Self Certification - "Sophisticated Investor" and "High Net Worth Individual"

Paul_Herring

What are the implications of signing one of these documents? Examples I've seen, both contain the following statements:

(c) by signing this statement I may lose significant rights;
(d) I may have no right to complain to either of the following:
(i) the Financial Services Authority; or
(ii) the Financial Ombudsman Scheme;
(e) I may have no right to seek compensation from the Financial Services Compensation
Scheme.

Do these conditions apply to /any/ financial product/vehicle or to just those supplied by the company receiving your signed statement?

In addition, what proofs are usually required/requested beyond a signature on the documents?

dunstonh

The rules on this changed 3/3/05.

It means that authorised firms can send you financial promotions which do not necessarily follow FSA rules. For example they may not carry an adequate description of the product of any risk warnings.

Basically, if you are buying that product, you are confirming that you are one of those two classes of individual and that you dont need the full warnings etc and are basically waiving most/all of your rights under the FSA/FOS.

No proof of anything else is required and it only applies to that transaction (and possibly any top ups).