CISI Collective Investment Schemes Administration (IOC)
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.
Updated for 2026. 100% matching with the latest official workbook revisions.
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.
Key Benefits
Strategic Mock Exams
4 full exams replicating the 50-question, 70-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
Built from real workbook MCQs and 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 £430,000, FSCS £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
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
FSMA 2000, FCA objectives, Consumer Duty, and key legislation governing CIS administration.
- • FSMA 2000 and FCA regulatory powers.
- • Consumer Duty (July 2023) obligations.
- • FOS £430,000 award limit and FSCS £85,000 compensation.
- • AML (POCA 2002 / MLR 2017) and Bribery Act.
- • GDPR / DPA 2018 data protection obligations.
Module 3: Roles and Responsibilities
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 Limits
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 other schemes, 15% single property, 80% property funds.
- • Stock lending (no limit) vs borrowing (max 100% NAV).
- • Money Market Fund types: CNAV, LVNAV, VNAV.
Module 5: Valuations and Pricing
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/Share Transactions and the Register
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
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: Upholding Rights of Unit/Shareholders
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
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
UK income tax on distributions, CGT, SDRT, offshore fund reporting, and PAIF/TEF tax treatment.
- • Dividend tax: 8.75% (basic), 33.75% (higher), 39.35% (additional); £500 allowance.
- • 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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CISI Collective Investment Schemes Administration (IOC)
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Student Reviews
From finance professionals who prepared and passed their CISI exams.
Recent Reviews
Excellent for self-studiers
No employer support, no study group — just me and this platform. The AI tutor filled in as my study partner perfectly. I particularly liked how it asked me follow-up questions to check I really understood, not just memorised.
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Worth every penny
The chapter summaries alone are worth the price. I work in fund administration and always struggled with the UCITS limits and NURS distinctions. After two weeks on this platform, they felt like second nature. Passed with a comfortable margin.
Passed CISA first time!
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