FCA Operator Practice Exam Prep: Practice Test & Study Guide

In the context of the FCA, 'CASS' refers to the Client Assets Sourcebook. This set of rules is critical as it outlines the regulatory framework governing how firms must manage client money and assets. The primary objective of CASS is to ensure that clients' assets are protected in the event of a firm’s insolvency. This includes requirements for safeguarding client funds and ensuring proper record-keeping and reconciliation processes. By establishing clear guidelines on how firms should handle these assets, CASS aims to maintain confidence in the financial system and to protect consumers' interests. Understanding CASS is essential for compliance professionals and financial institutions, as it directly impacts their operational procedures and risk management strategies.