On 6 April 2020, the FCA published a new web page concerning client assets and COVID-19. The FCA reports that it has received queries on client assets (CASS) compliance related to the current disruption caused by the COVID-19 pandemic.

On the web page the FCA summarises queries received on the following topics and its position on them:

  • Handling cheques;
  • CASS audit reports;
  • Physical asset reconciliations;
  • Depositing client money;
  • Notification of CASS breaches;
  • CASS firm classification; and
  • Delays to improvement programmes.