s166 Skilled Person Reports - A Guide to CASS Compliance

Introduction

More than 10 years after the failure of Lehman Brothers, the FCA still regards compliance with the CASS regime as a strategic priority with high standards of CASS governance and oversight, including a robust three lines of defence model.

Where the FCA sees behaviours from firms which lead it to consider that compliance obligations are not being taken seriously, or if it identifies significant CASS failings, it has the power to require a firm to commission a skilled person’s report under s166 of the Financial Services and Markets Act 2000.

Continued non-compliance and regulatory failings may also expose a regulated firm to enforcement action.

Additionally, the introduction of the Senior Manager and Certification Regime for solo regulated firms from 9 December 2019 raises the accountability of senior managers within firms. For those senior managers taking on the prescribed responsibility for client assets, understanding the CASS requirements and the firm’s obligations will be a key requirement. Recent special administrations of several firms are also likely to bring increased focus on those with CASS responsibilities.

This webinar is intended for lawyers who advise regulated firms and those responsible for CASS governance and oversight.

What You Will Learn

This webinar will cover the following:

• Why the FCA uses the s166 skilled person reports and how this interacts with the enforcement process
• The possible consequences of serious non-compliance of the CASS rules
• How legal expertise can assist the business with CASS compliance
• The process by which firms are required to commission a s166 skilled person report
• The implications under SM&CR for senior managers with CASS responsibilities and what may happen if a firm enters special administration

This webinar was recorded on 30th January 2020