Handling client assets and money - General Insurance - Searchlight Insurance Training

Handling client assets and money – General Insurance

The FCA views client money handling by general insurance as a key business risk, central to consumer protection. The FCA continues to discover breaches of its Client Assets rules (CASS 5) – a zero tolerance, rule based regime – and will takes enforcement action.

This one day workshop provides analysis, a reminder on, and a forum to discuss, the CASS rules and their application, including examples of industry standard/good practice. It also explores recent enforcement actions from within the general insurance intermediary sector (and some from outside it). There is also a short review of the changes originally proposed in CP12/20. Although those changes have been suspended they are relevant in that they reflect many longstanding regulatory concerns.

Who should attend?

This one day course is designed for directors and senior managers with client asset and money responsibilities, (directly or oversight) accounting staff and supervisors, and compliance officers.

Click “Check Availability” to find out which dates are available and make a booking or contact us on 01372 361177 or at training@ssluk.net . Alternatively, please let us know if you would like us to deliver this as an in-house workshop.

Level: N/A

Duration: 1 day(s) CII CPD Hours: 6


  • Explain the responsibilities of firms when handling client money
  • Outline the FCA’s High Level Standards which impact on handling client money
  • Define the key requirements of the CASS sourcebook
  • Interpret the application of the rules in different operational situations, drawing on industry good practice
  • Identify what should be covered within formal procedures, competence and “the client money file”
  • Highlight the specific FCA concerns and practical solutions
  • Assess the operational implications within your own firm


  • The implications of the Principles for Business and Senior Management Arrangements, Systems and Controls for client money
  • Zero tolerance rules within a principles based approach
  • Senior management responsibilities
  • The CASS sourcebook rules in detail: particularly
    – Risk transfer, co-mingling and subordination
    – Terms of business agreements
    – banks and accounts
    – segregation: comparing statutory and non statutory trust accounts
    – legacy and “unmatched cash”
    – the client Money Calculation and reconciliation
  • Working through the client money audit