On 6 April 2020, the FCA published a new web page concerning client assets and COVID-19. The FCA reports that it has received queries on client assets (CASS) compliance related to the current disruption caused by the COVID-19 pandemic.
On the web page the FCA summarises queries received on the following topics and its position on them:
- Handling cheques;
- CASS audit reports;
- Physical asset reconciliations;
- Depositing client money;
- Notification of CASS breaches;
- CASS firm classification; and
- Delays to improvement programmes.