AutoRek Survey: The Challenges of CASS Compliance

In the last four years investment firms and managers have been investigated and fined in excess of £180m over allegations across a range of client money and client asset protection failings.

The Financial Reporting Council (FRC) have responded by issuing more robust standards to auditors to improve the rigour of CASS audits.

Investment firms have struggled to hire operations staff who understand the new standards and struggled to adapt back office systems to feed daily automated compliance. That will result in growing rule breaches reported to the FCA and more qualified opinions from auditors.

AutoRek CASS Compliance Survey

To gauge investment firms' estimations of the challenge, AutoRek developed a survey focused purely on CASS. The aim was to understand:

  • How Investment Firms are Responding to CASS Regulatory Developments
  • Whether any Industry Standards are Emerging
  • How CASS Priorities Compare Across the Sector

 

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