In recent years, CASS Audits have shifted towards a more control-based approach from substantive, sample testing methods. This is particularly true when an FCA regulated firm holds money on behalf of clients and must therefore comply with the client money rules in chapter 7 of the FCA handbook.
Due to the manual nature of many reconciliations, firms often do not have the time or resource to investigate the root cause of reoccurring breaks. Furthermore, as a business grows, legacy issues are carried forward and eventually form part of a BAU process within regulatory reconciliations.
Meeting your CASS 7 / client money regulatory reporting obligations
Our whitepaper looks at some of the key challenges firms face when it comes to meeting CASS 7 obligations, as well as how delivering an automated client money reconciliation environment can help in achieving compliance.
AutoRek's CASS solution delivers:
- Single platform for client money and custody assets
- Automatic matching on external reconciliations governed by match rules
- Efficient electronic sign off and record retention
- Life cycle of client money is fully auditable and traceable
- Adaptable to meet new regulatory requirements or legal entity restructuring
- Centralised repository for the CASS RP
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