Retail to professional trading classification claim
Online Traders: Have you changed from retail to a professional client?
If you have changed from a retail to professional client and did not meet the requirements to become a professional client or were not informed of the potential risks, you may be entitled to claim compensation from the online trading platform provider for any losses or damages that you have suffered.
Retail customers receive greater protections than professional clients and so there are strict tests that have to be applied by the platform provider to ensure that it is appropriate for this switch to be made. If the platform failed to inform you of potential risks and/or did not carry out an adequate assessment of your expertise, experience and knowledge, and that you met at least two specific criteria, you could be eligible compensation. Further information on the rights and protections available is available in our Guide to Financial Spread Betting here.
At Penningtons Manches Cooper, our team of specialist lawyers help both retail and professional traders who may have been mistreated. We take on group claims on a ‘no win, no fee’ basis, meaning that you only pay our fees if we succeed in winning you compensation.
If you are interested in seeing if you may have a claim, please fill out the form below.
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