Our FCA Investment Firms Manual provides you with the current and permanent file programmes needed to undertake an FCA client assets (CASS) audit engagement for an investment firm, in accordance with the FRC's Client Assets Assurance Standard.
The manual also includes:
- a programme to provide a limited assurance report where the firm claims not to hold client money or custody assets
Our FCA Investment Firms Manual can be browsed online or sections of content or commentary can be downloaded in Microsoft Word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.
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Manual Details
Content
- Guidance notes that provide you with essential background knowledge on the scope of FCA regulation of the investment firms sector including the introduction of the new prudential regime (IFPR) for MiFID firms. They cover the key aspects of the audit and reporting requirements for such businesses, including the FRC's Client Assets Assurance Standard.
- Example letters, which include engagement terms for a limited company designated investment firm that sets out the FCA aspects of the engagement and supplementary example management representation letter points.
- Example CASS 7 assurance reports for both reasonable and limited assurance engagements. (A limited assurance report in this context states that the firm did not hold client money or custody assets during the period.)
- Permanent file documentation to help ensure that permanent files contain adequate specialist information.
- Current file documentation to enable you to provide a CASS 7 audit report for an FCA investment firm, comprising of planning, completion and work programmes which cover client money, custody assets, collateral and mandates, third party administrators and sundry areas. An alternative work programme for providing the limited assurance report where no client money or custody assets are held is also provided.
Latest Update
July 2025
The principal technical changes in this update include:
- Removal of superseded firm categorisations.
- Changes to the Engagement terms of business to include use of artificial intelligence (AI) and other best practice amendments.
May 2025
The principal technical changes in this update include:
- The new size criteria for companies.
October 2024
The principal technical changes in this update include:
- Revisions in accordance with the FRC's Revised Ethical Standard;
- Update of the guidance notes for the use of RegData for FCA reporting;
- Removal of content for periods commencing before 15 December 2021 as this is no longer relevant; and
- Best practice amendments.
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Mercia online manuals are updated regularly by our technical staff and you will be notified of any significant regulatory changes by email.
Your subscription will automatically auto-renew on anniversary date, you will be notified by email before your subscription expires and offered the option to opt out of auto-renewal.
System Requirements
- Internet access.
- Operating System: Windows, Mac IOS.
- Applications: Full version of Microsoft Office or Mac equivalent, PDF Reader.
Technical Queries
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