CASS Assurance

CASS assurance refers to the process of reviewing and reporting on a firm’s compliance with the FCA’s Client Assets Sourcebook (CASS) rules. These rules govern how firms hold or control client money and assets, with the aim of protecting clients in the event of firm failure or operational issues. For FCA-regulated firms, CASS assurance is vital because it ensures that systems and controls are in place to safeguard client funds and that these processes are being applied correctly on an ongoing basis. Failing to comply with CASS rules can lead to regulatory penalties, reputational damage, and even the withdrawal of a firm’s authorisation. At Millet Audit, we provide independent CASS assurance services to give firms the confidence that they are meeting their regulatory obligations. We take the time to review your systems, identify any weaknesses, and provide practical recommendations to strengthen your processes. By doing so, we help you reduce risk, protect client interests, and maintain a strong relationship with the regulator. For many firms, regular CASS assurance also demonstrates a commitment to good governance and accountability, which is increasingly valued by clients and stakeholders in London’s competitive financial market.

A CASS audit or assurance review involves a thorough examination of a firm’s systems and controls related to client assets and money. At Millet Audit, we begin by understanding how your firm operates, the type of client assets you manage, and the processes you currently have in place for reconciliation, segregation, and record-keeping. Our team then reviews your procedures in detail, testing whether they comply with FCA rules and identifying any gaps or areas of risk. If you are required to submit a CASS audit report to the FCA, we prepare this in line with regulatory requirements. Throughout the process, we work closely with you to provide clear explanations and practical advice, avoiding unnecessary jargon or technical complexity. We also provide recommendations to strengthen your internal controls, helping you remain compliant in the long term. Because we also carry out statutory audits, we can deliver a joined-up approach if your firm requires both services. A well-executed CASS audit provides peace of mind not only for regulatory compliance but also for client trust and business reputation, which are essential for success in London’s competitive financial services sector.

Whether your firm needs CASS assurance each year depends on the nature of your business and your regulatory permissions. Firms that hold or control client money and assets are usually required to have a CASS audit or assurance review annually. The FCA uses these reports to confirm that your firm is meeting its obligations and to ensure that client assets are being protected. At Millet Audit, we recommend that firms review their systems regularly, even outside of the mandatory annual audit, because client asset compliance is an ongoing responsibility rather than a one-off exercise. Changes in your business, such as new services, increased client funds, or growth in transaction volumes, can all affect your CASS obligations. By working with us on a regular basis, you can be confident that your systems remain robust and that you will be fully prepared for your annual audit or FCA review. Our proactive approach ensures that any potential issues are identified and resolved well in advance, helping you to avoid regulatory scrutiny or penalties. For London-based firms operating in a fast-paced financial environment, regular CASS assurance is a vital part of good governance.