CASS 5 - Client Money - Insurance Distribution Activity
CASS rules apply to money belonging to all clients. Clients are classified as retail, commercial, professional and any other eligible counterparty.Our CASS 5: Client Money - Insurance Distribution Activity course provides an overview of CASS 5 which are the client money rules that apply to insurance distribution.
- 25 Minutes
- All staff
- Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.
Learning objectives
- Understand the client money rules as they apply to insurance intermediaries
- Highlight the importance of protecting client money
- Identify the types of client money calculation
- Demonstrate good governance
- Report regulated activities to the Financial Conduct Authority (FCA)
What can you expect your employees to learn?
Introduction
What is Client Money: Insurance Distribution Activity?
Principle 10: Clients' Assets
- Consumer, customer or client?
- Risk transfer arrangements
- You decide: Who carries the risk?
- Mixing money
- You decide: Client money
Segregation
- When multiple firms are involved
- Statutory or non-statutory trust
- Setting up a non-statutory trust account
- Setting up client accounts
- Client bank accounts
- What if it gets complicated?
- Commissions and fees
- Keeping records
- You decide: A matter of days
Client money calculation
- Calculations and reconciliations
- Carrying out the calculation
- Notifying the FCA
- You decide: Types of client money calculation
Crossing the line
- Examples of common CASS errors
- Reporting to the FCA
- Key performance indicators
- You decide: Reporting
Summary
Affirmation
Assessment
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