Client Money & Assets Exam – Quiz 03

Last Updated: June 2024

Table of Contents

CISI Exam Quiz 03 Topics Covers:

know the rules on organisational arrangements as set out in CASS 6 and CASS 7
know firms’ obligations to notify the FCA of breaches in accordance with CASS 6 and 7
understand the role responsible for CASS operational oversight within a firm, and its relationship with Prescribed Responsibility z
know the requirements for the content and submission of the Client Money and Assets Return (CMAR)
understand the elements of good oversight, including appropriate governance, training, compliance, risk management, and internal audit
understand the firm’s oversight responsibilities in respect of outsourcing arrangements
know the duty of the CASS auditor to submit a client assets report
know the difference between a reasonable assurance engagement and a limited assurance engagement and when these apply
know the content, format, and submission deadline of the Client Assets Report and be aware of the FRC standard that applies
know the role of the Financial Reporting Council (FRC) in respect of the Client Asset Assurance standard
know in what circumstances the Financial Services Compensation Scheme will pay compensation, and how much
know the definitions of a primary pooling event and a secondary pooling event
know how client money is treated in a primary pooling event
know how client money is treated in a secondary pooling event
know the contents of and the requirements for updating a CASS resolution pack
understand the timeframes for retrieval of this information and what this means for operational support
know firms’ obligations to notify the FCA of breaches in accordance with CASS 10
know what records and internal controls have to be maintained in respect of mandates
know the obligations regarding reporting and information to clients contained in CASS 9
know the different types of agreement depending on the service provided and the main clauses that impact on the administration of the client account
understand the objectives of the UK CASS regime and the interaction with the FCA’s statutory objectives
know the importance of legal entity separation
understand the importance of client agreements
understand the difference between contractual and actual settlement and the key implications for client assets segregation
know that the UK operates a trust regime and other types of regime (agency and custodial regimes)
understand the fundamental concepts of trust law, including the concept of fiduciary duty, statutory trust and pollution of the trust
know how legal title is registered and recorded
understand the meaning and purpose of the elements of the FCA Handbook that are relevant to client assets protection, including
Senior Management Arrangements, Systems and Controls (organisational arrangements) (SYSC)
understand the scope of regulated activities which could give rise to client assets

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