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You are viewing the version of the document as on 2023-01-31.

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    2023-01-31

CASS 14.5 Client information

CASS 14.5.1R

1A TP firm must provide any client in respect of which it carries on the activities specified in CASS 14.1.2R with the following information (the “TP Firm CASS Disclosure”) in English and in a durable medium:

  1. (1)

    any non-UK jurisdiction under which the TP firm’s failure may be administered; and

  2. (2)

    unless such an outcome is not possible under the law of that jurisdiction as it applies on IP completion day2, a statement that makes clear the possibility that any client money or safe custody assets belonging to that client will, as a result of the law of that jurisdiction, be treated differently to money or assets belonging to other customers of the TP firm in the event of the TP firm’s failure.

CASS 14.5.2R
  1. (1)

    1A firm must ensure that the “TP Firm CASS Disclosure” is not obscured by or disguised within other information.

  2. (2)

    Where a firm provides the “TP Firm CASS Disclosure” amidst or alongside other information, it must ensure that it uses a font size for the ‘TP Firm CASS Disclosure’ that is at least equal to the predominant font size used throughout the information provided, as well as a layout that ensures the “TP Firm CASS Disclosure” is prominent.

CASS 14.5.3G
  1. (1)

    1To comply with CASS 14.5.1R(1) it is sufficient to name the jurisdiction. For example, this may be the name of the TP firm’s Home State, or an administrative region within it.

  2. (2)

    In order to comply with CASS 14.5.1R(2), a TP firm should carefully consider the applicable law and insolvency rules in question as at IP completion day2 when deciding whether or not a statement is required to be given under that provision. For example, it could obtain a legal opinion on whether the law differentiates between the treatment of different classes of clients. If, following such careful consideration, the firm cannot rule out the possibility of different treatment, then it should make the statement under CASS 14.5.1R(2).

CASS 14.5.4R

1The “TP Firm CASS Disclosure” under CASS 14.5.1R is not required where a firm complies with those requirements of CASS 5, CASS 6 or CASS 7 that are applied under GEN 2.2.26R without needing to safeguard client money or safe custody assets.

CASS 14.5.5G

1Situations falling under CASS 14.5.4R include where, for example, the TP firm relies on:

  1. (1)

    CASS 5.1.5R(1)(b) or (2);

  2. (2)

    CASS 7.10.6R; or

  3. (3)

    GEN 2.2.26R(3) or (4) and takes the approach set out in article 10.6.a, 10.6.b or 10.6.d of IDD.

CASS 14.5.6R

1A TP firm must provide the “TP Firm CASS Disclosure” under CASS 14.5.1R to a client:

  1. (1)

    where it safeguards client money or safe custody assets for the client on IP completion day2, on that date (unless it has taken steps before that date which would have complied with the requirements under CASS 14.5.1R and CASS 14.5.2R); or

  2. (2)

    otherwise, in good time before it safeguards client money or custody assets for the client.