CASS 6 - Custody Rules Training Course

The rules and guidance in CASS 6 apply to a firm when it is safeguarding and administering custody assets. These assets include safe custody investments and any other assets that are held in the same portfolio for the same client.

Our CASS 6: Custody Rules training course provides a high-level introduction to the rules and guidance surrounding the safe custody of client assets.

About this Course

Available as part of our FCA Compliance Library.

Learning Objectives

This course will prepare you to:

Understand the CASS rules and guidance as they apply to holding client assets
Keep appropriate records in accordance with the rules of the Financial Conduct Authority (FCA)
Understand why reconciliations are important
Appreciate the importance of robust policies and procedures
Know what happens if our Firm gets it wrong

Course Outline

Welcome

What is CASS?

- Client assets or client money?
- Senior Managers and Certification Regime
- Consumer Duty
- Custody rules
- Key elements
- You decide: Key elements
- Full and partial exemptions
- Protecting clients' safe custody assets
- Systems and controls
- Legal title
- Temporary handling of safe custody assets
- Allocated but unclaimed safe custody assets
- In practical terms
- You decide: Philip's issues

Depositing safe custody assets with third parties

- Selecting a third party
- Third-party records
- Written agreements
- Inappropriate liens
- You decide: Appointing a third party

Can a firm use safe custody assets?

- Client's best interests
- You decide: Consent

Keeping records & accounts

- Reconciliations
- Physical asset reconciliation
- External custody reconciliations
- Frequency of checks and reconciliations
- Discrepancies and shortfalls
- General record-keeping
- Policies and procedures
- You decide: Retaining records

Treatment of custody assets after a failure

- You decide: The transfer

Case study: Charles Schwab UK Limited

Summary

Affirmation

Assessment

Course Specifications

Structure

Approximately 30 minutes followed by a 10-question assessment.

Audience

Suitable for all staff - examples and interactivities designed for staff at all levels. No previous knowledge or experience is required.

Design

SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via client style sheet.

Compatibility

All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.