Template:Nutshell CASS Treatment of shortfalls

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.