zlb
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Post by zlb on Nov 4, 2019 16:00:56 GMT
Is there an advantage to being clocked as a retail investor rather than sophisticated? Thanks.
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Post by notascooby on Nov 12, 2019 19:22:01 GMT
Well I indicated I was sophstcated and now gentlemen buy me drinks at the bar.
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zlb
Member of DD Central
Posts: 1,412
Likes: 331
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Post by zlb on Nov 18, 2019 19:15:39 GMT
FSCS compensation isn't given according to the type of investor, so why is there a distinction even?
I can't find anything helpful online, just US definitions and a hint at retail investors being more protected, but not what from. There's a Which page on your rights as an investor but doesn't mention different types. I just want to know what I'm signing up for.
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aju
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Post by aju on Nov 19, 2019 0:07:30 GMT
FSCS compensation isn't given according to the type of investor, so why is there a distinction even? I can't find anything helpful online, just US definitions and a hint at retail investors being more protected, but not what from. There's a Which page on your rights as an investor but doesn't mention different types. I just want to know what I'm signing up for. I'm of the view that sadly this stuff has almost become a box ticking exercise of the worst kind and we won't really know the effect until sh1t happens on the platforms we invest in. I read everything RS offered in the 4 options they presented to me but to be honest I just wanted to get on and get my money invested in the right rates. At best i'm of the opinion that I'm where I was when I started in this p2p game and I'm not expecting that much from the regulator if the last year has been anything to judge them by so no change really.
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zlb
Member of DD Central
Posts: 1,412
Likes: 331
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Post by zlb on Nov 19, 2019 12:52:27 GMT
FSCS compensation isn't given according to the type of investor, so why is there a distinction even? I can't find anything helpful online, just US definitions and a hint at retail investors being more protected, but not what from. There's a Which page on your rights as an investor but doesn't mention different types. I just want to know what I'm signing up for. I'm of the view that sadly this stuff has almost become a box ticking exercise of the worst kind and we won't really know the effect until sh1t happens on the platforms we invest in. I read everything RS offered in the 4 options they presented to me but to be honest I just wanted to get on and get my money invested in the right rates. At best i'm of the opinion that I'm where I was when I started in this p2p game and I'm not expecting that much from the regulator if the last year has been anything to judge them by so no change really. Even so, the FCA should be describing what these categories mean if they are expecting tick boxes.
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aju
Member of DD Central
Posts: 3,484
Likes: 917
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Post by aju on Nov 19, 2019 12:55:02 GMT
I'm of the view that sadly this stuff has almost become a box ticking exercise of the worst kind and we won't really know the effect until sh1t happens on the platforms we invest in. I read everything RS offered in the 4 options they presented to me but to be honest I just wanted to get on and get my money invested in the right rates. At best i'm of the opinion that I'm where I was when I started in this p2p game and I'm not expecting that much from the regulator if the last year has been anything to judge them by so no change really. Even so, the FCA should be describing what these categories mean if they are expecting tick boxes. I couldn't agree more but where are they doing this and if they are why are RS not regurgitating this in their tick box texts.
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Post by failedtheturingtest on Nov 19, 2019 16:11:45 GMT
Is there an advantage to being clocked as a retail investor rather than sophisticated? Thanks. One advantage, perhaps: the same kind of self-protection that you get if you have a gambling problem and sign up to the self-exclusion list, whereby betting shops and lottery operators are supposed to refuse to take your money. If you declare yourself as 'retail', firms are not supposed to sell you certain kinds of investments, which happen to include some kinds of products sold as P2P, but also other weirder things. Regulators are worried about people getting lured into investments that they don't fully understand and then complaining when they lose money, so this is an attempt to prevent a new headache of the scale of the payment protection insurance mis-selling scandal. If you declare yourself 'sophisticated' then you won't be able to say you were mis-sold the investment if something goes wrong (although of course you would still have recourse if regulations were actually broken).
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