Related provisions for CASS 8.2.5
1 - 4 of 4 items.
1A mandate is any means that give a firm the ability to control a client's assets or liabilities, which meet the conditions in (1) to (5): (1) they are obtained by the firm from the client, and with the client's consent;(2) where those means are obtained in the course of, or in connection with, the firm'sinsurance distribution activity4, they are in written form at the time they are obtained from the client;(3) they are retained by the firm;(4) they put the firm in a position
A mandate can take any form and need not state that it is a mandate. For example it could take the form of:333(1) a standalone document containing certain information conferring authority to control a client's assets or liabilities on the firm;3(2) a specific provision within a document or agreement that also relates to other matters; or3(3) an authority provided by a client orally.3
The instructions referred to at CASS 8.2.1 R (4) are all instructions given by a firm to another person who also has a relationship with the firm'sclient. For example, the other person may be the client'sbank, intermediary, custodian or credit card provider. This means, for example, that any means by which a firm can control a client's money or assets for which it is itself responsible to the client (rather than any other person) would not amount to a mandate. This includes where
(1) If a firm obtains the means by which it can give the types of instructions referred to in CASS 8.2.1 R (4), but its use of those means is subject to any limits or conditions, then this does not necessarily prevent those means from being a mandate. For example, a client might require that a firm uses a mandate only in connection with transactions up to a certain value.(2) However, if a firm obtains the means by which it can give the types of instructions referred to in CASS
The records and internal controls required by CASS 8.3.1 R must include:(1) an up-to-date list of each mandate that the firm has obtained, including a record of any conditions placed by the client or the firm's management on the use of the mandate and, where a mandate was received in non-written form in the course of, or in connection with, its designated investment business, the details required under CASS 8.3.2C R1;(2) a record of each transaction entered into under each mandate
1An entry in a firm's list of mandates underCASS 8.3.2 R (1) that relates to a mandate that was received in non-written form (eg in a telephone call) in the course of, or in connection with, its designated investment business must, as well as the information referred to at CASS 8.3.2 R (1), include the following details:(1) the nature of the mandate (eg debit card details);(2) the purpose of the mandate (eg collecting insurance premiums);(3) how the mandate was obtained (eg by
1When keeping its list of mandates under CASS 8.3.2 R (1) up to date:(1) a firm should create a new entry in the list each time the firm obtains a new mandate;(2) if, for an existing entry on its list, a firm obtains the same information meeting the conditions in CASS 8.2.1 R again (eg in a written confirmation following a paperless direct debit), the additional mandate is not a new mandate and the firm should not create another entry on the list; but(3) the firm should, for every
A firm should distinguish between conditions placed by a client on the firm's use of a mandate, and criteria to which transactions effected by a firm with or for a client may be subject.(1) The requirements in CASS 8.3.2 R (1) and CASS 8.3.2 R (3) apply only in respect of conditions placed around the firm's use of a mandate itself or around the instructions described in CASS 8.2.1 R (4). Examples of these include conditions under which a mandate may only be used by the firm in
3The mandate rules only apply to a firm that has a mandate, and do not affect the duties of any other person to whom the firm is able to give the types of instructions referred to in CASS 8.2.1R (4). For example, if a person (A) has accepted a deposit from a client, and a firm (B) has a mandate in respect of that client'sdeposit held by A, the mandate rules only apply to B, and do not affect the duties of A in relation to the deposit.