LMA Recruitment
CASS Operations Specialist
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CASS / Client Assets Operations
Location: Central London
Working pattern: Hybrid – 3 days per week in the office
Salary: £60,000–£80,000
An established international bank is expanding its UK offering into Wealth Management following recent regulatory approval and is looking to appoint an experienced CASS professional to play a key role in establishing and running its new client assets and custody operating environment. This is a particularly interesting opportunity for someone who has worked extensively with CASS 6 and CASS 7 and understands not only how to operate within an established CASS framework, but what is required to build, implement and maintain a robust CASS operating model.
Working within the Bank's Operations department, you will become the dedicated CASS specialist and take ownership of the day-to-day controls and processes required to ensure client money and custody assets are handled safely and in accordance with FCA requirements.
The Role
You will be responsible for helping establish and subsequently manage the Bank's CASS and custody operating environment as its Wealth Management business develops.
Responsibilities will include:
- Supporting the implementation and ongoing management of the CASS 6 and CASS 7 operating framework.
- Establishing robust processes, procedures and controls for the safeguarding of client money and custody assets.
- Performing and overseeing client money and custody asset reconciliations.
- Ensuring appropriate segregation, books and records and client asset controls are maintained.
- Monitoring and investigating reconciliation breaks, shortfalls, exceptions and potential CASS breaches.
- Establishing appropriate escalation, remediation and root-cause analysis processes.
- Supporting custody and settlement processes and relationships with relevant custodians and counterparties.
- Maintaining CASS procedures, governance documentation and appropriate management information.
- Supporting the maintenance of the CASS Resolution Pack and relevant regulatory reporting requirements.
- Working closely with Operations, Compliance, Risk, Finance, Treasury and senior management.
- Supporting internal and external CASS audits and regulatory reviews.
- Identifying control weaknesses and implementing improvements as the Wealth Management business develops.
- Ensuring the CASS operating model remains appropriate as client activity and assets under administration grow.
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About You
This role requires someone with a proven track record in traditional CASS/client assets and custody operations within a UK FCA-regulated financial services environment. You should have:
- Strong practical knowledge of CASS 6 and CASS 7.
- Previous experience within client money and/or custody asset operations.
- A strong understanding of client asset safeguarding and segregation requirements.
- Hands-on experience with CASS reconciliations and investigating reconciliation breaks.
- Experience establishing, improving or taking ownership of CASS procedures and controls.
- Knowledge of custody and settlement processes.
- Experience supporting CASS audits, regulatory reviews and/or CASS governance.
- An understanding of CASS Resolution Packs and relevant regulatory reporting.
- Strong risk awareness with the ability to identify control weaknesses and implement appropriate solutions.
- The confidence to operate as a CASS subject matter expert within a small team and work independently where required.
- Strong communication and stakeholder management skills.
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Experience of Euroclear, CREST or other custody/settlement infrastructure would be advantageous.
Please note: This is not a traditional payments or e-money safeguarding position. Candidates should be able to demonstrate substantive experience within CASS 6/7, custody assets and/or traditional client asset operating models.
The Team
While you will work closely with the wider Operations team, this is a new specialist position with distinct responsibility for CASS and custody activities as the Bank develops its Wealth Management offering.
The successful candidate therefore needs to be comfortable taking ownership and applying their existing CASS expertise to a developing operating environment.
Package
- £60,000–£80,000 basic salary
- Generous Annual leave, plus Bank Holidays
- Additional paid Festive Season Shopping Day
- Paid moving-home day
- Paid day off for your birthday
- 12% non-contributory pension
- Discretionary bonus scheme
- Hybrid working – 3 days per week in the Central London office
This is an excellent opportunity for an experienced CASS professional who wants to move beyond simply operating established processes and play a meaningful role in building and developing a new CASS and custody framework within a growing Wealth Management business.
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