stevespray
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I would strongly agree with you here - Clients cannot be classified as 'Professional' under MiFID just because they've been on some expensive seminar or course. I would think that there are very few 'Private Investors' which are classed as 'Professional' unless they specifically request it.
MiFID is a directive. The FSA still has COD (Conduct Of Business). Check out the following link;
http://www.fsa.gov.uk/pubs/other/mifid_classification.pdf
The whole document is fairly interesting but section 2.3 appears directly related to this discussion.
The problem is this; are peeps suggesting that they shouldnt be classified as 'Intermediate'? If this is so then it wont automatically make you 'retail' since you may have signed the Customer Agreement where you agreed to be of a status with less protection. The point I am making is that you may have a case against 'wrongful classification' but if the business no long exists then you're taking you claim down a possible dead end. This my cause a problem for the person who allowed these classifications to take place (if he or she is an FSA qualified person) but it won't get your money back.
It really would be helpful if someone had a copy of the T&Cs.
Steve.
MiFID is a directive. The FSA still has COD (Conduct Of Business). Check out the following link;
http://www.fsa.gov.uk/pubs/other/mifid_classification.pdf
The whole document is fairly interesting but section 2.3 appears directly related to this discussion.
The problem is this; are peeps suggesting that they shouldnt be classified as 'Intermediate'? If this is so then it wont automatically make you 'retail' since you may have signed the Customer Agreement where you agreed to be of a status with less protection. The point I am making is that you may have a case against 'wrongful classification' but if the business no long exists then you're taking you claim down a possible dead end. This my cause a problem for the person who allowed these classifications to take place (if he or she is an FSA qualified person) but it won't get your money back.
It really would be helpful if someone had a copy of the T&Cs.
Steve.