Related provisions for CASS 11.2.6
1 - 3 of 3 items.
(1) A CASS debt management firm must, once every year and by the time it is required to make a notification in accordance with CASS 11.2.4 R, determine whether it is a CASS large debt management firm or a CASS small debt management firm according to the amount of client money which it held during the previous year or, if it did not hold client money during the previous year, according to the amount of client money it projects to hold in the following year, in each case using the
CASS debt management firm typesCASS debt management firm typeHighest total amount of client money held during the CASS debt management firm's last calendar year or as the case may be that it projects that it will hold during the current calendar yearCASS large debt management firmAn amount equal to or greater than £1 millionCASS small debt management firmLess than £1 million
Once every calendar year, a CASS debt management firm must notify the FCA, in writing, of the information in (1), (2) or (3), as applicable, and the information in (4), in each case no later than the day specified in (1) to (4):(1) if it held client money in the previous calendar year, the highest total amount of client money held during the previous calendar year, notification of which must be made no later than the fifteenth business day of January; or (2) if it did not hold
The requirements imposed on a CASS debt management firm that holds client money vary depending on whether a firm is classified as a CASS small debt management firm or a CASS large debt management firm in CASS 11.2.3 R (CASS debt management firm types). CASS 11.1.4 R to CASS 11.1.6 R indicate which rules in the debt management client money chapter apply to which category of firm.
Subject to CASS 11.1.6 R, only the rules and guidance in the debt management client money chapter listed in the table below apply to CASS small debt management firms.ReferenceRuleCASS 11.1.1 R to CASS 11.1.4 R and CASS 11.1.6 RApplicationCASS 11.2.1 R to CASS 11.2.9 GFirm classificationCASS 11.3.1 R to CASS 11.3.2 R and CASS 11.3.6 RResponsibility for CASS operational oversightCASS 11.4.1 G to CASS 11.4.4 GDefinition of client money and discharge of fiduciary dutyCASS 11.5.1 R