Client Money & Assets Exam – Quiz 07

Last Updated: June 2024

Table of Contents

CISI Exam Quiz 07 Topics Covers:

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
be able to apply the standard methods of internal client money reconciliation
understand how to deal with reconciliation discrepancies
know what the margined transaction requirement is
understand the requirements for the segregation of safe custody assets
know the obligations created by the permissions
understand the different legal obligations that arise in respect of custody relationships
understand the implications and risks of intragroup models and third party appointments
understand firms’ responsibilities in respect of the selection, appointment, and review of a third party custodian
understand the rules concerning depositing assets outside of the UK
understand the requirements for third party custody agreements

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