Securities & Markets

CISI Collective Investment Schemes Administration (IOC) (UK)

Master the syllabus with our official CISI Accredited Training Partner (ATP) study suite. Master the administration, regulation, and pricing of collective investment schemes — from UCITS and OEICs to ACS and LTAF structures — for the CISI Investment Operations Certificate exam.

200 Practice Questions Detailed Study Notes Realistic Mock Exams

Course syllabus information reviewed for 2026. Always check the awarding body’s latest official syllabus and candidate updates before booking or sitting your exam.

Exactly what is included

5 mock exams × 50 questions · 200 unique questions · 250 total question slots · unlimited retakes
Focus Learn · key areas, pitfalls, exam traps & key numbers
Flashcards · fun, fast and effective recall
Exam cheat sheet · key facts, rules and numbers by chapter
Audio Learning · every chapter in audio
AI Analyzer & Mentor · pinpoints your weak areas
Study Mode Exams · learn while you train
AI Chat trained specifically for this exam
Community-polished data, improved every day
Up-to-date, accuracy-checked content

AI Audio Summaries New

Listen to course modules on the go. Perfect for studying while driving or commuting.

🎧 Audio

* This is a chapter sample. All audio is available in the full version.

Collective Investment Schemes Administration with Smart Practice

Stop struggling with dense FCA rulebooks. This is a complete exam simulation system designed to help you master the CISI CISA syllabus from legal structures through taxation.

We've distilled the COLL sourcebook, Consumer Duty rules, and pricing mechanics into a dynamic learning environment that adapts to your needs. No more guesswork — just targeted, interactive practice that builds real exam confidence.\n\nCISI Academy is an official Accredited Training Partner (ATP) of the Chartered Institute for Securities & Investment.\nAs an official partner, we provide study materials aligned with the latest syllabus to ensure your exam success.\n

Key Benefits

Official CISI ATP Partner

Study with confidence using materials aligned with the syllabus published by the Chartered Institute for Securities & Investment.

✓ Direct alignment with the official CISI syllabus.
✓ Content reviewed by CISI certified professionals.
✓ Official recognition of training quality.

AI Audio Summaries New

Listen to course modules on the go. Practice anytime, anywhere - even while driving or commuting.

✓ Studio-quality AI voice narration.
✓ Perfect for auditory learners.
✓ Maximize your study time during daily commutes.

Listen to a sample

Strategic Mock Exams

Five timed 50-question mocks aligned to the official 60-minute CISA format.

✓ Proportional chapter weighting across all 10 chapters.
✓ Scenario-based MCQs matching CISI examiner style.
✓ Instant feedback with detailed explanations.

200+ High-Yield Questions

Source-grounded, independently authored scenario questions.

✓ Covers UCITS limits, pricing, income, and tax rules.
✓ Dual-pricing creation/cancellation and swing pricing.
✓ FSMA 2000, Consumer Duty, and FCA authorisation rules.

AI Exam Mentor

Your private tutor trained on the CISA workbook and COLL sourcebook.

✓ Explains UCITS 5/10/40% rules clearly.
✓ Clarifies dilution levy vs swing pricing.
✓ Available 24/7 for immediate support.

150 Rapid-Recall Flashcards

12 per chapter plus 30 Number Recall cards for key thresholds.

✓ FOS £455,000, FSCS investment protection £85,000, SDRT 0.5%.
✓ Report deadlines, distribution timelines.
✓ Mobile-friendly for studying on the go.

High-Yield Cheat Sheets

105 exam traps and key rules condensed for final-hour review.

✓ All UCITS, NURS, QIS, LTAF distinctions.
✓ Trustee vs Depositary, AFM vs ACD roles.
✓ Pricing mechanics: dual, single, swing, dilution.

Syllabus

Module 1: Collective Investment Schemes (CISs) 2 marks out of 50

🎧 Audio

Legal structures (AUT, OEIC, ACS), regulatory categories (UCITS, NURS, QIS, LTAF), and key characteristics of authorised funds.

• AUT vs OEIC vs ACS legal structures.
• UCITS, NURS, QIS, and LTAF categories.
• Guaranteed vs protected funds.
• Physical vs synthetic fund structures.
• Umbrella funds and share classes.

Module 2: The Regulatory Framework 9 marks out of 50

FSMA 2000, FCA objectives, Consumer Duty, and key legislation governing CIS administration.

