Disclosure required where held under banking exemption - CASS Provision

CASS Anatomy™ Go Premium To see the current text of CASS 7.10.19 in the FCA handbook, click here. IMPORTANT: CASS changed quite a bit after MiFID II. This resource therefore may well be out of date, even if it was accurate once, which it might not have been. This is an article about the FCA’s custody and client money rules — client assets — and is fondly known by its chapter in the FCA SourcebookTable of Contents | 1 | 1A | 3 | 5 | 6 (custody rules) | 7 (client money rules) | 7A | 8 | 9 (PBDA) | 10 Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

The rule that requires a bank which is providing designated investment business to a client to notify it that the money the bank holds for them is held as banker and not as trustee, and that the client money distribution rules will not apply should the bank fail. Fun fact: if you don’t provide designated investment services, you don’t have to make this disclosure. Therefore Monzo, which just operates as an ordinary old bank, doesn't need to.

See: Monzo Terms and conditions.