CASS Audits: Behind the Safeguards That Protect Client Money
28/07/2025
For many investors, trustees, and business owners, confidence in their financial arrangements goes beyond returns. It’s about how securely money is held, recorded, and protected, especially when it’s with a regulated third party.
That’s where CASS audits come in: a behind-the-scenes assurance that firms are meeting the FCA’s rules around the safeguarding of client assets.
If you hold money through an investment platform, SIPP provider, discretionary manager or trustee firm, you may never see the audit itself, but these rules are working to protect you every day.
What Is a CASS Audit?
Under the Client Assets Sourcebook (CASS) – part of the FCA Handbook, any firm that holds or controls client money must follow strict operational requirements to ensure your funds are:
- Segregated from the firm’s own money
- Accurately recorded and reconciled
- Reported on clearly, consistently, and in a timely manner
To demonstrate this, firms must undergo an annual CASS audit by a qualified auditor. The applicable rules depend on the nature of their business for example:
- CASS 5 applies to insurance intermediaries
- CASS 6 governs custody assets
- CASS 7 applies to client money arrangements
The audit tests whether the firm has the right controls, systems, and oversight in place to meet FCA expectations and to deliver real peace of mind to the clients whose funds they manage.
Why Does This Matter?
You may not read the audit report, but you feel its results.
A strong CASS audit tells us a firm:
- Manages client money with structure, not assumption
- Maintains clear, reliable records
- Operates under the right governance and accountability
This is especially critical when dealing with significant sums, legacy planning, or complex structures involving trustees or regulated intermediaries.
At Prydis, We Deliver CASS Audits
We provide CASS audits for firms across the UK, including platforms, SIPP providers, fund managers, and intermediaries.
But we also work closely with clients on the other side – individuals, families, trustees, and business owners, helping them understand what good financial stewardship looks like from a compliance and structural perspective.
Because CASS isn’t just about meeting minimum requirements. It’s about ensuring every layer of your financial world is operating with integrity and intention.
From Regulatory Box-Ticking to Strategic Assurance
Good governance isn’t about dodging breaches. It’s about being proactive, creating internal frameworks that support resilience and trust.
As the FCA raises expectations, particularly through the Senior Managers & Certification Regime (SMCR), personal accountability has become just as important as policy compliance.
That’s why Prydis focuses not just on completing the audit, but on delivering insights firms can actually use to improve controls and confidence.
A Regional Perspective with National Reach
With offices in Exeter (our head office), Liskeard, and Newquay, and clients across Devon, Cornwall, and nationwide, we understand how regulated structures often sit at the core of complex financial arrangements – from pensions to business holdings to family trusts.
Our team blends audit expertise with deep knowledge of wealth and financial planning, ensuring that whether you’re managing the audit, preparing for one, or relying on one, you know what to expect and why it matters.
Our Approach
Whether you’re:
- A regulated firm preparing for your annual audit
- A trustee or business owner engaging with CASS-regulated providers
- Or simply looking to understand how these protections support your financial plan…
…we’re here to help you build clarity and structure into every layer of your arrangements.
CASS audits may not grab headlines, but the confidence they enable often speaks louder than performance.
Want to know how CASS compliance fits into your wider financial or regulatory planning?
Let’s talk.