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Financial Services Accountants

Accounting for financial advisers, wealth managers, investment firms, and fintech companies with FCA compliance and client money regulations.

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Written by Asrah Abbas, ACA / ACCA — Principal at Westfin Accountants Ltd
Chartered accountant with 12+ years of UK practice experience. Member of the Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA).
Last updated:

In plain English

FCA-regulated firms have additional accounting requirements: CASS (client money), regulatory capital, consolidated supervision, and the FCA’s annual GABRIEL/RegData returns. Westfin handles capital adequacy reporting, CASS audits, and partial-exemption VAT for mixed taxable/exempt firms.

Sector-specific tax matters

The reliefs, schemes and risks that consistently apply in this sector — with HMRC source links so you can verify everything we say.

CASS — client money rules

CASS 6/7 require segregation of client money in separate trust accounts, daily reconciliations, and annual CASS audit by an FCA-registered auditor.

Reference (gov.uk)
Partial exemption VAT

FS firms supplying both taxable (e.g. advisory) and exempt (e.g. broking) services must apportion input VAT. De minimis: £625/month + ≤ 50% of total input tax.

Reference (gov.uk)
Investment Firms Prudential Regime (IFPR)

Since Jan 2022, MIFIDPRU firms apply IFPR — K-factors, ICARA, fixed-overhead requirement. Quarterly REP005 and annual ICARA submission.

Reference (gov.uk)

Common Financial Services Accounting Challenges

FCA regulatory reporting

Client money (CASS) compliance

Commission and fee tracking

Multi-entity consolidation

Professional indemnity insurance

Complex regulatory capital

Our Financial Services Solutions

FCA reporting automation

Client money reconciliation

Commission tracking systems

Consolidated group reporting

Regulatory capital monitoring

CASS audit preparation

Specialized Services for Financial Services

FCA regulatory reporting (RMAR, GABRIEL)

Client money (CASS) accounting

Commission and trail fee tracking

Regulatory capital calculations

Professional indemnity compliance

Group consolidation for holding structures

Financial Services FAQs

What is CASS and do we need it?

Client Assets Sourcebook (CASS) rules apply if you hold client money or investments. We implement compliant processes including daily reconciliations and segregated accounts.

What FCA reports do we need to file?

Requirements vary by permission but typically include annual RMAR (Retail Mediation Activities Return), GABRIEL for audit firms, and potentially COREP/FINREP for larger firms.

How do you calculate regulatory capital?

Regulatory capital depends on your activities (base capital, professional indemnity, or percentage of income). We monitor compliance monthly to avoid breaching FCA thresholds.

Ready to Get Started?

Speak to our Financial Services accounting specialists today