As you know, if a client signs up through the Australian entity, they will start as retail clients and from there, they can then upgrade to pro to gain access to higher leverage.
This process is now changing, and clients can opt to be pro from the start of the application process. When a client now signs up and they click on 'go live' or 'complete application' or 'do the quiz', they are presented with the following option:
If a client chooses retail, they will follow the normal steps that you are all used to.
If they choose pro, they will complete the application as per normal but there will be a new test which they need to complete to show their understanding of the product. The client will need to score 100% (from 5 questions) on the test in order to be eligible to upgrade to pro. If the client doesn't pass on the first attempt, they will be allowed to try again. If they fail for the second time, they will be moved back to the retail style application where they will need to complete the test that all FM-AU clients currently sit, and they will have their leverage restricted.
If you have a client email/reach out to the support team wanting to be pro but they have failed the test twice, they can provide us with their trading statement to review. Please request this from the client and have this sent over to operations@fusionmarkets.com for us to review and approve/decline within 24 hours.
We will be adding a section in the hub for clients soon so that they can upload their statements there if they have failed but this will be released in the coming weeks.
This change should have little impact on you operationally and you should still follow all the normal procedures. You may however, have clients asking about the quiz or being frustrated that they have failed etc so please keep this in mind.