Client Money & Assets Exam – Quiz 04

Last Updated: June 2024

Table of Contents

CISI Exam Quiz 04 Topics Covers:

know the geographical application of CASS rules
know which permissions could give rise to client money obligations
know how permission to hold client money is granted
know the difference between holding client money and deposit taking
understand the application of the banking exemption
know the roles and responsibilities of the following in relation to client assets protection
know the classifications of authorised firms as per CASS 1A
understand the normal approach to client money segregation
know where, and into which types of account, client money can be deposited
know the definitions of general client bank accounts and designated client bank accounts
know the function of an acknowledgement letter
be able to apply the requirements of CASS to completing an acknowledgement letter, using the FCA templates
understand when money becomes client money, including the treatment of interest and commission
understand when money ceases to be client money
know the treatment of allocated but unclaimed client money
know how to treat mixed remittance
know the requirements around client money held in different currencies
know the difference between client bank accounts and client transaction accounts and the different treatment of each
understand the alternative approach to client money segregation and the approaches to managing risk arising from its use
know the rules around allocation of client money, including unidentified and unallocated amounts
understand the concept of prudent segregation
know the record-keeping requirements around prudent segregation
understand the use of exemptions available within the client money rules
understand firms’ responsibilities in respect of bank selection, appointment, and review
understand the client money diversification rules
know which books and records should be maintained and their function
understand the purposes of the internal and external client money reconciliations
know how often the client money reconciliations must be performed
be able to apply the external reconciliation requirements
understand the difference between the standard methods and nonstandard methods of internal client money reconciliation

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