Herbert Smith Freehills LLP | United Kingdom | 31 Mar 2011
FSA fines for client money and asset failings continue to make the headlines.
Herbert Smith Freehills LLP | European Union, United Kingdom | 31 Jan 2011
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.
Herbert Smith Freehills LLP | United Kingdom | 31 Jan 2011
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.
Herbert Smith Freehills LLP | United Kingdom | 31 Jan 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.
Herbert Smith Freehills LLP | United Kingdom | 31 Jan 2011
Subject to certain exceptions, the use of general liens in custody agreements will be prohibited from 1 March 2011.
Herbert Smith Freehills LLP | United Kingdom | 8 Jul 2010
The collapse of Lehman Brothers highlighted various problems with the current UK regulatory regime for client asset protection.