Template:Nutshell CASS Treatment of shortfalls: Difference between revisions
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CASS {{cassprov|6.6.54}}R applies where there is an unresolved {{fcaprov|shortfall}}. Until it is resolved the {{fcaprov|firm}} must: | CASS {{cassprov|6.6.54}}R applies where there is an unresolved {{fcaprov|shortfall}}. Until it is resolved the {{fcaprov|firm}} must: | ||
*segregate and hold sufficient money or {{fcaprov|applicable assets}} to cover the {{fcaprov|shortfall}} away from its own property; | *segregate and hold sufficient money or {{fcaprov|applicable assets}} ''in [[custody]]'' to cover the {{fcaprov|shortfall}} away from its own property; | ||
*record the {{fcaprov|shortfall}}, the relevant {{fcaprov|client}}s, and the relevant money and {{fcaprov|applicable assets}} being held, and | *record the {{fcaprov|shortfall}}, the relevant {{fcaprov|client}}s, and the relevant money and {{fcaprov|applicable assets}} being held, and | ||
*update that record as soon as the discrepancy is resolved. <br> | *update that record as soon as the discrepancy is resolved. <br> | ||
If the shortfall is a third party’s fault the {{fcaprov|firm}} must take all reasonable steps to quickly resolve the situation. Until it is resolved the {{fcaprov|firm}} must consider whether it should notify the affected {{fcaprov|client}}s, and may take steps for the treatment of {{fcaprov|shortfall}}s until that discrepancy is resolved. <br> | If the shortfall is a third party’s fault the {{fcaprov|firm}} must take all reasonable steps to quickly resolve the situation. Until it is resolved the {{fcaprov|firm}} must consider whether it should notify the affected {{fcaprov|client}}s, and may take steps for the treatment of {{fcaprov|shortfall}}s until that discrepancy is resolved. <br> | ||
Latest revision as of 12:56, 22 November 2019
CASS 6.6.54R applies where there is an unresolved shortfall. Until it is resolved the firm must:
- segregate and hold sufficient money or applicable assets in custody to cover the shortfall away from its own property;
- record the shortfall, the relevant clients, and the relevant money and applicable assets being held, and
- update that record as soon as the discrepancy is resolved.
If the shortfall is a third party’s fault the firm must take all reasonable steps to quickly resolve the situation. Until it is resolved the firm must consider whether it should notify the affected clients, and may take steps for the treatment of shortfalls until that discrepancy is resolved.