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  1. Point in time
    2019-06-10

CASS 11.1 Application

CASS 11.1.1RRP

1This chapter (the debt management client money chapter) applies to a CASS debt management firm that receives or holds client money as set out in this chapter.

CASS 11.1.2GRP

The requirements imposed on a CASS debt management firm that holds client money vary depending on whether a firm is classified as a CASS small debt management firm or a CASS large debt management firm in CASS 11.2.3 R (CASS debt management firm types). CASS 11.1.4 R to CASS 11.1.6 R indicate which rules in the debt management client money chapter apply to which category of firm.

CASS 11.1.3GRP

The debt management client money chapter applies (to the extent indicated by CASS 11.1.4 R to CASS 11.1.6 R) to a CASS debt management firm, even if at the date of the determination or, as the case may be, the notification, referred to in CASS 11.2.4 R, the CASS debt management firm is not holding client money, provided that:

  1. (1)

    it held client money in the previous calendar year; or

  2. (2)

    it projects to hold client money in the current calendar year.

Application to CASS small debt management firms

CASS 11.1.4RRP

Subject to CASS 11.1.6 R, only the rules and guidance in the debt management client money chapter listed in the table below apply to CASS small debt management firms.

Reference

Rule

CASS 11.1.1 R to CASS 11.1.4 R and CASS 11.1.6 R

Application

CASS 11.2.1 R to CASS 11.2.9 G

Firm classification

CASS 11.3.1 R to CASS 11.3.2 R and CASS 11.3.6 R

Responsibility for CASS operational oversight

CASS 11.4.1 G to CASS 11.4.4 G

Definition of client money and discharge of fiduciary duty

CASS 11.5.1 R and CASS 11.5.2 R

Organisational requirements

CASS 11.6.1 R and CASS 11.6.2 G

Statutory trust

CASS 11.7.1 G and CASS 11.7.5 G

Selecting an approved bank at which to hold client money

CASS 11.8.1 G to CASS 11.8.13 R

Client bank account acknowledgement letters

CASS 11.9.1 R to CASS 11.9.13 G

Segregation and the operation of client money accounts

CASS 11.10.1 R to CASS 11.10.7 G

Payments to creditors

CASS 11.11.1 R to CASS 11.11.12 R , CASS 11.11.30 R and CASS 11.11.32 G

Records, accounts and reconciliations

CASS 11.12.1 G to CASS 11.12.7 R

CASS 11 resolution pack

CASS 11.13.1 R to CASS 11.13.14 R

Client money distribution in the event of a failure of a firm or approved bank

Application to CASS large debt management firms

CASS 11.1.5RRP

Subject to CASS 11.1.6 R, the rules and guidance in the debt management client money chapter apply to CASS large debt management firms, except where indicated otherwise in the relevant rule.

Solicitors

CASS 11.1.6RRP
  1. (1)

    An authorised professional firm regulated by the Law Society of England and Wales, the Law Society of Scotland or the Law Society of Northern Ireland that, with respect to its regulated activities, is subject to the following rules of its designated professional body, must comply with those rules and, if it does so, it will be deemed to comply with the debt management client money chapter.

  2. (2)

    The relevant rules are:

    1. (a)

      if the firm is regulated by the Law Society of England and Wales, the SRA Accounts Rules 2011;

    2. (b)

      if the firm is regulated by the Law Society of Scotland, the Law Society of Scotland Practice Rules 2011; and

    3. (c)

      if the firm is regulated by the Law Society of Northern Ireland, the Solicitors' Accounts Regulations 1998.