This chapter (the debt management client money chapter) applies to a CASS debt management firm that receives or holds client money as set out in this chapter.
CASS 11.1 Application
You are viewing CASS 11.1 Application as of . CASS 11.1 Application was last updated on 01/04/2014.
CASS 11.1 Application
01/04/2014R
01/04/2014G
The requirements imposed on a CASS debt management firm that holds client money vary depending on whether a firm is classified as a CASS small debt management firm or a CASS large debt management firm in CASS 11.2.3 R (CASS debt management firm types). CASS 11.1.4 R to CASS 11.1.6 R indicate which rules in the debt management client money chapter apply to which category of firm.
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The debt management client money chapter applies (to the extent indicated by CASS 11.1.4 R to CASS 11.1.6 R) to a CASS debt management firm, even if at the date of the determination or, as the case may be, the notification, referred to in CASS 11.2.4 R, the CASS debt management firm is not holding client money, provided that:
- (1)
it held client money in the previous calendar year; or
- (2)
it projects to hold client money in the current calendar year.
Application to CASS small debt management firms
01/04/2014R
Subject to CASS 11.1.6 R, only the rules and guidance in the debt management client money chapter listed in the table below apply to CASS small debt management firms.
| Reference | Rule |
|---|---|
| CASS 11.1.1 R to CASS 11.1.4 R and CASS 11.1.6 R | Application |
| CASS 11.2.1 R to CASS 11.2.9 G | Firm classification |
| CASS 11.3.1 R to CASS 11.3.2 R and CASS 11.3.6 R | Responsibility for CASS operational oversight |
| CASS 11.4.1 G to CASS 11.4.4 G | Definition of client money and discharge of fiduciary duty |
| CASS 11.5.1 R and CASS 11.5.2 R | Organisational requirements |
| CASS 11.6.1 R and CASS 11.6.2 G | Statutory trust |
| CASS 11.7.1 G and CASS 11.7.5 G | Selecting an approved bank at which to hold client money |
| CASS 11.8.1 G to CASS 11.8.13 R | Client bank account acknowledgement letters |
| CASS 11.9.1 R to CASS 11.9.13 G | Segregation and the operation of client money accounts |
| CASS 11.10.1 R to CASS 11.10.7 G | Payments to creditors |
| CASS 11.11.1 R to CASS 11.11.12 R, CASS 11.11.30 R and CASS 11.11.32 G | Records, accounts and reconciliations |
| CASS 11.12.1 G to CASS 11.12.7 R | CASS 11 resolution pack |
| CASS 11.13.1 R to CASS 11.13.14 R | Client money distribution in the event of a failure of a firm or approved bank |
Application to CASS large debt management firms
01/04/2014R
Subject to CASS 11.1.6 R, the rules and guidance in the debt management client money chapter apply to CASS large debt management firms, except where indicated otherwise in the relevant rule.
Solicitors
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- (1)
An authorised professional firm regulated by the Law Society of England and Wales, the Law Society of Scotland or the Law Society of Northern Ireland that, with respect to its regulated activities, is subject to the following rules of its designated professional body, must comply with those rules and, if it does so, it will be deemed to comply with the debt management client money chapter.
- (2)
The relevant rules are:
- (a)
if the firm is regulated by the Law Society of England and Wales, the SRA Accounts Rules 2011;
- (b)
if the firm is regulated by the Law Society of Scotland, the Law Society of Scotland Practice Rules 2011; and
- (c)
if the firm is regulated by the Law Society of Northern Ireland, the Solicitors' Accounts Regulations 1998.
- (a)