CIPR 1.2.9 Business customers — customers opted-up under COND

(1) A customer of an authorised firm is a business customer if the firm classified the customer as a business customer under COND, rule 2.3.2, and has not revoked the classification. If the customer was classified as a business customer only in relation to 1 or more particular regulated activities and specified products, the customer remains a business customer of the firm only in relation to that or those activities and products.

Guidance
COND was repealed on 1 January 2020. A customer who was a commercial customer under COND remains a business customer under these rules because the qualification is the same (see rule 1.2.7 of these rules and COND, rule 1.2.4). A retail customer in relation to certain types of business could not be opted-up as a commercial customer under COND, and a retail customer in relation to those types of business also cannot be opted-up as a business customer under these rules — see rule 3.3.2(2).
(2) However, if the customer was classified as a business customer in reliance on a statement of the customer's net assets (referred to in COND rule 2.3.2A (2)), the firm must obtain confirmation of the statement from the customer periodically (at least annually).
Derived from QFCRA RM/2019-2 (as from 1st January 2020).