• FSMA 2000 and FCA regulatory powers.
• Consumer Duty (July 2023) obligations.
• FOS £455,000 award limit and FSCS £85,000 investment-business compensation.
• AML (POCA 2002 / MLR 2017) and Bribery Act.
• GDPR / DPA 2018 data protection obligations.

Module 3: Key Roles and Responsibilities 4 marks out of 50

AFM, ACD, trustee, depositary, transfer agent, registrar, and auditor duties under COLL.

• AFM (AUT) vs ACD (OEIC) distinctions.
• Trustee (AUT) vs Depositary (OEIC) strict liability.
• Transfer agent and registrar functions.
• 0.5% pricing error reporting trigger.
• Auditor 4-month deadline and rotation rules.

Module 4: Diversification and Investment Limit 5 marks out of 50

UCITS 5/10/20/25/35/40% rules, NURS wider powers, and QIS/LTAF flexibilities.

• UCITS 5/10/40% transferable securities limits.
• GAPS regime allowing 35% in government securities.
• NURS: 35% in one eligible regulated scheme, 15% in one property on acquisition, and 20% aggregate unapproved securities.
• Stock lending controls and the 10% temporary borrowing limit for UCITS/NURS.
• Money Market Fund types: CNAV, LVNAV, VNAV.

Module 5: Valuations and Pricing 5 marks out of 50

Forward pricing, single vs dual pricing, swing pricing, dilution levy, and SDRT.

• Forward pricing and valuation points (minimum twice monthly).
• Dual pricing: issue price vs cancellation price.
• Single pricing and the dilution levy (0.5% de minimis).
• Swing pricing: full swing and partial swing.
• SDRT 0.5% and 4-significant-figure rounding rule.

Module 6: Unit Dealing and the Register 8 marks out of 50

Dealing procedures, settlement (4 business days), ISA wrappers, and cancellation rights.

• Issue and cancellation of units/shares.
• Settlement within 4 business days of valuation point.
• 14-day cancellation right under COBS 15.
• ISA and JISA rules for CIS investments.
• Contract note content and 1 business day issuance.

Module 7: Launching a New CIS 5 marks out of 50

FCA authorisation process, scheme documentation, KIID/NURS-KII, and financial promotions.

• FCA authorisation: 2 months (UCITS); 6 months (NURS, QIS, LTAF).
• Prospectus content and disclosure requirements.
• KIID and NURS-KII Document obligations.
• PRIIPs KID for non-UCITS retail funds.
• FCA financial promotion rules under COBS.

Module 8: Unit/Shareholder Rights 4 marks out of 50

AGMs, EGMs, extraordinary resolutions (75%), and investor rights under COLL.

• Annual General Meetings and extraordinary resolutions (75% threshold).
• Annual report within 4 months; half-yearly within 2 months.
• Assessment of Value (AoV) obligations.
• AFM removal by 75% unitholder vote.
• FSCS and FOS complaint procedures.

Module 9: Income 4 marks out of 50

Income allocation, distribution types, equalisation, and unclaimed distribution rules.

• Dividend, interest, and property income distributions.
• Distribution payment deadline: 4 months after accounting reference date.
• Equalisation: Group 1 vs Group 2 unit holders.
• PAIF streaming and TEF regime.
• Unclaimed distributions after 6 years.

Module 10: Taxation 4 marks out of 50

UK income tax on distributions, CGT, SDRT, offshore fund reporting, and PAIF/TEF tax treatment.

• Dividend tax: 10.75% (basic), 35.75% (higher), 39.35% (additional); £500 allowance for 2026–27.
• CGT rates: 18% (basic) / 24% (higher) on shares.
• SDRT 0.5% on UK equity purchases.
• Offshore funds: reporting vs non-reporting fund status.
• PAIF and TEF tax-transparent structures.

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Solid question bank that covers all the tricky parts of the syllabus. Better than just reading the textbook on my own.

Frequently Asked Questions

The CISI Collective Investment Schemes Administration (IOC) exam is a Computer-Based Test of 50 multiple-choice questions in 60 minutes. The pass mark is 70% (35 out of 50), and it is available on demand through CISI global test centres.

CISA is primarily taken by fund administrators, transfer agents, compliance professionals, and operations staff working in asset management and fund administration. It is part of the CISI Investment Operations Certificate (IOC).

