CASS 7 Client Money – Reconciliations and Reporting

CASS states that external reconciliations must be undertaken as often as is necessary but at least once a month.

In practice, this will be a daily reconciliation as firms which undertake transactions on a daily basis should conduct an external client money reconciliation each business day.

Common issues arising with client money reconciliations and reporting:

  • Governance and management control – existing processes provide little or no management information;
  • Overstated firm top-ups due to manual reconciliations;
  • Inability to perform contra reconciliations at transaction level on a client by client basis;
  • Duration of daily client money calculation putting external banks’ cash transfer deadlines at risk;
  • Lack of transparency on client money breaks; and
  • Complexity due to the gathering of source data from various and disparate systems.

CASS 7 – Client Money Rules

AutoRek will provide a fully auditable, transparent and actionable solution representing a well governed end-to-end client money reconciliation and reporting process. With alerts driven by business rules, a series of actionable tasks and meaningful management information will embed client money compliance and optimisation within an organisation.

The approach adopted by AutoRek for client money reconciliations and reporting assumes the following process:

  • Constant Activity
  • Formal Preparation
  • Submission
  • Sign Off
  • Enterprise Level Review

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