Client Assets Flashcards
1
Q
CASS 6
A
Custody Rule
MIFID and non-MIFID business
2
Q
CASS 7
A
Client Money Rules
MIFID Business
Opt in available for MIFID business
3
Q
Records of each client money accounts
A
Internal reconciliation = each business day
External reconciliation = as often as necessary
4
Q
Failure to reconcile
A
Inform FCA immediately
if can’t make up for shortfall itself
5
Q
Allocated but unclaimed client money and assets
A
Paid to registered charity ;
Money - at least 6 years
Assets - at least 12 years
If claimed firm pays amount client not take funds back from charity
