Records and documents you must keep together to help insolvency practitioners return client assets if your firm fails - known as the Client Assets Resolution Pack (CASS RP).
What you must do
If your firm holds client assets from investment business you must keep certain documents and records together – these are known as a Client Assets Resolution Pack (CASS RP).
This is to help insolvency practitioners quickly return client assets if your firm fails.
You don’t need to duplicate documents but you must have a document explaining how to retrieve documents and records.
This master document can be electronic and should include:
- latest client money reconciliations
- list of custodians where custody assets are held
You must keep records from when you start holding client assets, for the whole time you hold them, and for 5 years after you stop holding them.
Firms that need to follow these rules
You need to follow these rules if your firm is a firm to which either or both of CASS 6 (the custody rules) and CASS 7 (the client money rules) apply because you hold client assets.
Firms that don’t need to follow these rules
You don’t need to follow the rules if you’re a firm to which CASS 6 applies, only because it is a firm which arranges safeguarding and administration of assets.
Further information
To find out more see the Client Assets Sourcebook chapter 10.
For a quick overview of other record-keeping and notification requirements, see the tables in Schedules 1 and 2 of CASS.
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