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Mandates - CASS Provision: Difference between revisions
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===Commentary=== | ===Commentary=== | ||
Per the guidance from CASS 8.2.2, "a {{cassprov|mandate}} can take any written form and need not state that it is a {{cassprov|mandate}}. For example it could take the form of a standalone document containing certain information or conferring a certain authority on the {{cassprov|firm}}, a specific provision within a document or agreement that also relates to other matters, or a combination of provisions within a number of documents which together meet the conditions in CASS {{cassprov|8.2.1}} | Per the guidance from CASS 8.2.2, "a {{cassprov|mandate}} can take any written form and need not state that it is a {{cassprov|mandate}}. For example it could take the form of a standalone document containing certain information or conferring a certain authority on the {{cassprov|firm}}, a specific provision within a document or agreement that also relates to other matters, or a combination of provisions within a number of documents which together meet the conditions in CASS {{cassprov|8.2.1}} | ||
So says Eversheds: | |||
{{quote|The mandate rules (CASS 8) require firms carrying on investment business or insurance mediation business to establish and maintain certain internal controls when they have mandates to reduce the risk of a firm misusing a mandate. As the rules are currently drafted this only applies in relation to mandates received in written form. The FCA is proposing to extend this to all mandates that a firm receives that are not in written form (for example credit card details provided over the telephone).}} | |||
{{cassanatomy}} | {{cassanatomy}} | ||