11 October was the deadline for CP13/5 responses on the FCA’s proposed changes to, amongst other things, CASS 7. It’s highly likely that the FCA will get its way and push through material changes to the current CASS 7 Client money rules. And rightly so as they want firms to reconcile client money faster, more accurately and with improved record keeping – all to ensure consumers are not let down by those holding their money.
The client money reconciliations and recordkeeping section of the consu
We recently worked with Aite Group on a benchmark survey exploring the reconciliation challenges facing financial services firms. The benchmark threw up a number of interesting findings around issues such as an over-reliance on manual processes, delays in onboarding and issues in handling non-standard and inter-system recs. In this first of a series of blogs on the benchmark findings, I will examine how a ‘one-size-fits-all’ approach no longer fits the bill.
Many banks are trying to use yesterday
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