Regulation · Regime · United Kingdom · Regulator rule or rulebook · Financial Conduct Authority
FCA Client Assets Sourcebook (CASS)
The FCA Handbook rules on how firms protect client money and client assets they hold, including custody (CASS 6) and client money (CASS 7). The cryptoasset regime adds CASS 16 for stablecoin backing assets and CASS 17 for client cryptoassets from 25 October 2027, while tokenised securities held in custody stay under CASS 6.
In force
Key points
- CASS 6 applies to firms holding financial instruments for clients in MiFID business, safeguarding and administering investments, or acting as depositary of an AIF or UK UCITS.[1]
- CASS 7 applies to client money arising from safeguarding cryptoassets, but not to firms issuing qualifying stablecoins.[2]
- Custody of relevant specified investment cryptoassets (tokenised securities) remains under CASS 6 for now.[2]
- Firms that custody tokenised securities (RSICs) still need authorisation as cryptoasset custodians under the new regime, but apply CASS 6 rather than CASS 17 when safeguarding them; the FCA plans further engagement on tokenised asset custody and possible CASS changes.[2]
- The FCA said in May 2026 it would consider how CASS may evolve for tokenisation in light of industry feedback.[3]
What it covers
Timeline
- 30 Jun 2026 · AmendedCASS 16 and CASS 17 finalised as part of the cryptoasset regime.[2]
- 25 Oct 2027 · Amended · upcomingCASS 16, CASS 17 and crypto-related CASS 6 changes take effect.[1]
Instruments
- FCA Handbook CASS 16: Stablecoin backing assetsRegulator rule or rulebook · Final, not yet in force · 25 Oct 2027
- FCA Handbook CASS 17: Cryptoasset custodyRegulator rule or rulebook · Final, not yet in force · 25 Oct 2027
- FCA Handbook CASS 6: Custody rulesRegulator rule or rulebook · In force
Deployments operating under it
None recorded with a source yet.
Sources
- [1]CASS 6 Custody rules — FCA Handbook. Accessed 12 Oct 2026.A
- [2]Cryptoasset regime: final rules and guidance (policy statements PS26/9 to PS26/13) — Financial Conduct Authority, 30 Jun 2026. Accessed 12 Oct 2026.A
- [3]FCA and Bank of England set out shared vision for tokenisation in UK wholesale markets — Bank of England, 18 May 2026. Accessed 12 Oct 2026.A