Template:Nutshell CASS Treatment of shortfalls: Difference between revisions

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}}.<br>
+CASS {{cassprov|6.6.54}}R applies where there is an unresolved {{fcaprov|shortfall}}. Until it is resolved the {{fcaprov|firm}} must:
-:(1) Until it is resolved, the {{fcaprov|firm}} must either:
+*segregate and hold sufficient money or {{fcaprov|applicable assets}} to cover the {{fcaprov|shortfall}} away from its own property;
-::(a) hold enough {{fcaprov|applicable assets}} to cover the {{fcaprov|shortfall}} and, in doing so: <br>
+*record the {{fcaprov|shortfall}}, the relevant {{fcaprov|client}}s, and the relevant money and {{fcaprov|applicable assets}} being held, and
-:::(i) separate the {{fcaprov|applicable assets}} from the {{fcaprov|firm}}’s own property, recording them in its {{fcaprov|client-specific safe custody asset record}} as being held for the relevant {{fcaprov|client}}; <br>
+*update that record as soon as the discrepancy is resolved. <br>
-:::(ii) record the {{fcaprov|shortfall}}, the relevant {{fcaprov|client}}s, and the {{fcaprov|applicable assets}} the {{fcaprov|firm}} has appropriated; and <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>
-:::(iii) update that record whenever the discrepancy is resolved; or
-::(b) hold enough money to cover the {{fcaprov|shortfall}} as {{fcaprov|client money}} and, in doing so: <br>
-:::(i) ensure it is segregated and recorded as being held for the relevant {{fcaprov|client}}; <br>
-:::(ii) record the {{fcaprov|shortfall}}, the relevant {{fcaprov|client}}s, and amount of money the {{fcaprov|firm}} has appropriated; and <br>
-:::(iii) update that record whenever the discrepancy is resolved; or
-::(c) a combination of the two.
-:(3) If another {{fcaprov|person}} is responsible for the discrepancy then 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 under (2) for the treatment of {{fcaprov|shortfall}}s until that discrepancy is resolved. <br>