Duration: 2 Hours
Delivery method: Inhouse
Firms must categorise their Clients’, or potential Client, from the outset of any relationship with them so that the Client receives services appropriate to the type of business being conducted and not just based on business size or reputation.
Who is this for?
This course is aimed at those staff whose responsibility it is to understand and/or implement policy on Client Categorisation in their Firm, as well as Compliance staff and Operational staff (Retail or Institutional) responsible for implementation/client categorisation/new account opening.
Introduction - The new client categorisations?
- Understanding Retail vs. Professional clients
Who falls into the Professional category?
- Financial factors to be considered
- Definitions and types of business
- Those who fall outside
- Comparison with ‘old’ COB
Moving between categories
- What are Elective Professional Clients?
Grandfathering and Transitional Arrangements
'Investment services vs. investment activity'
After attending this course, participants will understand:
- What the new categorisation under COBS means in practice and how clients themselves are affected
- The importance of getting it right
- How transitional arrangements and flexibility provides Firms with the means to implement correct policy consistently
- How to review their current client categorisation with a view to re-categorisation under MiFID if this has not already been addressed