Fluro, a UK peer-to-peer lending platform, was challenged with ensuring compliance with the Financial Conduct Authority’s (FCA) Client Money (CASS) regulations. The company, which has lent over £200 million to over 30,000 people, required automated external and internal client money reconciliations in line with CASS 7. Fluro also sought a scalable software provider to enable further growth through operational efficiency and automation.
AutoRek implemented its CASS solution for Fluro, automating both external and internal client money reconciliations. This solution adheres to the FCA’s net negative add-back method and removed the need for considerable manual intervention and reliance on Excel.
- Automated Reconciliations: Provides automated daily client money reconciliations, significantly reducing the time taken.
- Reduced Manual Effort: Eliminated the reliance on Excel and manual intervention, freeing up the team to focus on investigation and business innovation.
- CASS Compliance: Provides a comprehensive audit trail to ensure compliance and minimize CASS breach risks.
- Scalability: Implements a scalable solution ready for new client money accounts, supporting the business’s growth objectives.