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All firms holding client money or assets must apportion responsibility for CASS operational oversight to an appropriate senior manager or director performing a significant influence function (SIF) within the firm
To prevent intra-group contagion (a situation painfully illustrated by the placement of 50 of Lehman Brothers International (Europe)'s client money with a group bank which became insolvent), firms will be subject to a 20 maximum limit on intra-group client money deposits in client bank accounts from 1 June 2011
It is clear that the FSA regards client asset failings as an industry-wide problem and has established a specialist Client Assets Unit (Unit) to tackle these failings
