CF10A

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The CF10A is that poor, sainted soul at a “CASS large firm” (such as a custodian or prime broker) who is responsible in your organisation for its CASS operational oversight function — compliance with the FCA’s CASS client money and client asset rules. Such a person, if not of a naturally anxious or timid disposition, will rapidly become so upon realising the hellish job of managing this regulatory risk, and the potentially personal liability that attaches to any screw-ups. 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.

After the head of the documentation unit, the CF10A is next-least coveted position in the organisation, and is awarded to people the same way Joe Pesci became a “made guy” in Goodfellas.

See also

CASS Anatomy