CF10a

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The person at a CASS large firm (such as a custodian or prime broker) designated with responsibility for the CASS operational oversight function (known colloquially as the firm’s “CF10a”). This person is likely to be of a nervous disposition, even if she wasn’t before she became the firm’s CF10a. It’s an infectious kind of nervousness. You get to wear a cloak of mithril, made ourt of client money, but it doesn’t protect you if the FCA wants to take your house away because, through an entirely uncalled-for documentation audit, you have discovered that some clot in Poland forgot to do a prime brokerage disclosure annex in 2014, and you felt you had no choice but to report it.

For more information see the FCA handbook: SUP Chapter 10A.9R.