News
Below you will find a range of published articles which I hope you find of interest. You may also be interested in obtaining a copy of a book of which Anthony Smith is one of the co-authors through the link below. A topical news item will be added on a regular basis and I am more than happy to receive contributions via our Contact Page.
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News articles for October 2011
1 item found
CASS Fine
Published: October 2011
By: Anthony Smith
Another client money fine from the FSA with a £494,000 fine for Towry sends a strong message from the regulator that they will not tolerate errors in the handling of client money especially when you tell them nothing is wrong. Somehow a response went to a Dear CEO letter saying they complied with the CASS rules when clearly there were significant problems.
This is all about segregation and timely reconciliations. Although there was a surplus of money in the pot the reconciliation process had not clearly split out client money and firm's money and without accurate reconciliations there could have been delays in the event of a default.....
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