resolution Packs (“CASS RP”). The purpose of CASS RP is to reduce the economic cost of firm failure by promoting the swift return of CMA to clients. This is achieved by ensuring that information and records that would help an insolvency practitioner or resolution authority return CMA to clients more quickly would be more readily accessible to the insolvency practitioner after the firm’s failure.

These requirements will come into force on 1 October 2012.

We provided a demonstration of a prototype CASS Resolution Pack during the course of a webinar given on 21 June 2012. You can watch the recorded version of the webinar below


Recent updates from our blog:

CASS RP Changes on the Horizon?

On 14 January 2014, HM Treasury published the “Final review of the Investment Bank Special Administration Regulations 2011” conducted by Peter Bloxham.  The report meets Parliament’s requirement that the Treasury hold an independent review of the special administration regime (SAR) … Continue reading

FCA Hands Out More Fines for Client Money Breaches

On 26 November 2013, the FCA published a final notice and accompanying press release levying a fine of GBP 900,200 on the asset manager SEI Investments (Europe) Limited (SEI) for failing to arrange adequate protection of client money in the … Continue reading

FCA Fines Aberdeen £7.2m for Client Money Breaches

On 3 September 2013, the Financial Conduct Authority (FCA) published a press release announcing the final notice it has issued to Aberdeen Asset Managers Limited and Aberdeen Fund Management Limited (“Aberdeen”), fining the firm £7,192,500 for breaches of the FCA’s … Continue reading

FCA Update on RRP and CASS

On 26 April 2013, the FCA published Policy Development Update No 157.  This summarises the anticipated publications dates for various pieces of regulatory guidance.  Of note are the following: a policy statement (PS12/5) to CP11/16 on recovery and resolution plans, … Continue reading

CASS RP Webinar Tomorrow

Just a reminder that I am giving a webinar on CASS Resolution Packs for Insurance Intermediaries tomorrow at 3:30 pm.  The event is free and you can register here.

Webinar on CASS RP for Insurance Intermediaries

On 16 April 2013 I am a guest speaker in a webinar being given by the Forum for Regulatory Change.  The presentation will focus on the future requirements for insurance intermediaries to prepare and maintain CASS Resolution Packs.  It will … Continue reading

FSA Update on RRP and CASS RP

On 25 February 2013, the FSA published Policy Development Update Number 156 detailing forthcoming publications from the FSA on a wide range of issues, including: RRP: Policy Statement to CP11/16 and PS12/5 on recovery and resolution planning.  This is expected … Continue reading

CASS Resolution Pack Compliance: Don’t Expect Sympathy From the FSA

On 20 November 2012, the FSA published a speech given by Richard Sutcliffe, Head of the Client Assets Unit at the FSA on the background and purpose of the unit he leads and its future policy initiatives. The speech underlined … Continue reading

Congratulations on the Completion of your CASS Resolution Pack! Now comes the hard part…

Introduction Today marks the deadline for completion of a CASS Resolution Pack with respect to every investment firm to which CASS Chapter 6 (custody rules) or Chapter 7 (client money rules) applies. The CASS Resolution Pack regulations are documented in … Continue reading

CASS Resolution Pack Seminar

I will be presenting a half-day workshop on CASS Resolution Packs on 29 November 2012 as part of the Infoline Client Assets & Client Money Protection Conference.  The workshop will address a number of topics, including: The background to CASS … Continue reading