CIPR 3.3.5 Agreement required before opting-up customer

An authorised firm must not classify a customer as a business customer unless:

(a) the firm has given the customer an explanation, in a durable medium, of:
(i) the basis on which the firm proposes to classify the customer as a business customer; and
(ii) the protections provided by the regulatory system in the QFC for retail customers that the customer will lose if classified as a business customer;
Guidance

The explanation should be simple and consumer-friendly. A short summary of the protections that the customer will lose as a business customer would suffice.
(b) the firm has allowed the customer a reasonable period to consider the implications of being classified as a business customer; and
(c) the customer has agreed, in a durable medium, to being classified as a business customer.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).