News Details

12 Mar, 2011

More changes on Client Money - Reporting for Small Firms

The FSA were planning on introducing changes to client money controls and requiring Firms to appoint a CF10a (Controlled Function responsible for Client Money). These planned changes are pressing ahead for Large and Medium Size Firms.  Such Firms will also be required to report on a monthly basis & will already have been contacted directly by the FSA.

All other Firms that are authorised to hold / control client money will be contacted at the beginning of July - and will be required to provide details to the FSA of the highest balance held on the Client Money Account during the period Jan - June 2011. 

Ultimately, the FSA wants all other Firms to provide the data on a half yearly basis - those not currently on the radar but who held significant client funds during the period will be added to the Large / Medium Firms list. 

Further details may be found at   - Chapter 3.  Annex B gives details of the additional data to be collected.  This requirement only applies to Monies held under the CASS requirements and as a result those Firms which hold client monies and also have risk transfer arrangements in place will need to be able to clearly segregate the two.


This is still at the consultative stage and we can expect final confirmation from the FSA in April /. May. 

Back to News

Contact Compliant Solutions Ltd Now

Please use the Quick Contact Form below to get in touch with us or call 01376 514166


By submitting your data you are happy for us to contact you by phone or email. Tell us if you wish to opt out.