This CASS paper illustrates a 10-step approach to CP16/4 compliance for peer-to-peer (P2P) crowdfunders.
The FCA took over responsibility for the regulation of the consumer credit market from the Office of Fair Trading (OFT) in 2014. It immediately applied the existing Client Assets Sourcebook (CASS) to peer-to-peer (P2P) crowdfunders.
The latest FCA consultation paper (CP16/4) allows some pragmatic changes in the application of the CASS rules, enabling crowdfunders to streamline their client money protection processes, but the requirements still remain onerous.
While crowdfunders are of course focused on growing this wonderfully disruptive new sector, they must be careful that their plans for expansion are not themselves disrupted by an FCA CASS inspection visit.
CP16/4: a 10-Step Guide
Modern CASS control and reconciliation systems can deliver and maintain a fully compliant CASS resolution pack with a high degree of automation.
This paper offers 10 steps which by following will put your firm in a much better position to comply with these regulations and avoid a regulatory shock.
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