Mifid 2 and pro experts? Please help

[FDtoday]

Good evening I wonder if anyone can help my situation as I feel lost.

So I have been with IG a year or so lost and won all retail and still use to today, my issue is with another provider of CFD but more electing as a pro.

So I elected as a pro a year ago ticked a few boxes back then not really knowing what they were back then and the pro status was given within a day, no checks nothing.  The issues then started as I had preset bet sizes which stupidly I didn’t noticed and lost some money which me wondering how this was possible as it was different to my IG experience.

I since then complained to no help as they say they made the right checks under mifid 2 but what checks??

 

They said that they ID me using databases they have, I get this might be possible but under Mifid you have to satisfy certain criteria to be accepted as a elected pro which all I done was tick some boxes, they said they did make checks and sent me a screen show of my linkedin which shows I worked in accounts but no the financial sector or had bet sizes etc.  They then mentioned I was a director on companies house again its not related.

So with all this frustration I went to the Financial Ombudsman which took ages but today they are agreeing with the CFD provider that checks were made?? Surely being a pro cant be a simple as a few tick boxes online and a job in accounts can it!?

Please if anyone has any ideas I have emailed back for the FO but feel Ive been told to shut up as the easy route as its quite complex or the sector is but mine just seems really stupid!  Perhaps it is that a few tick boxes and me working in finance and I can be explored to lose a lot, which if the case lesson learnt and ill just carry on with my IG retail as I have been doing as feel safer and tbh IG have always been good and no sneaky issues like this.

 

Thanks in advanced to any mifid and mifid 2 knowledgeable people out there.   

[dmedin]

53 minutes ago, FDtoday said:

So I elected as a pro a year ago ticked a few boxes back then not really knowing what they were back then and the pro status was given within a day, no checks nothing.

Here's another example of what happens when you don't regulate the financial sector properly.

 

[FDtoday]

1 hour ago, dmedin said:

Here's another example of what happens when you don't regulate the financial sector properly.

 

Esma fined a few companies for this and I gave FO examples, I under stand the ruling a lot now but at the time there was a lot of letting down I was happy to accept retail losses but FO seem happy with how mifid was carried out which to me feels so bad fo suffering how hard Esma come down on the ruling change it if it was that easy it would make a mockery of the whole catagory.  If I’m wrong I’ll admit it but feel off to me I do know of another that the losses were huge but haven’t reached out as I want to know how the mifid checks are meant to be carried out as the cob guide doesn’t state how

Edited December 9, 2019 by FDtoday

[dmedin]

I'm sorry to hear that.  It seems to be nearly impossible to register as a professional now, unless you have funds of £500,000 or more.

Edited December 10, 2019 by dmedin