FCA Handbook - CASS 10A.1 Application, purpose and general provisions

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CASS 10A.1 Application, purpose and general provisions

Application

This chapter applies to a safeguarding institution when it receives or holds relevant funds in accordance with CASS 15.

Purpose

The purpose of the CASS resolution pack is to ensure that a safeguarding institution maintains and is able to retrieve information that would:

(1) in the event of its insolvency, assist an insolvency practitioner in achieving a timely return of relevant funds held by the safeguarding institution to its clients;
(2) in the event of a firm's resolution, assist the Bank of England or FSCS; and
(3) in either case, assist the FCA.

General provisions

A safeguarding institution must maintain and be able to retrieve, in the manner described in this chapter, a CASS resolution pack.

A safeguarding institution is required to maintain a CASS resolution pack at all times when CASS 10A.1.1R applies to it.

(1) The rules in this chapter specify the types of documents and records that must be maintained in a safeguarding institution's CASS resolution pack and the retrieval period for the pack. The safeguarding institution should maintain the component documents of the CASS resolution pack in order for them to be retrieved in accordance with CASS 10A.1.7R and should not use the retrieval period to start producing these documents.
(2) The contents of the documents that constitute the CASS resolution pack will change from time to time (for example, because reconciliations must be included in the pack).
(3) A safeguarding institution is only required to retrieve the CASS resolution pack in the circumstances prescribed in CASS 10A.1.7R.

For the purpose of this chapter, a safeguarding institution will be treated as satisfying a rule in this chapter requiring it to include a document in its CASS resolution pack if a member of that safeguarding institution's group includes that document in its own CASS resolution pack, provided that:
(1) that group member is subject to the same rule; and
(2) the safeguarding institution is still able to comply with CASS 10A.1.7R.

In relation to each document in its CASS resolution pack, a safeguarding institution must:
(1) put in place adequate arrangements to ensure that an administrator, receiver, trustee, liquidator or analogous officer appointed in respect of it, or any material part of its property, is able to retrieve each document as soon as practicable and in any event within 48 hours of that officer’s appointment; and
(2) ensure that it is able to retrieve each document as soon as practicable, and in any event within 48 hours, where it has taken a decision to do so or as a result of an FCA or Bank of England request.

Where documents are held by members of a safeguarding institution'sgroup in accordance with CASS 10A.1.6R, the safeguarding institution must have adequate arrangements in place with its group members which allow for delivery of the documents within the timeframe referred to in CASS 10A.1.7R.

(1) For the purpose of CASS 10A.1.7R, the following documents and records should be retrievable immediately:
(a) the document(s) identifying the institutions referred to in CASS 10A.2.1R(2) and CASS 10A.2.1R(4);
(b) any acknowledgement letters referred to in CASS 10A.2.1R(3);
(c) a copy of each policy or guarantee referred to in CASS 10A.2.1R(5);
(d) the document identifying individuals pursuant to CASS 10A.2.1R(10); and
(e) the most recent internal safeguarding reconciliation and external safeguarding reconciliation records referred to in CASS 10A.3.1R(1)(c).
(2) Where a safeguarding institution is reliant on the continued operation of certain systems for the provision of component documents in its CASS resolution pack, it should have arrangements in place to ensure that these systems will remain operational and accessible to it after its insolvency.
(3) Contravention of (1) or (2) may be relied upon as tending to establish contravention of CASS 10A.1.7R.

Where a safeguarding institution anticipates that it might be the subject of an insolvency order, it is likely to have sought advice from an external adviser. The safeguarding institution should make the CASS resolution pack available promptly, on request, to such an adviser.

(1) A safeguarding institution must ensure that it reviews the content of its CASS resolution pack on an ongoing basis to ensure that it remains accurate.
(2) In relation to any change of circumstances that has the effect of rendering inaccurate, in any material respect, the content of a document specified in CASS 10A.2.1R, a safeguarding institution must ensure that any inaccuracy is corrected promptly and, in any event, no more than 5 business days after the change of circumstances arose.

For the purpose of CASS 10A.1.11R(2), an example of a change that would render a document inaccurate in a material respect is a change of institution identified pursuant to CASS 10A.2.1R(2).

A safeguarding institution may hold in electronic form any document in its CASS resolution pack provided that it continues to be able to comply with CASS 10A.1.7R and CASS 10A.1.11R in respect of that document.

A safeguarding institution must ensure that its governing body receives a report in respect of compliance with the rules in this chapter at least annually.

A safeguarding institution must notify the FCA in writing immediately if it has not complied with, or is unable to comply with, CASS 10A.1.3R.