13 - client assets

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Last updated 11:24 AM on 10/11/26
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6 Terms

1
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what is client money

money with no other purpose but to be held for the client

2
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2 rules on client money

  • must be held separately from firm money

  • must be checked ‘as often as necessary’


3
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2 exceptions to these rules

DVP transactions (up to T+3)

money ‘due and payable to the firm’

4
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what is a DVP transaction

delivery vs payment:


a securities settlement method that guarantees the transfer of securities happens only when the matching payment is made

5
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where are these rules kept

the CASS (client assets) section of the FCA handbook

6
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why are these rules in place

restrict mixing of client and firm assets


minimise the risk of client investments being used by the firm in the event of insolvency