A slotting cutter includes a disc-like cutter body rotatable in a predetermined direction on a central axis perpendicular to a plane of the cutter body. The cutter body includes a stop slot, an upper cam slot and a lower slot. A plurality of pockets adapted to receive a cutting inset are formed about a perimeter of the body. A cantilevered clamping member includes a bottom surface with a pair of clamping surfaces that engage a pair of angled clamping surfaces on a top surface of the cutting insert during operation. A wrench is provided to lift the cantilevered clamping member for inserting, indexing or removing the cutting insert from the slotting cutter. The wrench includes two fixed pins and a floating pin that prevents the cantilevered clamping member from bending too far and limiting the useful life of the slotting cutter.