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Template:Nutshell CASS Treatment of shortfalls: Difference between revisions
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Template:Nutshell CASS Treatment of shortfalls (view source)
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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> | ||