PracticeVideosBlogFlashcardsEspañol
All Practice Exams

100+ Free CISI Platforms (IOC) Practice Questions

Pass your CISI Platforms, Wealth Management and Service Providers (Investment Operations Certificate unit) exam on the first try — instant access, no signup required.

✓ No registration✓ No credit card✓ No hidden fees✓ Start practicing immediately
not-published Pass Rate
100+ Questions
100% Free
1 / 100
Question 1
Score: 0/0

When re-registration of a fund is not possible because the receiving platform does not offer that exact share class, a common solution is to:

A
B
C
D
to track
Same family resources

Explore More CISI Qualifications

Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.

CISI Certificate in Investment Management (Investment Management Certificate / IMC)

Practice Questions

CISI Chartered Wealth Manager Qualification (CWM)

Practice Questions

CISI Derivatives (Investment Operations Certificate unit)

Practice Questions

CISI Global Financial Compliance (Investment Operations Certificate unit)

Practice Questions

CISI Global Securities Operations (Investment Operations Certificate unit)

Practice Questions

CISI International Introduction to Securities and Investment

Practice Questions
2026 Statistics

Key Facts: CISI Platforms (IOC) Exam

50

Multiple-Choice Questions

CISI IOC Unit Format

1 hour

Exam Duration

CISI IOC Unit Format

70%

Pass Mark

CISI IOC Technical Units

~80 hrs

Recommended Study Time

CISI

Technical

IOC Unit Type

CISI Investment Operations Certificate

On-demand

Computer-Based Exam

CISI

The CISI Platforms, Wealth Management and Service Providers unit is a technical Investment Operations Certificate (IOC) unit assessed by 50 multiple-choice questions in 1 hour with a 70% pass mark, taken on-demand by computer-based exam. CISI recommends about 80 hours of study using its workbook. The syllabus covers investment platforms and the platform market; wrap, adviser and D2C platforms; wealth management and service-provider business models; products and services on platforms; charges, re-registration and transfers; custody, administration and outsourcing; and regulation and consumer protection including the FCA Consumer Duty.

