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CASS 15 Annex 1 acknowledgement letter checklist

A practical record of the steps firms typically need to obtain, track and retain an acknowledgement letter for each relevant safeguarding institution — without treating a software checklist as a substitute for the prescribed FCA form.

What the acknowledgement letter is

CASS 15 Annex 1 is the prescribed acknowledgement letter used with relevant institutions that hold relevant funds or relevant assets. Its operational purpose is to create a clear, dated record that the institution understands the nature of the account and the restrictions that apply to it. The letter sits with account designation, due diligence and resolution-pack records, not as a standalone filing task.

See the current chapter at FCA Handbook CASS 15 and the annex itself at CASS 15 Annex 1.

When firms may need it

A letter is typically required for each relevant safeguarding institution and each relevant account arrangement, subject to the detailed Handbook rules and the firm's permissions. Not every payment firm has the same account structure. Confirm which institutions, legal entities and accounts are in scope before issuing correspondence.

Use the prescribed FCA wording

The Handbook prescribes the form. Informal bank templates, historic CASS 7 letters and internally drafted substitutes can create a record that looks complete while failing the required wording or the correct legal entity. Do not treat a completed relationship letter as equivalent to Annex 1 unless the current Handbook form has been checked.

Operational checklist

1. Identify the correct legal entity and institution. Match the firm's authorised entity, the institution's legal name and the account-holding branch or entity that will sign. A letter for the wrong company does not evidence the live arrangement.
2. Identify the relevant account or accounts. Record account names, identifiers and the safeguarding purpose of each account. One institution may hold more than one relevant account.
3. Issue, sign and date the letter. Use the current prescribed form, send it to the correct counterparty, and retain the executed dated copy. Track who issued it and when.
4. Track outstanding responses. Keep an open item until the executed letter is back. Ageing outstanding requests should be visible to the control owner, not only in email.
5. Store the executed letter in the resolution pack. The letter belongs with the CASS 10A resolution pack inventory so it can be retrieved with the rest of the safeguarding record.
6. Review the record when accounts, institutions or arrangements change. New accounts, novations, bank migrations and closed arrangements all require the inventory to be updated.
7. Evidence ownership, status and review. Record who owns the letter, its status (outstanding, executed, superseded), the review date and where the file is stored.

How this connects to daily safeguarding work

An acknowledgement letter does not replace daily internal or external reconciliation. It is part of the account architecture those reconciliations assume. If the letter is missing, unsigned, out of date or held for the wrong entity, the operating record is incomplete even if daily totals appear to agree. Use the safeguarding gap analysis to see whether letter tracking sits with the rest of the control set.

This guide is general operational information, not legal or regulatory advice. Confirm the current prescribed form against the FCA Handbook and obtain professional advice where needed.