Who is categorised as an opt-up (elective) Professional Client?

An opt‑up Professional Client (also called an elective professional client) is a client who:

  • starts out as a Retail Client;
  • asks IBUK in writing to be treated as a Professional Client for all services or just some; and
  • passes the qualitative and quantitative tests set out in the FCA rules.

IBUK may refuse a request to be treated as a Professional Client.

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I want to be treated as a MiFID Professional client. Which rights and protections do I lose?
What are the categories of clients?
Are Professional accounts subject to different commission rates?
Who is categorised as a Retail Client?