Sample CISI Platforms (IOC) Practice Questions

Try these sample questions to test your CISI Platforms (IOC) exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1In the context of the UK retail investment industry, what is an investment 'platform'?
A.An online service that allows advisers and investors to buy, hold and administer a range of investments and tax wrappers in one place
B.A physical trading floor where market makers quote prices in listed equities
C.A regulator that supervises asset managers and custodians
D.A type of structured product issued only by investment banks
Explanation: A platform is an online administration service that aggregates a client's investments and tax wrappers (such as ISAs, SIPPs and GIAs) in a single account, allowing advisers and investors to transact and report in one place. It does not manufacture the underlying investments.
2Which UK regulator is primarily responsible for the conduct supervision of investment platforms serving retail clients?
A.The Bank of England
B.The Financial Conduct Authority (FCA)
C.The Prudential Regulation Authority (PRA)
D.The Financial Reporting Council (FRC)
Explanation: The FCA is the conduct regulator for retail-facing firms, including investment platforms, and sets the rules in its Handbook that govern how platforms treat customers. The PRA prudentially regulates only certain large deposit-takers and insurers.
3A 'wrap' platform is best described as a platform that:
A.Is restricted to institutional pension scheme administration
B.Only offers a single fund manager's range of funds
C.Wraps a wide range of assets within tax wrappers such as ISAs, SIPPs and onshore/offshore bonds, with consolidated reporting
D.Provides only execution-only dealing in direct equities
Explanation: A wrap platform holds a broad range of assets across multiple tax wrappers (ISA, SIPP, bonds, GIA) and provides consolidated valuation and reporting across them. This contrasts with a fund supermarket, which historically focused on collective investments.
4What is the key distinction between an 'adviser platform' and a 'direct-to-consumer (D2C)' platform?
A.Adviser platforms only hold cash, D2C platforms only hold equities
B.There is no difference; the terms are interchangeable
C.Adviser platforms are unregulated, D2C platforms are regulated
D.Adviser platforms are accessed through a financial adviser, while D2C platforms are used directly by retail investors without an adviser
Explanation: Adviser platforms are designed to be used by professional financial advisers on behalf of their clients, whereas D2C platforms are marketed to and used directly by self-directed retail investors. Both are FCA-regulated, but their target users and service models differ.
5Historically, fund supermarkets differed from wrap platforms mainly because fund supermarkets:
A.Focused primarily on collective investments (funds) rather than a full range of wrapped assets
B.Could not hold ISAs
C.Were only available to institutional investors
D.Charged no fees of any kind
Explanation: Fund supermarkets originally specialised in offering a wide choice of collective investment schemes (unit trusts and OEICs) at reduced cost, whereas wraps offered a broader multi-asset, multi-wrapper proposition. The distinction has narrowed as platforms have converged.
6Under the FCA's platform rules, the main purpose of requiring 'clean' share classes (with no rebates or commission built in) was to:
A.Increase the cost of investing through platforms
B.Improve transparency of charges following the Retail Distribution Review (RDR)
C.Prevent retail investors from using platforms
D.Allow platforms to retain trail commission indefinitely
Explanation: Following the RDR and subsequent platform rules, fund charges were 'unbundled' into clean share classes so that adviser, platform and fund charges are shown separately and transparently. This removed embedded commission and improved cost clarity for investors.
7A platform that charges a percentage of assets under administration that reduces in steps as the portfolio grows is using a charging structure known as:
A.A spread-only charge
B.A flat monetary fee
C.A tiered (ad valorem) charging structure
D.A performance fee
Explanation: A tiered ad valorem structure charges a percentage of assets, with the rate stepping down as portfolio size increases (for example a lower rate above a threshold). This is common on adviser and D2C platforms to remain competitive for larger portfolios.
8In platform terminology, 're-registration' of investments means:
A.Re-registering the investor's address with the FCA
B.Converting an ISA into a SIPP
C.Selling all investments and transferring cash to a new platform
D.Transferring the legal/beneficial ownership of assets in specie from one platform to another without selling them
Explanation: Re-registration is an in-specie transfer in which the actual holdings (such as fund units) move from one platform to another without being sold, so the client stays invested throughout. This avoids being out of the market and potential capital gains crystallisation in unwrapped accounts.
9A key advantage of re-registration (in-specie transfer) over a cash transfer when moving between platforms is that it:
A.Keeps the client invested in the market, avoiding being 'out of the market' during the transfer
B.Removes the need for any FCA regulation
C.Eliminates all platform charges permanently
D.Always guarantees a higher investment return
Explanation: Because the assets are not sold, the client remains exposed to market movements throughout the transfer, avoiding the risk of missing gains while in cash. In unwrapped (GIA) accounts it also avoids crystallising a disposal for capital gains tax.
10Which body operates the electronic re-registration messaging service widely used by UK platforms to standardise and speed up transfers?
A.The London Stock Exchange
B.Altus / TeX (Transfers and Re-registrations Exchange) and similar industry conventions
C.HM Revenue & Customs
D.The Financial Ombudsman Service
Explanation: Industry standards such as the STAR initiative and the TeX (Transfers and Re-registrations Exchange) framework, supported by providers like Altus and Calastone, set service-level conventions to make electronic re-registration faster and more consistent between platforms.

About the CISI Platforms (IOC) Exam

The CISI Platforms, Wealth Management and Service Providers unit is a technical unit of the Investment Operations Certificate (IOC). It covers the UK platform market, wrap and D2C models, wealth management and service-provider business models, products held on platforms, charges and re-registration, custody and outsourcing, and FCA regulation including the Consumer Duty.

Questions

50 scored questions

Time Limit

1 hour

Passing Score

70%

Exam Fee

Set by CISI and includes the mandatory workbook; confirm the current fee on the CISI website (Chartered Institute for Securities & Investment (CISI))

CISI Platforms (IOC) Exam Content Outline

Core

Investment Platforms and the Platform Market

What platforms are, the UK platform market, market structure and concentration, open architecture, consolidation, and the drivers behind platform growth.

