Enhanced safeguards introduced for 'Selected Clients' transacting in complex products.

Clients meeting two of three criteria (age 62+, non-English proficiency, or low academic qualifications) are deemed 'Selected Clients'. They must receive full financial advice for complex products on execution-only platforms unless they pass the CKA and formally opt out.

Why it mattersFIs must implement strict identification and documentation processes for Selected Clients to avoid regulatory breaches.