The FCA Client Money Rules for General Insurance: Complying with CASS 5
Jim Dart is a career insurance professional, having spent more than 46 years as a broker, an underwriter in the Lloyd’s market, part of a composite insurer’s claims team and, for the past 20+ years, in regulatory compliance, where he is Managing Director of dart Compliance, a specialist General InsurSurveyance compliance consultancy.
He is a Chartered member of the CISI and holds the International Advanced Certificate in Regulatory Compliance from the International Compliance Association (ICA).
Content & Learning: Bullet points setting out the areas you will be covering:
- Identifying whether firms operate under CASS 5.2, 5.3 or 5.4 or a hybrid model
- How to correctly complete the RMAR Section C Client money return
- The client money calculation requirements
- Actions which could inadvertently affect the trust status of the accounts
Objectives:
- Understand the differences between Client Money and Risk Transfer funds
- Be able to identify common TOBA errors which make Risk Transfer ‘conditional’
- Be aware of the FCA requirement to segregate and Statutory and Non-Statutory Trust accounts
- Examine the method, aims and outcomes for the Client Money Calculation
- Know the criteria triggering annual Client Money Audits
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