Clients' Assets Reports ("CAR") - Thematic feedback and updates to CAR procedures

The Authority has today published its thematic feedback on the first round of CAR submissions made for financial years ending on or after 1 January 2017 to 31 December 2017.  The feedback can be found here.

The Authority has also made some changes to the Clients’ Assets Report and Procedures, the key changes being:-

  • Clarification around sample sizes with new examples;
  • The presentation of data in relation to the number of client bank accounts and the number of transactions that typically pass through the account(s) selected for sample testing;
  • Additional column in the Exception Logs to differentiate between Rule Book Breaches and Best Practice points; and   
  • Amendments to clarify that the last reconciliation in the period should be tested for each account in the sample selection. 

Licenceholders and their Auditors (where audit is required under the risk based approach) should use the updated Clients’ Assets Report and Procedures with immediate effect, unless testing has already commenced.


Andrew Kermode
Head of Banking, Funds & Investments Division
Tel: +44 (0)1624 689320