Why is Client Money difficult?
Client money must be kept separate from the firm’s money. This is to make it clear to anyone that the clients’ money cannot be used for the firm’s obligations. Some process issues have compounded the challenge and limiting technology is a major factor. A consequence is that all money which is not clearly firm money must be deemed to be client money. This results in a very large funding requirement which can have massive operational impacts. Typical problems include:
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Technological limitations such as scalability, interfacing, flexible matching
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Difficulty in matching cash to instructions or identifying which client sent the money
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Disconnects between cash operations and client facing functions
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The manpower to do the daily analysis is prohibitive
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Data quality issues make matching on a timely basis impossible
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Bulk remittances from clients for several purposes (or worse, from intermediaries)
Are you ready for monthly Client Money and Asset Return (CMAR)?
As part of increased focus from the Financial Services Authority (FSA) on the protection of client money and assets, from October 2011 medium and large firms will be required to report monthly Client Money and Asset Return (CMAR).
Why AutoRek?
AutoRek is the UK’s leading transactional reconciliation tool with capacity to load and match tens of thousands of records per second - including automated preparation and analyses of Client money reconciliations, asset reconciliations and dividend and distribution reconciliations - all of will be vital feeds into the new mandatory reports.
We help clients manage some of the highest volume transactions and client records, providing an extremely efficient calculation process which reduces the amount of firm money required to top-up client money accounts and helps firms focus on specific customers.
Find Out More
To find out more please Contact Us with your enquiry. Alternatively, visit our Resource Centre to download the following related resources:
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