CASS & Reconciliations Team Lead

undefined ago • 3 Years +

Job Summary

Job Description

The CASS and Reconciliations Team Lead is responsible for ensuring compliance with the FCA and JFSC client asset regulations while overseeing the accuracy and integrity of daily reconciliations. This role combines regulatory oversight with operational leadership, working with a team that safeguards client money and custody assets. Key responsibilities include leading daily oversight and sign-off of client money and custody asset reconciliations, maintaining the CASS Resolution Pack, reviewing CMAR, monitoring breaches, and supporting audits.
Must have:
  • Lead daily oversight and sign-off of client money and custody asset reconciliations.
  • Maintain and update the CASS Resolution Pack (CASS 10).
  • Review the Client Money and Asset Return (CMAR) to the FCA.
  • Monitor and investigate breaches, ensuring timely escalation and root cause analysis.
  • Conduct daily reconciliation reviews, ensuring breaks are resolved promptly.
  • Oversee the integrity of internal and external reconciliations.
  • Support and coordinate internal and external audits, including the annual CASS audit.
  • Ensure robust record-keeping and audit trails are maintained.
  • Maintain CASS policies, procedures, and control frameworks.
  • Collaborate with Compliance, Risk, Operations, and Finance.
  • Identify and implement process improvements and automation opportunities.
  • Ensure timely escalation of issues and contribute to governance reporting.
Good to have:
  • Investment Operations Certificate (IOC)
  • CASS-specific certifications

Job Details

The CASS and Reconciliations Team Lead is responsible for ensuring compliance with the FCA and JFSC client asset regulations while overseeing the accuracy and integrity of daily reconciliations. This role combines regulatory oversight with operational leadership, working with a team that safeguards client money and custody assets.

Responsibilities

  • Lead the daily oversight and sign-off of client money and custody asset reconciliations in accordance with CASS 6 and 7, and JFSC rules.
  • Maintain and update the CASS Resolution Pack (CASS 10), ensuring all documentation is complete, accurate, and accessible.
  • Review the Client Money and Asset Return (CMAR) to the FCA within regulatory deadlines.
  • Monitor and investigate breaches, ensuring timely escalation, root cause analysis, and implementation of remedial actions.
  • Conduct daily reconciliation reviews, ensuring breaks are resolved promptly and accurately.
  • Oversee the integrity of internal and external reconciliations, including bank, depot, and client money reconciliations.
  • Support and coordinate internal and external audits, including the annual CASS audit, acting as the primary point of contact.
  • Ensure robust record-keeping and audit trails are maintained in line with regulatory expectations.
  • Maintain CASS policies, procedures, and control frameworks, ensuring they are up to date and effective.
  • Collaborate with Compliance, Risk, Operations, and Finance to ensure alignment on CASS-related matters.
  • Identify and implement process improvements and automation opportunities to enhance reconciliation efficiency and accuracy.
  • Ensure timely escalation of issues to the Head of CASS and Reconciliations and contribute to governance reporting.

Requirements

  • Minimum 3 years’ experience in financial services, with a strong focus on CASS compliance and client money/custody asset reconciliations.
  • In-depth knowledge of FCA CASS rules (especially CASS 6, 7, 8 and 10)
  • Experience in leading a reconciliations or operations team
  • Understanding of CMAR reporting, CASS Resolution Pack (RP) maintenance, and audit preparation.
  • Demonstrated ability to identify, investigate, and remediate CASS breaches and reconciliation breaks.
  • Excellent analytical and problem-solving skills, with a high level of attention to detail.
  • Strong stakeholder management and communication skills, with the ability to liaise effectively across Compliance, Risk, Finance, and external auditors.
  • Proficiency in reconciliation systems, Excel, and data analysis tools.
  • Ability to work under pressure, manage competing priorities, and meet regulatory deadlines.
  • Experience in process improvement, control enhancement, and automation initiatives.
  • Relevant professional qualifications (e.g. Investment Operations Certificate (IOC), CASS-specific certifications) are desirable.

If you receive and accept an offer from us, we require that personal and any related investments be disclosed confidentiality to our Compliance team (days vary by region). These investments will be reviewed to ensure they meet Code of Ethics requirements. If any conflicts of interest are identified, then you will be required to liquidate those holdings immediately. In addition, dependent on your department and location of work certain employee accounts must be held with an approved broker (for example all, U.S. employee accounts). If this applies and your account(s) are not with an approved broker, you will be required to move your holdings to an approved broker.

Morningstar’s hybrid work environment gives you the opportunity to work remotely and collaborate in-person each week. While some positions are available as fully remote, we’ve found that we’re at our best when we’re purposely together on a regular basis, typically three days each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you’ll have tools and resources to engage meaningfully with your global colleagues.

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