Application Denied by AMP for no reason

[thomasz11]

I think i've been banned from application from a employee doing over-zealousness to stay polite.

I'm insurance agent, self employed, i've a collaboration with an insurance broker, who is running a small bank branch. My office is there and i'm helping him
with his insurances customers base.(Really classic situation here in Belgium)

I'm doing cars,houses insurances,etc. and rarely some pension savings (not banking products, exclusively insurances products) that's why i thought at first i had to register as professional when i've seen this sentence

Notwithstanding anything else herein, Professionals shall include, without limitation:
Any person or entity that provides financial or similar services to any third party.

But then, a friend told me i was not concerned because people concerned were people running an account for third party. What i don't.


Helpdesk couldn't tell me if i can start a new application as non-professionnal, so i've tried, to not lose time, and i've received this :

I've told them they can ask anything to me, i've nothing to hide but i'll never have answer.

If another AMP employee could help me to solve this problem, it would be really appreciated because i don't deserve this treatment.

Hope we'll can find a solution.

Have a good evening,
Thomas.

 

[MarkBrown]

honestly by definition you're a professional i would think.

the gain of your business would not be worth the penalties the exchanges would bring down on them.

 

[ondafringe]

And once they turn you down, you might as well move on because they won't change their mind.

 

[zdreg]

honestly by definition you're a professional i would think.

the gain of your business would not be worth the penalties the exchanges would bring down on them.

That is not quite correct. The additional paperwork and supervision over this particular account has been determined to be not worthwhile for the broker.

 

[thomasz11]

honestly by definition you're a professional i would think.

the gain of your business would not be worth the penalties the exchanges would bring down on them.

Thank you for your answers guys, it's appreciated.

I'm fsma,mifid II regulated,etc. and i'm ok to sign as professionnal so there is no problem for them.Basically i just want a CQG feed to use with ATAS, so if you have other brokers to propose i'm listening to you.

First they asked to me a letter from my employer it will cause no problem if i open a trading account.
But i'm self employed, i don't have "employer", legally it's a collaboration convention, i just have duties towards FSMA.
But w/e, i'm ok to ask any letter signed to my associate insurance broker, who is the director of bank branch, he will laugh and will tell that's stupid but i can give them tomorrow.

But since i've asked as a non-professional after that, it' like i've been blacklisted, like i was a schemer ahah
I'm just a little retail trader who commited the fault to work in a bank XD

 

[MarkBrown]

Ironbeam or if you need someone to navigate this for you, I highly recommend - Optimus - talk to Jake and tell him what it is your trying to accomplish.

 

[thomasz11]

Ironbeam or if you need someone to navigate this for you, I highly recommend - Optimus - talk to Jake and tell him what it is your trying to accomplish.

Thank you for your help, it's really nice from you

 

[Rams Fan]

honestly by definition you're a professional i would think.

If he were state side he would not be considered to be in a FINRA regulated business.

Insurance products are not securities.

AMP is wrong here. They should open the OP's account.

He is an insurance agent. Using insurance products and fixed annuities as retirement savings tools is not what the pro/non-pro was meant to identify.

Now, if he were selling mutual funds, then he's a pro per FINRA regs.

If he is selling variable annuities, then he's a pro per FINRA regs.

But if he is selling property/casualty, fixed annuities and LIRP's (Life Insurance Retirement Plans) he is in no way a professional investment advisor per FINRA.

AMP should have someone on staff in compliance who knows this stuff. The fact that they don't makes me think the OP is better off putting his money elsewhere.

 

[Overnight]

...

AMP is wrong here. They should open the OP's account...

That's like saying that if one agrees with open borders, then you must take a bunch of refugees into your home and feed/clothe them. Read it again...

..."I'm insurance agent, self employed, i've a collaboration with an insurance broker, who is running a small bank branch. My office is there and i'm helping him
with his insurances customers base.(Really classic situation here in Belgium)..."

AMP is uncomfortable with that, so why should they be forced to do business with the entity?

Gay cakes?

P.S. Higbee got me a touchdown yesterday, that pushed me into next round of fantasy playoffs.

 

[thomasz11]

If he were state side he would not be considered to be in a FINRA regulated business.

Insurance products are not securities.

AMP is wrong here. They should open the OP's account.

He is an insurance agent. Using insurance products and fixed annuities as retirement savings tools is not what the pro/non-pro was meant to identify.

Now, if he were selling mutual funds, then he's a pro per FINRA regs.

If he is selling variable annuities, then he's a pro per FINRA regs.

But if he is selling property/casualty, fixed annuities and LIRP's (Life Insurance Retirement Plans) he is in no way a professional investment advisor per FINRA.

AMP should have someone on staff in compliance who knows this stuff. The fact that they don't makes me think the OP is better off putting his money elsewhere.

Thanks for the informations, i didn't know. Coming from forex i was used we needed 500 000€ minimum to apply for pro. account. But i'll remember these differences.
Well, in relation to what you say, they could have just asked or/and told me what their criterias... I wasn't expecting more than that, honestly.
(i'm selling saving plans with fixed rated also but mainly investments in funds since fixed rates are around 0% since some years).

Because when i'm blacklisted customer without an explanation, i feel like i'm talking to some bucketshop bookmakers/binary option broker ahah
It doesn't feel professionnal at all (myself, if i must refuse to insure a customer who has too many accidents with his car, i explain to him, that's not a big deal to be polite)

But W/E i'll give my money to pay wages of employees of other Brokers since they don't want it