We have previously reported on the UK Financial Services Authority’s (FSA) Client Money and Asset Report (the Report), published in January 2010 (click here to see our previous blog post).

On 19 January 2010, the FSA sent a Dear CEO letter to firms regarding their consideration of the Report and compliance with their client money and assets obligations.

On 20 May 2010, the FSA sent another Dear CEO letter, setting a final deadline of 30 June 2010 for all firms to report back:

  1. that they have properly considered the content of the letter and the Report;
  2. whether or not the firm is in compliance with its client money and assets obligations; and
  3. the name and contact details of the person who has overall responsibility for compliance with the FSA’s client money and assets requirements.

The Dear CEO letter dated 20 May 2010 can be viewed by clicking here.