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Status: You are viewing the version of the handbook as on 2016-02-03.

CASS 11.3 Responsibility for CASS operational oversight

CASS small debt management firm other than a not-for-profit debt advice body

CASS 11.3.1RRP

A CASS small debt management firm, other than a not-for-profit debt advice body, must allocate to a director or senior manager performing a significant-influence function responsibility for:

  1. (1)

    oversight of the firm's operational compliance with CASS 11;

  2. (2)

    reporting to the firm's governing body in respect of that oversight; and

  3. (3)

    completing and submitting a CCR005 return in accordance with SUP 16.12.29C R.

CASS small debt management firm that is a not-for-profit debt advice body

CASS 11.3.2RRP

A CASS small debt management firm that is a not-for-profit debt advice body must allocate to a director or senior manager:

  1. (1)

    oversight of the firm's operational compliance with CASS 11;

  2. (2)

    reporting to the firm's governing body in respect of that oversight; and

  3. (3)

    completing and submitting a CCR005 return in accordance with SUP 16.12.29C R.

CASS large debt management firm: the CASS operational oversight function (CF10a)

CASS 11.3.3GRP

CASS 11.3.4 R describes the FCA controlled function known as the CASS operational oversight function (CF10a) in relation to CASS large debt management firms, including not-for-profit debt advice bodies. As a consequence of CASS 11.3.4 R (in conjunction with SUP 10A.4.1 R and SUP 10A.7.10 R), in a CASS large debt management firm (including a not-for-profit debt advice body fitting into that category) the function described in CASS 11.3.4 R is required to be discharged by a director or senior manager who is an approved person under the approved persons regime provided for in SUP.

CASS 11.3.4RRP

A CASS large debt management firm must allocate to a director or senior manager the function of:

  1. (1)

    oversight of the operational effectiveness of that CASS debt management firm's systems and controls that are designed to achieve compliance with CASS 11;

  2. (2)

    reporting to the CASS debt management firm's governing body in respect of that oversight; and

  3. (3)

    completing and submitting a CCR005 return to the FCA in accordance with SUP 16.12.29C R.

CASS 11.3.5RRP

If, at the time a CASS debt management firm becomes a CASS large debt management firm in accordance with CASS 11.2.8 R, the firm is not able to comply with CASS 11.3.4 R because it has no director or senior manager who is an approved person in respect of the CASS operational oversight function, the firm must:

  1. (1)

    take the necessary steps to ensure that it complies with CASS 11.3.4 R as soon as practicable, which must at least include submitting an application for a candidate in respect of the CASS operational oversight function within 30 business days of the firm becoming a CASS large debt management firm; and

  2. (2)

    until such time as it is able to comply with CASS 11.3.4 R, allocate to a director or senior manager performing a significant-influence function responsibility for:

    1. (a)

      oversight of the firm's operational compliance with CASS 11;

    2. (b)

      reporting to the firm's governing body in respect of that oversight; and

    3. (c)

      completing and submitting a CCR005 return to the FCA in accordance with SUP 16.12.29C R.

Record of responsibility for CASS operational oversight

CASS 11.3.6RRP
  1. (1)

    Subject to (2), a CASS debt management firm must make and retain an appropriate record of the person to whom responsibility is allocated in accordance with, as applicable, CASS 11.3.1 R, CASS 11.3.2 R, and CASS 11.3.4 R.

  2. (2)

    A CASS small debt management firm must make and retain such a record only where it allocates responsibility to a person other than the person in that firm who performs the compliance oversight function.

  3. (3)

    A CASS debt management firm must ensure that a record made under this rule is retained for a period of five years after it is made.