Posted In Communications

Axiom Content Update – 95 day fixed term deposits

We’ve added a series of mapping screens relating to 95 day fixed term deposits under CASS 7.13 -> Bank Accounts which can be used to track information relating to this topic if you so wish.

The new screens are as follows:

Topic Rule References Control objective Details
Client bank accounts CASS 7.13.12 to 7.13.19 95 day fixed term deposit condition If a client bank account is a deposit account with a fixed term of over 30 days, the term during which withdrawals are prohibited or the notice period for withdrawals does not exceed 95 days overall (taking into account any non business days)
Client bank accounts CASS 7.13.12 to 7.13.19 95 day fixed term deposit policy If a client bank account is used which is a deposit account with a fixed term between 30 and 95 days, a policy (“95 day fixed term deposit policy”) is in place which sets out:

  1. the maximum proportion of client money held in such accounts, along with appropriate rationale
  2. how the risk of being unable to access client money when required will be managed, eg. by making appropriate adjustments to the amount being held in such deposit accounts based on historic and expected future cashflows
  3. analysis of such risk exposure based on appropriate timeframes and stress scenarios
Client bank accounts CASS 7.13.12 to 7.13.19 95 day fixed term deposit policy revision The firm’s 95 day fixed term deposit policy is subject to periodic review and amendment where appropriate, eg. where the analysis of risk exposure and stress scenarios require updating
Client bank accounts CASS 7.13.12 to 7.13.19 95 day fixed term deposit policy retention The firm’s 95 day fixed term deposit policy is retained for a minimum of five years after 1) the policy is last revised, or 2) the deposit accounts in question are no longer used
Client bank accounts CASS 7.13.12 to 7.13.19 95 day fixed term deposit disclosure If the client bank account is a deposit account with a fixed term between 30 and 95 days, an appropriate written disclosure is made to clients explaining the risks which arise as a result of the longer notice period for withdrawals

The previous objective labelled ‘Fixed term deposit condition (1)’ has been deprecated and marked accordingly. Any mappings currently in place on this objective are not affected.

These screens can be used to map responses in the normal way. If you do not wish to use these, or they are not relevant, you can mark these as not applicable using the “Manage Applicability” feature.

If you encounter any problems or have any questions about this update, please let us know at support@axiomhq.com.

| Fri, May 25th, 2018

Shaun Jeavons is a Product Owner at AxiomHQ. He manages the Quality of Life improvements for the Axiom platform liaising with the internal technical team and external clients.

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Email: info@axiomhq.com or Call +44 (0) 20 3965 2166

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