Which of the following is NOT exempt from CASS?

In the context of the UK Regulatory Framework, particularly referring to the Client Assets Sourcebook (CASS), certain entities and schemes are identified as being exempt from certain requirements. The purpose of CASS is to ensure that consumer client assets are protected and properly handled.

Retail investment firms are not exempt from CASS regulations; they are required to adhere to CASS rules in how they handle client assets. This means that they must implement specific practices to safeguard clients’ money and investments, ensuring proper segregation, accounting, and protection protocols are in place. The CASS regulations are particularly stringent for firms that directly deal with retail clients, given the nature of their services and the vulnerability of those clients.

On the other hand, IVCV schemes and UCITS schemes are recognized collective investment schemes that have specific exemptions under CASS, depending on the regulatory framework they fall under. The assets held within these structures are generally treated within a defined regulatory capacity that may provide for certain exemptions or more streamlined processes concerning client asset management.

Additionally, money due and payable to the firm can also be exempt in certain circumstances, as it may not be considered client property in the same manner as funds held on behalf of clients.

Thus, the identification of retail investment firms as entities that