Introduction to Client Assets

The protection of client assets is a key priority of the Central Bank of Ireland (the “Central Bank”). The purpose of the client asset regime is to safeguard client assets by ensuring firms adhere to general principles and prescriptive requirements in this regard. The objectives of the client asset regime are:

(1) maintaining public confidence in the client assets regime;

(2) minimising the risk of loss or misuse of client assets by authorised entities; and

(3) in the event of the insolvency of an entity, enabling the efficient and cost effective return of those assets to clients.

Overview of the Client Asset Specialist Team (CAST) 

CAST was established in July 2012 following a recommendation in the ‘Review of the Regulatory Regime for the Safeguarding of Client Assets’ report. CAST has cross-sectoral ownership within the Central Bank for client asset risk. The primary role of CAST is to supervise and inspect client asset arrangements and monitor the risks to the safekeeping of client assets in relevant firms. It undertakes both routine client asset/investor money supervision and also carries out non-routine investigative work both on-site and off-site in respect of client assets/investor money.   

Industry Letter - 20 April 2017

The Central Bank undertook a themed review during Q4 2016 – Q1 2017 to assess how investment firms, that are permitted to hold client assets, have implemented the client asset risk management requirements. The aim of the themed review was to evaluate how the role of the ‘Head of Client Asset Oversight’ (the “HCAO”) is discharged and how the ‘Client Asset Management Plan’ (the “CAMP”) has been developed and embedded within each of the inspected investment firms. The purpose of the industry letter is to provide feedback on the Central Bank’s findings and to highlight good practices. 

Industry Letter - 20 April 2017 | pdf 483 KB

IMR Reporting Obligations

The Central Bank has published guidance on how to report breaches and other reportable matters through the Online Reporting System - June 2016 - IMR Reporting Guidance

Please also see link to the reporting template

Contact details

For general Client Asset / Investor Money queries, please contact:CAST@centralbank.ie