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Professional Qualificaition


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All,

 

Although the assessment criteria are absolutely correct for the requirements for a "Professional" account to section 3.5.3 paragraph 1 of the FCA code of conduct, the application process does not take into account subsequent paragraph 3 where it states that a client can request to be "elected" as a professional client.

 

It should also be noted that the Code of Business is not intended to protect the retail investor and clearly offers the retailer a way of "opting out" of these protections, the role of the broker is to undertake due diligence in assuring that the retailer is aware of the risks.

 

The effect of ESMA is that I am going to have to de-versify my portfolio and present my portfolio with a greater risk to meet the margin requirements (which is contrary to it's desired effect). If IG can leverage paragraph 3 requirements to accommodate long term and profitable clients, this would give IG a significant lead in the market place.

 

I don't wish to change my diversification strategy (I've been profitable for twelve straight years).

 

[MOD EDIT: please refrain from posting personal details as this goes against our terms of service] 

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