The protection of client money is of the utmost importance to the FSA, relating as it does to the statutory objective of consumer protection and Principle for Business 10 - 'A firm must arrange adequate protection for clients' assets when it is responsible for them'

The Client Asset Rules, found in the CASS chapter of the FSA's handbook, have changed fairly extensively as a result of the implementation of MiFID at the end of 2007. Most notably, professional clients engaged in MiFID business are no longer able to 'opt out' of receiving client money protections.  it is therefore essential that firms familiarise themselves with the new CASS sourcebook, in which parallel regimes operate for MiFID and non-MiFID business.