CASS & TPA Oversight: Jason Young ??

In the 5th edition of the JCR Journal, we speak to Jason Young about the relationship between CASS & TPA Oversight.

Jason has worked in CASS for over 10 years leading teams in the TPA oversight space at some of Europe's largest FS firms. All of Jason's thoughts and opinions below are his own.

Why is TPA Oversight important in CASS?

The Company has a responsibility not only to the FCA and the Directors of said company but also and perhaps more importantly its clients. The CASS “office” must be able to clearly demonstrate that they have a very clear understanding of what their TPA partners are doing and that they are carrying out their duties as per the CASS regulations.

How has TPA Oversight changed in recent years?

In several ways- the move to outsourcing certain processes overseas has meant a reliance on desk-based oversight which some may feel is not strong enough, however with the high quality of overseas teams in my view has led to a more resilient process of BAU tasks, the enhancements in technology and automation are clearly they forward.

What 3 things would you recommend focusing on when looking to improve TPA Oversight?

1) Benchmarking with other TPA’s , your existing TPA/s might be doing a fantastic job, however looking at what their competitors do might show some improvements for now or the future, it also demonstrates what is “industry best practice”.

2) It goes without saying reviewing breaches and near misses are a must have process/procedure , mistakes do happen but when the same mistake is repeated several times potentially something is going wrong which should be investigated and discussed with the TPA.

3) Work with your TPA, explain to them why a certain task is important what impact this will have, engage with the TPA teams explain to them what your company does , future plans , what has gone well and what has not , always try and work as a partnership.

What part does tech/AI have to play in TPA Oversight?

Technology will always play a major part in TPA oversight be it auto recs, trade testing etc. It will be very interesting to see how AI plays out but I do see this being a tool that could be used in the call centres to ascertain client sentiment/experience.

What transferable skills work well for someone looking to start a career in the CASS/TPA Oversight space?

Someone who has actually done the task, e.g. dealing and a TA and NAV calculations and a FA or experience of carrying out either internal or external audits.

A huge thank you to Jason for his insight into CASS & TPA Oversight??

If you'd like to get involved in future editions of the JCR Journal, feel free to DM or email [email protected] ??

Want to find out more about JCR Talent ? Check us out here ??

On behalf of JCR Talent ? Your Expert Partner for CASS & Compliance Recruitment?? , I'd like to wish you all a very Merry Christmas and a successful 2024! ??