An introduction to the FCA’s Client Assets Sourcebook — client money, custody assets and the protections that keep them safe.
Client money and custody assets
The Client Assets Sourcebook (CASS) exists to protect money and assets that belong to clients if a firm fails. Getting CASS right means client property can be returned quickly and in full.
Segregation — client money is held separately from firm money.
Reconciliation — records are checked regularly against external statements.
Trust status — client money is held on trust, ring-fenced from the firm’s creditors.
Segregation keeps client money separate from the firm’s own money.
Governance and the CF10a
Firms subject to CASS must have clear oversight, typically through a designated individual responsible for CASS operational oversight, supported by an annual CASS audit.
Self-check
What is the primary purpose of segregating client money?
CASS reconciliation checklist
A short sample checklist covering internal and external reconciliations.
