We handle the audit, client money and regulatory reporting work that FCA-regulated firms have to get right. MMBA Accountants supports e-money institutions, payment institutions, insurance intermediaries, claims management companies and investment firms across the UK.
FCA-regulated firms carry audit, reporting and client money obligations that most businesses never face. Your FCA permissions decide which returns you file, which CASS rules apply and whether you need a CASS audit, while your size and structure decide whether you need a statutory audit on top.
At MMBA Accountants, we act as FCA accountants and registered auditors for e-money, payments, insurance intermediary, claims management and investment firms across the UK.
Your CASS report goes to the FCA with a schedule listing every rule breach found in the period. So our financial services audit team plans the work around your permissions and how you actually hold client money, not around a standard accounts file. So we plan the work around your permissions and how you actually hold client money, not around a standard accounts file.
Our FCA work covers five types of regulated firms. Each one follows its own rules, and most have their own chapter in the Client Assets Sourcebook (CASS).
Electronic money institutions issue e-money under the Electronic Money Regulations 2011 and safeguard customer funds under CASS 15. We carry out statutory audits and CASS 15 safeguarding audits for EMIs.
Authorised payment institutions (APIs) safeguard customer funds under CASS 15, while small payment institutions (SPIs) are registered with the FCA under the Payment Services Regulations 2017. We carry out CASS 15 safeguarding audits for APIs and prepare accounts and regulatory returns for APIs and SPIs.
Insurance intermediaries that hold client money while arranging insurance follow the CASS 5 client money rules. We carry out CASS 5 audits and prepare accounts and tax returns for insurance intermediaries.
Claims management companies have been regulated by the FCA since 1 April 2019, and those holding client money follow CASS 13. We carry out CASS 13 audits and prepare accounts for CMCs.
Investment firms that hold client money follow the CASS 7 client money rules, and UK MiFID investment firms (under the UK's onshored MiFID regime) can't use the small company audit exemption. We carry out CASS 7 audits and statutory audits for investment firms.
Talk to accountants for FCA-regulated businesses who understand your permissions, your CASS chapter and your RegData deadlines. Book a free initial consultation, and we’ll confirm what your firm needs.
Mirza Sonaver Baig is a Director at MMBA with extensive experience in accountancy and more than a decade of experience working with regulated businesses. He advises FCA-regulated businesses on accountancy, tax, compliance and regulatory matters across sectors including electronic money institutions, payment institutions, insurance intermediaries, claims management companies and investment firms.
His FCA work includes FCA authorisation applications, Variations of Permission (VoP), RegData submissions, regulatory reporting and CASS audits and assurance work. His experience includes CASS 5, CASS 7, CASS 13 and CASS 15 requirements, covering client money and safeguarding arrangements.
MMBA Accountants provides audit, regulatory reporting and accounting services for regulated firms, from the annual audit to changes in your permissions.
Some regulated firms can't use the small company audit exemption, and FCA audit rules in SUP 3 require others to appoint an auditor. We carry out statutory and external audits under the Companies Act 2006, reporting on whether your financial statements give a true and fair view.
Many firms that hold client money or safeguard customer funds need an independent CASS audit, depending on their permissions and how the money is held. We carry out CASS 5, CASS 7, CASS 13 and CASS 15 audits, including reasonable assurance and limited assurance engagements.
Regulated firms submit their financial returns through the FCA's RegData system, and each return has its own deadline. We prepare and submit RegData returns and handle the accountancy side of your FCA compliance.
Firms carrying on regulated activities under the Financial Services and Markets Act 2000 (FSMA) need FCA authorisation. We support authorisation applications, including the financial information the FCA reviews.
Authorised firms that want to add, remove or change regulated activities apply to the FCA for a Variation of Permission. We help firms prepare VoP applications and plan for any new reporting or CASS requirements that follow.
FCA-regulated firms still have year-end accounts, corporation tax, VAT and payroll deadlines alongside their regulatory ones. We handle accounts, bookkeeping, tax, VAT and payroll for FCA-regulated businesses.
Businesses across the UK, including regulated firms, rate our audit, accounts and tax work on Google.
MMBA Accountants was established in 2009. We’re a firm of ACCA Chartered Certified Accountants and registered auditors, and FCA-regulated businesses are one of our core specialist sectors.
Our partners bring a combined 40+ years of experience from Big 4 and Top 10 accounting firms, including KPMG, EY, BDO, RSM and Azets.
CASS engagements are carried out in the firm’s name and led by our directors, so senior people look after your audit. We work from offices in London, Preston, Cambridge and Luton and serve FCA-regulated firms throughout the UK.
0203 355 0841
Need a CASS audit, help with your RegData returns or support with an FCA application? Call our team to talk through your firm’s requirements.
Read our latest guidance on FCA reporting, client money and audit requirements for regulated firms.
We work with e-money institutions, payment institutions, insurance intermediaries, claims management companies and investment firms. Our audit team covers the CASS chapter that applies to each one.
Most accountancy firms aren’t authorised by the FCA. Firms carrying out audit work are registered with a recognised supervisory body instead, and MMBA Accountants is registered to carry out audit work by the ACCA.
Yes, we carry out both. A reasonable assurance report covers client money or custody assets a firm held during the period. A limited assurance report applies to firms, such as investment firms, that claim not to have held client money or custody assets. Some firms need a hybrid of both.
Yes, we prepare and submit RegData returns for FCA-regulated firms. RegData is the FCA’s system for collecting regulatory returns, and we work from the same figures as your accounts.
FCA accountants provide audit, regulatory reporting and accounting services for firms regulated by the Financial Conduct Authority. At MMBA Accountants, that includes statutory and CASS audits, RegData returns, FCA authorisation and Variation of Permission applications, accounts, tax and payroll.
It depends on your firm type and permissions. E-money institutions and most authorised payment institutions are safeguarded under CASS 15; insurance intermediaries holding client money follow CASS 5; claims management companies follow CASS 13; and investment firms holding client money follow CASS 7. Small payment institutions aren’t automatically in scope of CASS 15, although they can opt in.
Yes. Our director, Mirza Sonaver Baig, leads FCA authorisation and Variation of Permission applications, including the financial information the FCA reviews when it assesses your firm.
Fees depend on your firm type, your permissions, the CASS chapters involved, the quality of your records and your deadlines. We agree on fees upfront after understanding your requirements, so you know the cost before any work starts.
