Recently, the FCA spotlight has turned to the Insurance sector, focusing on CASS 5 obligations. This was reinforced in the recent Dear CEO letter issued by the FCA on the importance of maintaining adequate client money arrangements for general insurance intermediaries. In this correspondence, the FCA noted their concern that over half of insurance firms they had assessed did not appear to perform a client money calculation in line with the rules of CASS 5. This is a key regulatory requirement for in-scope CASS 5 firms and those firms must be able to show evidence of compliance with the FCA CASS rules.
This paper takes a look at the requirements insurance firms face in relation to CASS 5 and other areas of the CASS handbook and shows how AutoRek can help firms in meeting these obligations.