If you’re looking for a statutory trust account, you’ve probably come across the FCA CASS Handbook. This document contains rules on how to set up and operate a statutory trust account. The rules are in place to ensure a robust protection of funds and control over claims owed to policyholders. Listed below are some of the rules you should be aware of. They’re designed to protect the money of policyholders and protect the interests of investors.
The FCA Client Assets Sourcebook contains rules for firms that hold money and other safe custody assets for their clients. Firms must follow these rules to protect the interests of their clients, and are required to keep a monthly account statement. This will allow the FCA to determine the health of the firm. These rules may also help you avoid future scandals and help you to rebuild consumer trust in the financial services industry. In addition to these rules, firms must have a good record of implementing them.
The FCA Handbook also includes the definition of TTCAs. TTCAs are arrangements that transfer full ownership of assets to a third party, but which cover obligations to the original client. TTCAs are legal agreements between a client and a financial firm. These agreements can be used as collateral for obligations that are not covered by the client’s assets. In addition, TTCAs allow firms to avoid holding cash and securities in escrow.
