The FSA published a consultation paper on 9 August 2011 containing proposals for certain firms to submit information to the FSA about their recovery and resolutions plans (Living Wills or RRPs) and their client money and assets (a CASS resolution pack). The intention is to ensure that adequate and suitable information is available to an insolvency practitioner if a firm fails.
The section on RRPs applies to banks, building societies and large investment firms. The section on CASS resolution packs will apply to all firms who hold client money and assets in relation to investment business. This may include some firms who are not required to have RRPs.