CISA covers the full lifecycle of CIS administration: legal structures (AUT/OEIC/ACS), FCA regulatory framework, AFM/trustee/depositary roles, UCITS investment limits, pricing mechanics (dual/single/swing), income and distributions, ISA rules, financial promotions, and UK taxation of fund income.

Yes — the course is mapped to CISI CISA syllabus Version 20, effective 21 March 2026, including the £500 dividend allowance, 2026–27 dividend rates, current 18%/24% main CGT rates, and FCA COLL requirements.

The course is organised around the official CISI CISA workbook, Version 20 syllabus and official sample paper. Current regulatory figures are checked against their responsible UK public bodies.

We do not guarantee a pass — the CISA exam requires genuine understanding of FCA regulation and fund administration rules. Our mock exams replicate the question style and chapter weighting to help you identify weak areas before the real exam.

You get lifetime access from the moment of purchase. Study at your own pace with no time limits or recurring fees.

Yes — the entire platform is mobile-responsive. Pricing mechanics flashcards, UCITS limit summaries, and the AI tutor all work seamlessly on any device.

As an official CISI Accredited Training Partner, our provider holds ATP status and our materials are structured around the current CISI syllabus. This gives you a structured, exam-focused companion to the official workbook.

Yes! Test your knowledge and review detailed explanations with the free CISI Collective Investment Schemes Administration (IOC) Mock Exam Preview below. It contains 15 exam-style questions from one named syllabus topic; the full course provides complete mock exams and syllabus coverage.

Interactive preview

Free CISI Collective Investment Schemes Administration (IOC) Practice Questions & Exam Preview

Try 15 CISI Collective Investment Schemes Administration (IOC) practice questions from Fund Reports and Accounts

Practice CISI Collective Investment Schemes Administration (IOC) exam questions with answers and explanations. The full course includes 5 mock exams and complete syllabus coverage.

Exam Preview

Fund Reports and Accounts

Question 1 of 15

An authorised unit trust has reported taxable profits of £25 million for its accounting period. According to the accelerated instalment regime, when is its first quarterly corporation tax payment due?

1 / 15

Flashcards

Card 1 of 10Chapter 1: CIS Types & Structures

Question

What makes an authorised CIS 'open-ended'?

Tap to reveal answer

Focus Learn

Key Examinable Areas10

The four benefits of investing via a CIS: diversification, economies of scale, professional management, and accessibility
The four main asset classes: cash, fixed interest (gilts/corporate bonds), property (direct/indirect), equities (UK/overseas)
The three legal structures of UK authorised CISs: AUT (trust law), OEIC/ICVC (company law), ACS (co-ownership/LP)
The four regulatory categories under COLL: UCITS, NURS, QIS, LTAF — and which are AIFs under AIFMD
UCITS passport — ability to market across EU member states under Directive 2009/65/EC
Standalone vs umbrella fund structure and the principle of sub-fund asset segregation
Difference between guaranteed funds (full coverage by a third party) and capital-protected funds (partial, disclosed protection)
Income units/shares vs accumulation units/shares and how AMC varies by share class
Physical vs synthetic investment structures and the counterparty risk of synthetic funds
Role of the Authorised Fund Manager (AFM) — FCA authorised, responsible for operating the CIS

Common Pitfalls to Avoid5

Exam Traps4

Key Numbers9

Chapter 1: Collective Investment Schemes (CISs)

A Collective Investment Scheme (CIS) pools money from multiple investors into a single 'scheme', enabling participants to access a more diversified investment portfolio than they could achieve individually. By pooling resources, a CIS can buy a wider range of securities, reducing the risk that any single poorly-performing asset causes a significant capital loss. The larger transaction sizes also improve efficiency: a smaller proportion of the total value is lost on fees, charges and bid-offer spreads. This concept of economies of scale is a central rationale for the existence of CISs.

Why CISs Exist — Core Benefits The primary benefit to investors is diversification: spreading money across many assets reduces the impact of any one investment failing. A second benefit is **access t…

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Who Is This For?

✓ Fund administrators and operations professionals

✓ Back-office and middle-office analysts

✓ Transfer agents and registrar staff

✓ Compliance officers in asset management

✓ Anyone needing to pass the CISI CISA exam efficiently

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