Core

Wrap Accounts and Adviser/D2C Platforms

Wrap platforms, fund supermarkets, adviser versus direct-to-consumer models, execution-only services, and the evolution and convergence of platform types.

Core

Wealth Management and Service-Provider Business Models

Wealth management, discretionary and advisory services, DFM and managed portfolio services, white-label and vertically integrated models, robo-advice and third-party providers.

Core

Products and Services Held on Platforms

ISAs, SIPPs and GIAs, OEICs, unit trusts, investment trusts and ETFs, income and accumulation share classes, drawdown, fractional shares, and disclosure documents.

Core

Charges, Re-registration and Transfers

Bundled versus unbundled charging, ad valorem and flat fees, dealing and exit fees, clean share classes, ISA transfers, in-specie re-registration and industry transfer standards.

Core

Custody, Administration and Outsourcing

Nominee and pooled custody, CASS client money and asset segregation, reconciliations, settlement, corporate actions, outsourcing, sub-custodians and operational resilience.

Core

Regulation and Consumer Protection

FCA conduct rules, COBS, PROD, SM&CR, AML, FSCS, complaints and the Consumer Duty outcomes including price and value, consumer understanding and consumer support.

How to Pass the CISI Platforms (IOC) Exam

What You Need to Know

  • Passing score: 70%
  • Exam length: 50 questions
  • Time limit: 1 hour
  • Exam fee: Set by CISI and includes the mandatory workbook; confirm the current fee on the CISI website

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

CISI Platforms (IOC) Study Tips from Top Performers

1Master the difference between wrap platforms, fund supermarkets, and adviser versus D2C models, as definition questions are common.
2Learn re-registration (in-specie transfer) thoroughly, including why it avoids being out of the market and how share-class conversions help.
3Be confident on CASS client-money segregation, nominee versus beneficial ownership, and reconciliations.
4Memorise the four Consumer Duty outcomes and how fair value applies to platform charges and retained cash interest.
5Practise distinguishing platform, fund (OCF) and adviser charges under the unbundled, post-RDR model.
6Use an error log to track weak topics and aim comfortably above the 70% pass mark in mock exams.

Frequently Asked Questions

How many questions are on the CISI Platforms unit exam?

The CISI Platforms, Wealth Management and Service Providers unit has 50 multiple-choice questions to be completed in 1 hour. It is sat as an on-demand computer-based exam.

What is the pass mark for the CISI Platforms unit?

The pass mark for the unit is 70%, in line with CISI's IOC technical units. Candidates must answer at least 70% of the 50 questions correctly to pass.

How long should I study for the CISI Platforms unit?

CISI recommends around 80 hours of study for this unit. Most candidates spread this over roughly 6 to 10 weeks alongside work using the CISI workbook and practice questions.

What does the CISI Platforms unit cover?

It covers investment platforms and the platform market, wrap and D2C platforms, wealth management and service-provider business models, products held on platforms, charges and re-registration, custody, administration and outsourcing, and FCA regulation including the Consumer Duty.

Is the CISI Platforms unit part of a larger qualification?

Yes. It is a technical unit of the Investment Operations Certificate (IOC), which is achieved by passing a combination of introductory, regulatory and technical units offered by CISI.

Do I need a workbook for the CISI Platforms unit?

Yes. CISI requires candidates to purchase the current CISI workbook when booking the unit exam, so that all candidates prepare from one standard, up-to-date source.

Is the exam computer-based and on-demand?

Yes. The unit is assessed by an on-demand computer-based examination, so candidates can book and sit the test at an approved test centre when ready.

How is the Consumer Duty examined in this unit?

The unit covers the FCA Consumer Duty under PRIN 2A and its four outcomes, including price and value (fair value), products and services, consumer understanding, and consumer support, applied to platform charges and service.