All CASS medium and large firms must have an individual approved for the CASS operational oversight function (CF10a). They must allocate this to a director or senior manager within the firm.
In line with those rules, a CF10a role has responsibility for:
- overseeing the operational effectiveness of that firm’s systems and controls that are designed to achieve compliance with CASS
- reporting to the firm’s governing body in respect of that oversight
- completing and submitting the Client Money and Asset Return (CMAR) to us in line with our rules (SUP 16.14)
How to apply
We do not specify experience or qualifications for the individual holding the CF10a role. However, your firm must set out (in the application form) why the individual candidate is competent for this role.
Submit an application for CF10a using the appropriate Approved Persons form[1] by post. A firm applying for other controlled functions on behalf of the same individual should also include these on the form.
Please provide all the information we require; not doing so will delay your application. We have guidance notes[2] to help you complete the application form and information on which Approved Persons form[1] the firm should use.
In completing the CF10a application, you should:
- ensure the form is fully completed
- enclose the applicant’s CV in all cases
- ensure Section 6 is fully completed
- sign the application form
How to withdraw or change the function
Submit withdrawals and changes involving an individual approved for CF10a using the appropriate Approved Persons form[3] by post.
Please return your completed form to:
Approved Persons & Reporting Department, Authorisations Division, The Financial Conduct Authority – 5th Floor, 25 The North Colonnade, Canary Wharf E14 5HS.
Forms should be submitted in hard copy – they cannot be submitted electronically or by email.
CASS small firms – what you need to do
CASS small firms do not need to apply for a CF10a but they must allocate an individual to have responsibility for CASS operational oversight.
This individual must be a director performing a significant influence function (SIF) or a senior manager performing a SIF responsibility. They must:
- have oversight of the firm's operational compliance with CASS
- report to the firm's governing body in respect of that oversight
- ensure their firm complies with its notification requirements under CASS 1A[2].
For more information on the rules this relates to, see CASS 1A.3.1[5] and CASS 1A.3.3[6], which set out some additional record-keeping requirements.