Application Denied by AMP for no reason

I don't argue you're point at all but I think these sunk him. Plus I might be wrong but I think he tried to first register as a professional.

• collaboration with an insurance broker, who is running a small bank branch.
• and rarely some pension savings.
• if i can start a new application as non-professional < this is when the declined him.

his 1st app was as a pro i think and he was turned down as a non-pro - prob a red flag.

 

The source of their discomfort is their own lack of understanding of the law.

 

Did you tell AMP you wanted to deposit 500K Euros into your account in your application?

 

What law? You are saying they are obligated to take someone on as a client?

Like a gay cake bakery?

 

he could send it to me and i would take care of it for him

 

The point I am making here is that would be about 20% of AMP's global segregated account value, so maybe they felt it was too much risk to take on from an unknown trader.

 

I guarantee IB would take him as non-pro so long as he is not Selling securitized investment products.

If the OP is himself an insurance agent selling property/casualty and fixed life and annuity products, then he is not, per FINRA, and investment advisor, no matter what he thinks of himself, i.e. even if he thinks he is a financial advisor, he is not per FINRA regs. In fact, in the US he would be explicitly prohibited from marketing himself as a financial consultant, advisor, etc.

If, on the other hand, he is selling variable life and annuity products, mutual funds, or any other securitized product, then he is a financial professional per FINRA.

And even if he is a pro per FINRA, AMP should have allowed him to open the account with the professional designation and paying the professional market data fees, etc.

Unless AMP is notable to handle such pro business. Then there answer to him should have been AMP does not do business with people whom FINRA would designate as a market professional.

If you, or @AMP_Global really wishes to figure this out, read an attempt to understand IB's guidelines on this issue. I suspect AMP could not produce such a document, and instead relies upon some employee's "feelings."

Guidelines on Market Data Subscriber Classifications | IB Knowledge Base (ibkr.info)

 

yep i see your point ...

 

Dude, it is a private business! They have been around the block and have seen this sort of thing before. They saw something on the application they did not like, and they said NO. They should not be forced to take on the client because FINRA says he is an OK Joe.

Gay cakes!

 

@AMP_Global You are needed here. Finish this thread in Mortal Kombat Style!